Product category:
Communications ICs (Wired)
News Release from: Silicon Image
Edited by the Electronicstalk Editorial
Team on 04 May 2007
Storage semiconductor company sees
revenue boost
Storage semiconductor specialist grew Q1 revenue by 17%
Silicon Image, a supplier of semiconductors for the secure storage, distribution and presentation of high-definition content, has reported financial results for its fiscal year 2007 first quarter First quarter 2007 revenue totalled US $69.1 million
This article was originally published on Electronicstalk on 28 Mar 2007 at 8.00am (UK)
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Product and licensing revenue accounted for 80.5% and 19.5%, respectively, of the total revenue in the first quarter.
Total first quarter revenue increased 17.0% compared with the same quarter of 2006.
Fourth quarter 2006 revenue totalled $87.0 million, including $10.6 million from the Genesis settlement that were attributable to royalties earned prior to the fourth quarter of 2006.
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GAAP gross margin for the first quarter of 2007 totalled $38.4 million, or 55.5% of total revenue, compared with $33.8 million, or 57.1% of total revenue in the same quarter of 2006 and $53.6 million, or 61.6% of total revenue in the fourth quarter of 2006.
Non-GAAP gross margin for the first quarter of 2007 totalled $38.7 million, or 56.0% 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% of first quarter 2006 total revenue.
Non-GAAP gross margin for the prior quarter was $43.7 million, or 57.3% of prior quarter total revenue.
Earnings before interest tax and depreciation (EBITDA )for the first quarter of 2007 was $9.3 million, compared with $5.9 million in the same quarter of 2006 and $29.8 million in the prior quarter.
EBITDA excluding stock-based compensation expense and adjusted for Genesis royalties earned in periods prior to the fourth quarter of 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 same quarter of 2006 and $20.7 million in the prior quarter.
GAAP first quarter 2007 net income totalled $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 totalled $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.
Cash and short-term investments at the end of the first quarter were approximately $224.0 million or $2.50 per share on a diluted basis, compared with $167.5 million at the end of the same quarter of 2006 and $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, the acquisition of sci-worx and a partial payment to Sunplus for an intellectual property license.
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 (HDMI).
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", says Steve Tirado, Silicon Image's President and Chief Executive Officer.
"Our industry-leading VastLane 1.3 HDMI products accounted for approximately 25% 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% revenue growth in the June quarter", says Tirado.
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