Sigma Designs, Inc. (
SIGMA DESIGNS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(GAAP)
(In thousands)
August 2, February 1,
2014 2014
------------- -------------
Assets
Current Assets:
Cash and cash equivalents $ 69,848 $ 64,326
Short-term marketable securities 5,828 7,791
Restricted cash 1,540 1,775
Accounts receivable, net 24,792 27,647
Inventory 20,305 20,403
Deferred tax assets 4,194 4,144
Prepaid expenses and other current assets 6,700 8,069
------------- -------------
Total current assets 133,207 134,155
Long-term marketable securities 6,346 15,505
Software, equipment and leasehold improvements,
net 22,283 27,089
Intangible assets, net 26,067 29,780
Deferred tax assets, net of current portion 292 439
Long-term investments and notes receivable, net
of current portion 3,271 3,873
Other non-current assets 4,852 4,934
------------- -------------
Total assets $ 196,318 $ 215,775
============= =============
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable $ 16,313 $ 16,184
Accrued compensation and related benefits 6,236 6,288
Accrued liabilities 13,660 19,813
------------- -------------
Total current liabilities 36,209 42,285
Other long-term liabilities 14,076 15,099
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Total liabilities 50,285 57,384
Shareholders' equity 146,033 158,391
------------- -------------
Total liabilities and shareholders' equity $ 196,318 $ 215,775
============= =============
SIGMA DESIGNS, INC
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(GAAP)
(In thousands, except per
share data)
Three months ended Six months ended
------------------------------ --------------------
August 2, May 3, August 3, August 2, August 3,
2014 2014 2013 2014 2013
--------- -------- --------- --------- ---------
Net revenue $ 42,810 $ 36,873 $ 53,762 $ 79,683 $ 106,302
Cost of revenue 20,921 16,648 25,696 37,569 51,290
--------- -------- --------- --------- ---------
Gross profit 21,889 20,225 28,066 42,114 55,012
Gross margin percent 51.1% 54.9% 52.2% 52.9% 51.8%
Operating expenses:
Research and
development 16,452 17,103 18,769 33,555 38,973
Sales and marketing 5,475 5,450 5,527 10,925 11,209
General and
administrative 4,555 5,031 4,937 9,586 9,699
Restructuring
charges 46 974 680 1,020 890
Impairment of IP,
mask sets and
design tools 1,156 110 - 1,266 188
--------- -------- --------- --------- ---------
Total operating
expenses 27,684 28,668 29,913 56,352 60,959
Loss from operations (5,795) (8,443) (1,847) (14,238) (5,947)
Gain on sale of
development project - - - - 1,079
Interest and other
income, net 372 (52) 121 320 812
--------- -------- --------- --------- ---------
Loss before income
taxes (5,423) (8,495) (1,726) (13,918) (4,056)
Provision for income
taxes 2,197 1,419 3,065 3,616 5,268
--------- -------- --------- --------- ---------
Net loss $ (7,620) $ (9,914) $ (4,791) $ (17,534) $ (9,324)
========= ======== ========= ========= =========
Net loss per share:
Basic $ (0.22) $ (0.29) $ (0.14) $ (0.51) $ (0.27)
Diluted $ (0.22) $ (0.29) $ (0.14) $ (0.51) $ (0.27)
Shares used in
computing net loss
per share:
Basic 34,622 34,367 34,259 34,459 34,008
Diluted 34,622 34,367 34,259 34,459 34,008
SIGMA DESIGNS, INC.
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME (LOSS)
(Unaudited)
(In thousands, except per share data)
Three months ended Six months ended
------------------------------ --------------------
August 2, May 3, August 3, August 2, August 3,
2014 2014 2013 2014 2013
--------- -------- --------- --------- ---------
GAAP net loss $ (7,620) $ (9,914) $ (4,791) $ (17,534) $ (9,324)
Items reconciling GAAP
net loss to non-GAAP
net income (loss):
Stock-based
compensation
expenses 1,385 1,488 1,686 2,873 3,719
Amortization of
acquired
intangibles 1,408 1,441 1,783 2,849 3,598
Restructuring and
impairment charges 1,202 1,135 680 2,337 1,111
Mark-up on inventory
acquired in
business
combinations sold
during the period
sold during the
period - - 176 - 436
Realized gain on
sale of development
project - - - - (1,079)
Facility exit legal
expenses 34 190 288 224 288
Settlement expenses - 107 - 107 -
Impairment of
privately held
investments 601 - - 601 -
Income tax
adjustments 952 582 2,222 1,534 3,565
--------- -------- --------- --------- ---------
Total GAAP to Non-GAAP
adjustments 5,582 4,943 6,835 10,525 11,638
--------- -------- --------- --------- ---------
Non-GAAP net income
(loss) $ (2,038) $ (4,971) $ 2,044 $ (7,009) $ 2,314
========= ======== ========= ========= =========
Diluted net income
(loss) per share $ (0.06) $ (0.14) $ 0.06 $ (0.20) $ 0.07
========= ======== ========= ========= =========
Shares used in
calculating diluted
net income (loss) per
share: 34,622 34,367 34,259 34,459 34,008
