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GigOptix Reports Fourth Quarter and Fiscal Year 2013 Financial Results

GigOptix, Inc. (NYSE MKT: GIG), a leading supplier of advanced high speed semiconductor components for use in long-haul, metro, Cloud connectivity, data centers, consumer electronics links and interactive applications, through optical and wireless communications networks, today announced financial results for its fourth quarter and fiscal year 2013, which ended December 31, 2013.

Fourth Quarter Fiscal 2013 GAAP Results

Total revenue in the fourth quarter of fiscal 2013 was $7.8 million. This compares with revenue of $7.1 million, excluding approximately $0.9 million of government contract revenue, in the fourth quarter of fiscal 2012, and $7.3 million in the third quarter of fiscal 2013.

Gross margin was 58 percent in the fourth quarter of fiscal 2013, compared with 58 percent in the fourth quarter of fiscal 2012, and 59 percent in the third quarter of fiscal 2013.

Net loss in the fourth quarter of fiscal 2013 was $1.5 million, or a net loss of ($0.07) per share. This compares with a net loss of $2.1 million, or a net loss of ($0.10) per share, in the fourth quarter of fiscal 2012, and net income of $3.5 million, or net income of $0.16 per diluted share, in the third quarter of fiscal 2013. The third quarter fiscal 2013 GAAP net income was positively impacted by a gain of approximately $5.7 million pertaining to the net settlement of the litigation against M/A-Com, partially offset by an additional approximately $0.6 million in R&D wafer tape-out related expenses associated with the Company’s joint development programs.

Cash and cash equivalents at December 31, 2013 were $20.4 million, and the Company had no debt outstanding. This compares with $6.5 million, excluding the $3.6 million drawn from the Company’s line of credit at December 31, 2012, and $9.3 million, excluding the $6.0 million drawn from the Company’s line of credit at September 29, 2013.

Fourth Quarter Fiscal 2013 Non-GAAP Results1

Non-GAAP net income in the fourth quarter of fiscal 2013 was $0.1 million, or $0.00 per diluted share, and excludes approximately $1.0 million in stock-based compensation, $0.4 million in compensation expense related to financing activities, and $0.2 million in amortization of intangible assets. The fourth quarter results compare with a non-GAAP net loss of $0.1 million, or ($0.01) per share in the fourth quarter of fiscal 2012, and a non-GAAP net loss of $0.7 million, or ($0.03) per share in the third quarter of fiscal 2013.

Non-GAAP gross margin was 60 percent, compared with 60 percent in the fourth quarter of fiscal 2012 and 62 percent in the third quarter of fiscal 2013.

Adjusted EBITDA for the fourth quarter of 2013 was $0.9 million. This compares with Adjusted EBITDA of $0.7 million in the fourth quarter of fiscal 2012, and Adjusted EBITDA of $0.1 million in the third quarter of fiscal 2013.

Fiscal Year 2013 GAAP Results

Total revenue was $28.9 million, compared with total revenue of $36.7 million in fiscal 2012. The year-over-year change was primarily due to the decline in the previously discussed end of life (EOL) related sales from the Company’s ASIC and RF product groups, pertaining to the prior ChipX and Endwave acquisitions, as well as the government contract revenue in Q4 2012.

Gross margin increased to 60 percent, up from 54 percent in the prior fiscal year.

Fiscal 2013 net loss was $1.9 million, compared with a net loss of $7.0 million in fiscal 2012. The year-over-year improvement was due in part to the one time net gain of approximately $4.8 million pertaining to a litigation settlement in the third quarter of fiscal 2013.

Fiscal Year 2013 Non-GAAP Results1

Non-GAAP gross margin was 63 percent, up from 56 percent in the prior fiscal year. Non-GAAP net loss was $0.4 million, compared with non-GAAP net income of $0.4 million in fiscal 2012.

Adjusted EBITDA1 for fiscal 2013 was $2.4 million, compared with $3.6 million in fiscal 2012.

“We had a very strong finish to fiscal 2013, with fourth quarter revenue growing 7 percent sequentially, on top of the 7 percent sequential growth we recorded in the prior quarter, and returning to non-GAAP profitability,” said Dr. Avi Katz, Chairman and Chief Executive Officer of GigOptix, Inc. “These results were better than we forecasted, led by a nearly 40 percent increase in datacom related revenue and a near doubling of sales of our E-band product.”

