Silicon Image Announces Fourth Quarter and Fiscal Year 2013 Earnings

Fourth Year of Consecutive Revenue Growth

SUNNYVALE, Calif. — (BUSINESS WIRE) — January 30, 2014Silicon Image, Inc. (NASDAQ: SIMG), a leading provider of HD connectivity solutions, today reported financial results for its fourth quarter and fiscal year ended December 31, 2013.

Revenue for fiscal year 2013 was $276.4 million, an increase of approximately 9.5% over fiscal year 2012 of $252.4 million. Revenue for the fourth quarter of 2013 was $61.4 million, compared with $59.6 million in the fourth quarter of 2012 and $79.3 million in the third quarter of 2013.

“We remain focused on enhancing shareholder value. 2013 was another year of growth for Silicon Image. We increased earnings per share by more than 30% and also generated more than $33 million in free cash flow,” said Camillo Martino, chief executive officer of Silicon Image, Inc. “We drove new product development, and saw the introduction of new versions of the MHL® and HDMI® standards, which will create additional opportunities for growth. Looking ahead, we expect continued growth in the MHL ecosystem and we are excited about the opportunities for our 60GHz wireless technology.”

GAAP net loss for the fourth quarter of 2013 was $1.0 million, or $0.01 per share, compared with a GAAP net income of $9.0 million, or $0.11 per diluted share, for the third quarter of 2013 and a GAAP net loss of $0.3 million, or $0.00 per share, for the fourth quarter of 2012. GAAP net income for fiscal year 2013 was $11.5 million, or $0.15 per diluted share, compared with a net loss for fiscal year 2012 of $11.2 million, or $0.14 per share.

Non-GAAP net income for the fourth quarter of 2013 was $4.1 million, or $0.05 per diluted share, compared with a non-GAAP net income of $9.2 million, or $0.12 per diluted share, for the third quarter of 2013, and a non-GAAP net income of $6.2 million, or $0.08 per diluted share, for the fourth quarter of 2012. Non-GAAP net income for fiscal year 2013 was $22.9 million, or $0.29 per diluted share, compared with a net income for fiscal year 2012 of $18.5 million, or $0.22 per share. Non-GAAP net income for these periods excludes stock-based compensation expense, amortization of intangible assets, business acquisition related expenses, other than temporary impairment of a privately-held company investment, proceeds from legal settlement, restructuring charges, impairment of intangible assets and write-down (recovery) of certain unsalable inventory.

A reconciliation of GAAP and non-GAAP items is provided in a table following the Condensed Consolidated Statements of Operations.

Pursuant to the previously announced share repurchase program, Silicon Image repurchased approximately 308,000 shares of its common stock for $1.6 million at an average price of approximately $5.27 per share during the fourth quarter of 2013. The company’s cash and short-term investments balance as of December 31, 2013 was $138.2 million.

The following are Silicon Image’s financial performance estimates for the first quarter of 2014:

            Revenue:          

$58 million to $62 million

Gross Margin:

59% - 60%

GAAP operating expenses: approximately $34.5 million
Non-GAAP operating expenses: approximately $31 million
Diluted shares outstanding: approximately 79 million
Non-GAAP tax rate: approximately 28% of non-GAAP pre-tax income
 

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