SUNNYVALE, Calif., May 3 /PRNewswire-FirstCall/ -- Silicon Image, Inc. (NASDAQ: SIMG) , a leader in semiconductors for the secure storage, distribution and presentation of high-definition content, today reported financial results for its fiscal year 2007 first quarter.
-- First quarter 2007 revenue totaled $69.1 million. Product and licensing revenue accounted for 80.
5 percent and 19.5 percent, respectively, of the total revenue in the first quarter. Total first quarter revenue increased 17.
0 percent compared with the same quarter of 2006. Fourth -- GAAP gross margin for the first quarter of 2007 totaled $38.4 million, or 55.
5 percent of total revenue, compared with $33.8 million, or 57.1 percent of total revenue in the same quarter of 2006 and $53.
6 million, million, or 56.0 percent of first quarter 2007 total revenue. In comparison, non-GAAP gross margin for the same quarter of 2006 was $34.
4 million, or 58.2 percent of first quarter 2006 total revenue. Non-GAAP gross margin for the prior quarter was $43.
7 million, or 57.3 percent of prior quarter total revenue. A reconciliation of GAAP to -- EBITDA for the first quarter of 2007 was $9.
3 million, compared with quarter. EBITDA excluding stock-based compensation expense and adjusted 2006 and other adjustments in the fourth quarter of 2006, for the first quarter of 2007 was $13.3 million, compared with $13.
2 million in the -- GAAP first quarter 2007 net income totaled $2.9 million, or $0.03 per diluted share.
In comparison, GAAP net income for the same quarter of 2006 was $2.4 million, or $0.03 per diluted share.
GAAP net income for the prior quarter was $26.3 million, or $0.29 per diluted share.
-- Non-GAAP net income for the first quarter of 2007 totaled $6.3 million, or $0.07 per basic and diluted share.
In comparison, non-GAAP net income for the same quarter of 2006 was $11.3 million, or $0.14 and $0.
13 per basic and diluted share, respectively. Non-GAAP net income for the prior quarter was $18.3 million, or $0.
21 per basic and diluted share. A reconciliation of GAAP to non-GAAP net income is included in approximately $224.0 million or $2.
50 per share on a diluted basis, $250.6 million at the end of 2006. The decline in total cash was primarily related to payments for 2006 taxes and 2007 estimated taxes, Silicon Image's year-over-year revenue growth was driven primarily by increased product and licensing revenue associated with the expanding use of High-Definition Multimedia Interface(TM) (HDMI(TM)).
According to HDMI Licensing LLC, a subsidiary of Silicon Image and the licensing agent responsible for licensing and promoting of the HDMI Specification, approximately 590 entities worldwide have adopted HDMI -- including approximately 140 in China -- up from 388 total adopters one year earlier.
"I am encouraged by our strong performance in the seasonally weak March quarter, particularly for our new products," said Steve Tirado, Silicon Image's president and chief executive officer. "Our industry-leading VastLane 1.
3 HDMI products accounted for approximately 25 percent of our March quarter consumer electronics product sales. Based upon our current order rate and feedback from customers on our design wins, including our first volume order for our integrated input processors, I expect to see 9 to 14 percent revenue growth in the June quarter," said Tirado.
Outlook for the Second Quarter, ending June 30, 2007 Silicon Image reports gross margin, gross margin percent, net income and basic and diluted net income per share in accordance with GAAP and supplementally on a non-GAAP basis for informational purposes only.
Silicon Image believes that the non-GAAP reporting giving effect to the adjustments shown in the attached reconciliation provides management with meaningful information to evaluate operations, manage and monitor performance and determine bonus compensation. Silicon Image's presentation of non-GAAP financial information excludes stock-based compensation, amortization of intangible assets recorded in connection with our acquisitions, and the non- cash portion of the income tax provision recorded to additional paid in capital. Silicon Image has chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of our operating results and to illustrate the results of operations giving effect to such non-GAAP adjustments.
The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
Silicon Image will host a conference call to discuss financial results at 2:00 p.m.
Pacific Time on May 3, 2007. To access the conference call, dial (719) 457-2679 and enter pass code 2721674. A replay of the conference call will be available until midnight Pacific Time, May 18, 2007.
To access the replay, please dial (719) 457-0820 or (888) 203-1112, and enter pass code 2721674. A webcast of the call will also be available on the Silicon Image investor relations site located at .
About Silicon Image, Inc.
Headquartered in Sunnyvale, Calif., Silicon Image, Inc. is a leader in driving the architecture and semiconductor implementations for the secure storage, distribution and presentation of high-definition content in the consumer electronics and personal computing markets.
Silicon Image creates and drives industry standards for digital content delivery such as DVI, HDMI(TM) and Serial ATA (SATA), leveraging partnerships with global leaders in the consumer electronics and personal computing markets to meet the growing digital content needs of consumers worldwide. With a proven track record of improving cross-product interoperability, Silicon Image has shipped more than 100 million HDMI/HDCP and DVI/HDCP semiconductor solutions and offers one of the most robust and comprehensively tested technology platforms in the consumer electronics industry through the Simplay HD(TM) Testing Program of Simplay Labs. Simplay Labs, LLC, a wholly-owned subsidiary of Silicon Image, is a leading provider of testing technologies, tools and services for high- definition consumer electronics devices such as HDTVs, set-top boxes, audio/video receivers and DVD players, helping manufacturers to achieve compatibility and deliver the highest-quality HDTV experience to consumers.
Silicon Image is the leading provider of semiconductor intellectual property solutions for high-definition multimedia and data storage applications. For more information, please visit .
This news release contains forward-looking information within the meaning of federal securities regulations.
These forward-looking statements include statements related to Silicon Image's anticipated revenue growth and future operating results, including the anticipated sequential revenue growth in the second quarter, market demand for our HDMI 1.3 products and input processors, our design wins and increasing HDMI adoption and penetration. These forward- looking statements involve risks and uncertainties, including those described from time to time in Silicon Image's filings with the Securities and Exchange Commission (SEC) that could cause the actual results to differ materially from those anticipated by these forward- looking statements.
In addition, see the Risk Factors section of the most recent Form 10-K or Form 10-Q filed by Silicon Image with the SEC. Silicon Image assumes no obligation to update any forward-looking information contained in this press release.
News RSS