“In addition, during the fourth quarter we completed a successful stock offering that raised approximately $13.6 million before expenses. We expect to use these additional funds for possible strategic alternatives, and to accelerate our strategic R&D initiatives as we look to bring several products to market in 2014. This includes extending our leadership offering in the 100Gbps Coherent telecom market, expanding our delivery of 40Gbps and 100Gbps devices for data center connectivity, and our new offering for natural interfaces, gesture tracking and other advanced application devices for the consumer market. When taken together, I am confident this year we will deliver meaningful revenue growth over 2013,” said Dr. Katz.

“Today we also announced a very significant event for GigOptix. We have entered the Silicon Photonics arena, which will leverage our Thin Film Polymer on Silicon (TFPSTM) technology, through the signing of a definitive agreement with CPqD, a leading Brazil-based optical communications research and development organization, to incept BrPhotonics Produtos Optoeletrônicos LTDA., a new joint venture company in Brazil,” said Dr. Katz. “This mutually exclusive partnership leverages GigOptix’s small form factor Thin Film Polymer on Silicon modulation devices expertise, and CPqD’s Silicon Photonics (SiPh) based product expertise. We expect BrPhotonics will provide advanced high-speed components for optical communications utilizing Silicon Photonics and Thin Film Polymer on Silicon technologies to advance the development and deployment of 100Gbps to 1Tbps fiber-optic long haul, metro links and Cloud-connectivity in the next generation CFP2 and CFP4 applications. With GigOptix being the exclusive worldwide sales agent for BrPhotonics, we believe that this progressive business arrangement will significantly enhance our product portfolio and enable us to bring those products to our customers in the fastest and most cost-effective manner.”

Financial Outlook

“As is traditionally the case in the first quarter of our fiscal year, we expect revenue will decline due to the normal seasonal pricing reductions that occur in our High-Speed Communications business. We expect this will result in first quarter revenue of approximately $7.2 million,” said Curt Sacks, Senior Vice President and Chief Financial Officer of GigOptix, Inc. “It is our current belief that after the first quarter revenue will grow steadily over the rest of the fiscal year and increase over 2013 levels.”

Financial Results Webcast / Conference Call

GigOptix will host a conference call and webcast with investors today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss the fourth quarter and fiscal 2013 financial results, and the business outlook. Investors and other interested parties may access the call by dialing (480) 629-9859. No passcode is needed for the live call. The replay dial-in number is (858) 384-5517, and the passcode is 4665223. Additionally, this conference call will be broadcast live over the Internet and can be accessed by all interested parties on the Investor Relations section of the Company's website at http://www.gigoptix.com.

1 Non-GAAP Measures - GigOptix reports revenue, gross margin, operating expense, operating income and net loss on a Generally Accepted Accounting Principles (GAAP) and non-GAAP basis. In addition, it reports Adjusted EBITDA. These non-GAAP measures are provided to enhance investors’ overall understanding of GigOptix financial performance. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to GAAP results. A reconciliation of these GAAP to non-GAAP measurements and Adjusted EBITDA for the three and 12 months ended December 31, 2013 and 2012 can be found in the “Reconciliation of GAAP to Non-GAAP Financial Information” table attached to this press release.

About GigOptix, Inc.

GigOptix is a leading fabless supplier of semiconductor components that enable end-to-end high speed information streaming over the optical and wireless networks. The products address long haul and metro telecom applications as well as emerging high-growth opportunities for Cloud and data centers connectivity, and interactive applications for consumer electronics. GigOptix offers a unique broad portfolio of Drivers for 40Gbps, 100Gbps and 400Gbps fiber-optic telecommunications and data-communications networks, and high performance MMIC solutions that enable next generation wireless microwave systems up to 90GHz. GigOptix also offers a wide range of digital and mixed-signal ASIC solutions and enables product lifetime extension through its GigOptix Sunset Rescue Program.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the bringing of products to market with full documentation. Such statements contain words such as "will," and "expect," or the negative thereof or comparable terminology, and include (without limitation) statements regarding the plans for BrPhotonics and its relationship with the Company, growth, opportunities, continued traction, contracts, improvements and our statements under the heading "Financial Outlook." Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These risks include, but are not limited to: the ability to extend product offerings into new areas or products, the ability to commercialize licensed technology, unexpected occurrences that deter the full documentation and "bring to market" plan for products that were developed this year and last year, trends and fluctuations in the industry, changes in demand and purchasing volume of customers, unpredictability of suppliers, our ability to control our costs of goods sold, our ability to attract and retain qualified personnel, the ability to move product sales to production levels, the ability to compete for client design-in opportunities, the ability to cross-sell to new clients and to diversify, the success of product sales in new markets or of recently produced product offerings, including bundled product solutions, the amount of cost savings, the ability to improve productivity, the ability to pursue and attract other merger and acquisition opportunities, our ability to enforce intellectual property rights, the ability to maintain and continue relationships with government agencies, and the ability of the partners to BrPhotonics to work together in furtherance of its operational objectives. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's filings with the SEC, and in the Company's other current and periodic reports filed or furnished from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

GIGOPTIX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
                       
December 31, December 31, Net Change
  2013     2012     $   %  
ASSETS
Current assets:
Cash and cash equivalents $ 20,377 $ 10,147 $ 10,230 101 %
Accounts receivable, net 5,021 5,056 (35 ) (1 %)
Inventories 4,617 4,111 506 12 %
Prepaid and other current assets   434     295     139   47 %
Total current assets 30,449 19,609 10,840 55 %
Property and equipment, net 2,999 4,579 (1,580 ) (35 %)
Intangible assets, net 3,287 4,270 (983 ) (23 %)
Goodwill 9,860 9,860 - 0 %
Restricted cash 284 282 2 1 %
Other assets   183     228     (45 ) (20 %)
Total assets $ 47,062   $ 38,828   $ 8,234   21 %
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 831 $ 3,174 $ (2,343 ) (74 %)
Accrued compensation 1,170 846 324 38 %
Line of credit - 3,600 (3,600 ) (100 %)
Other current liabilities   2,746     3,080     (334 ) (11 %)
Total current liabilities 4,747 10,700 (5,953 ) (56 %)
Pension liabilities 140 252 (112 ) (44 %)
Other long-term liabilities   595     876     (281 ) (32 %)
Total liabilities   5,482     11,828     (6,346 ) (54 %)
 
Stockholders' Equity
Common stock 32 22 10 45 %
Additional paid-in capital 139,710 123,386 16,324 13 %
Treasury stock, at cost; 701,754 shares as of December 31, 2013 and December 31, 2012, respectively.
(2,209 ) (2,209 ) - 0 %
Accumulated other comprehensive income 490 298 192 64 %
Accumulated deficit   (96,443 )   (94,497 )   (1,946 ) 2 %
Total stockholders' equity   41,580     27,000     14,580   54 %
Total liabilities and stockholders' equity $ 47,062   $ 38,828   $ 8,234   21 %
                                       
 
GIGOPTIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
 
Three months ended Twelve months ended
December 31,

 

December 31,

 

December 31,

 

December 31,

 

  2013  

%

  2012  

%

  2013  

%

  2012  

%

Total revenue $ 7,838 100 % $ 7,941 100 % $ 28,926 100 % $ 36,734 100 %
Total cost of revenue   3,323   42 %   3,373   42 %   11,522   40 %   16,941   46 %
Gross profit   4,515   58 %   4,568   58 %   17,404   60 %   19,793   54 %
Research and development expense 3,481 44 % 3,293 41 % 13,878 48 % 13,516 37 %
Selling, general and administrative expense 2,511 32 % 2,934 37 % 9,388 32 % 11,709 32 %
Restructuring expense, net - 0 % - 0 % 950 3 % 93 0 %
Special litigation-related expense (income)   -   0 %   422   5 %   (4,786 ) -17 %   1,351   4 %
Total operating expenses   5,992   76 %   6,649   84 %   19,430   67 %   26,669   73 %
Loss from operations (1,477 ) -19 % (2,081 ) -26 % (2,026 ) -7 % (6,876 ) -19 %
Interest expense, net (21 ) 0 % (36 ) 0 % (127 ) 0 % (267 ) -1 %
Other income (expense), net   (2 ) 0 %   (20 ) 0 %   257   1 %   220   1 %
Loss before provision for (benefit from) income taxes (1,500 ) -19 % (2,137 ) -27 % (1,896 ) -7 % (6,923 ) -19 %
Provision for (benefit from) income taxes   22   0 %   (18 ) 0 %   50   0 %   81   0 %
Net loss $ (1,522 ) -19 % $ (2,119 ) -27 % $ (1,946 ) -7 % $ (7,004 ) -19 %
 
Basic and diluted net loss per share $ (0.07 ) $ (0.10 ) $ (0.09 ) $ (0.33 )
Weighted average number of shares used in per share calculations - basic and diluted
22,471 21,441 21,826 21,444
 
 

GIGOPTIX, INC.

NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)
(Unaudited)
                                           
Three months ended Twelve months ended
December 31,

 

December 31,

 

December 31,

 

December 31,

 

  2013  

%

  2012  

%

  2013  

%

  2012  

%

Total revenue $ 7,838 100 % $ 7,941 100 % $ 28,926 100 % $ 36,734 100 %
Total cost of revenue   3,128   40 %   3,163   40 %   10,765   37 %   16,221   44 %
Gross profit   4,710   60 %   4,778   60 %   18,161   63 %   20,513   56 %
Research and development expense 3,161 40 % 2,938 37 % 12,636 44 % 11,937 32 %
Selling, general and administrative expense   1,453   19 %   1,935   24 %   6,004   21 %   8,042   22 %
Total operating expenses   4,614   59 %   4,873   61 %   18,640   64 %   19,979   54 %
Income (loss) from operations 96 1 % (95 ) -1 % (479 ) -2 % 534 1 %
Interest expense, net (21 ) 0 % (36 ) 0 % (127 ) 0 % (267 ) -1 %
Other income (expense), net   (2 ) 0 %   (20 ) 0 %   257   1 %   220   1 %
Income (loss) before provision for (benefit from) income taxes 73 1 % (151 ) -2 % (349 ) -1 % 487 1 %
Provision for (benefit from) income taxes   22   0 %   (18 ) 0 %   50   0 %   81   0 %
Net income (loss) $ 51   1 % $ (133 ) -2 % $ (399 ) -1 % $ 406   1 %
 
Basic net income (loss) per share $ 0.00 $ (0.01 ) $ (0.02 ) $ 0.02
Diluted net income (loss) per share $ 0.00 $ (0.01 ) $ (0.02 ) $ 0.02
 
Weighted average number of shares used in basic per share calculation 22,471 21,441 21,826 21,444
Weighted average number of shares used in diluted per share calculation 23,399 21,441 21,826 22,901
 
 
GIGOPTIX, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)
                           
Three months ended, Twelve months ended,
December 31, December 31, December 31, December 31,
  2013     2012     2013     2012  
GAAP Total cost of revenue $ 3,323 $ 3,373 $ 11,522 $ 16,941
Stock-based compensation (67 ) (87 ) (263 ) (230 )
Amortization of intangible assets (117 ) (123 ) (483 ) (490 )
Special bonuses   (11 )   -     (11 )   -  
Non-GAAP Total cost of revenue $ 3,128   $ 3,163   $ 10,765   $ 16,221  
 
GAAP Gross profit $ 4,515 $ 4,568 $ 17,404 $ 19,793
Stock-based compensation 67 87 263 230
Amortization of intangible assets 117 123 483 490
Special bonuses   11     -     11     -  
Non-GAAP Gross profit $ 4,710   $ 4,778   $ 18,161   $ 20,513  
 
 
GAAP - Operating expenses $ 5,992 $ 6,649 $ 19,430 $ 26,669
Stock-based compensation (894 ) (1,224 ) (3,291 ) (4,725 )
Amortization of intangible assets (120 ) (130 ) (500 ) (521 )
Restructuring expense, net - - (950 ) (93 )
Special litigation-related income (expense) - (422 ) 4,786 (1,351 )
Special bonuses   (364 )   -     (835 )   -  
Non-GAAP Operating expenses $ 4,614   $ 4,873   $ 18,640   $ 19,979  
 
GAAP Loss from operations $ (1,477 ) $ (2,081 ) $ (2,026 ) $ (6,876 )
Stock-based compensation 961 1,311 3,554 4,955
Amortization of intangible assets 237 253 983 1,011
Restructuring expense, net - - 950 93
Special litigation-related expense (income) - 422 (4,786 ) 1,351
Special bonuses   375     -     846     -  
Non-GAAP Income (loss) from operations $ 96   $ (95 ) $ (479 ) $ 534  
 
GAAP - Net loss $ (1,522 ) $ (2,119 ) $ (1,946 ) $ (7,004 )
Stock-based compensation 961 1,311 3,554 4,955
Amortization of intangible assets 237 253 983 1,011
Restructuring expense, net - - 950 93
Special litigation-related expense (income) - 422 (4,786 ) 1,351
Special bonuses   375     -     846     -  
Non-GAAP Net Income (loss) $ 51   $ (133 ) $ (399 ) $ 406  
 
Adjusted EBITDA reconciliation:
Loss from operations $ (1,477 ) $ (2,081 ) $ (2,026 ) $ (6,876 )
Restructuring expense, net - - 950 93
Depreciation and amortization 1,039 1,033 3,882 4,085
Stock-based compensation 961 1,311 3,554 4,955
Special litigation-related expense (income) - 422 (4,786 ) 1,351
Special bonuses   375     -     846     -  
Adjusted EBITDA $ 898   $ 685   $ 2,420   $ 3,608  

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