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Sigma Designs, Inc. Reports Fourth Quarter and Fiscal Year 2014 Financial Results

MILPITAS, CA -- (Marketwired) -- 04/09/14 -- Sigma Designs®, Inc. (NASDAQ: SIGM), a leader in intelligent media platforms, today reported financial results and business highlights for its fourth fiscal quarter and fiscal year ended February 1, 2014.

Financial Results

Net revenue for the fourth quarter of fiscal 2014 was $38.5 million, down $15.9 million, or 29.2%, from $54.4 million reported in the previous quarter and down $5.7 million, or 12.9%, from $44.2 million reported for the same period last year.

GAAP net income for the fourth quarter of fiscal 2014 was $1.3 million, or $0.04 per share. This compares to GAAP net loss of $3.0 million, or $0.09 per share, for the previous quarter and GAAP net loss of $35.2 million, or $1.04 per share, for the same period last year.

In the fourth quarter, we reached settlements with two tax authorities that allowed us to reduce our income tax provision by $5.4 million on a GAAP basis. Non-GAAP net loss for the fourth quarter of fiscal 2014 was $4.5 million, or $0.13 per diluted share. This compares to non-GAAP net income of $3.3 million, or $0.10 per diluted share, for the previous quarter and non-GAAP net loss of $18.0 million, or $0.53 per diluted share, during the same period last year.

Net revenue for fiscal year 2014 was $199.2 million, a decrease of $17.4 million, or 8.0%, from $216.6 million in the previous year.

The GAAP net loss for fiscal year 2014 was $11.0 million, or $0.32 per share. This compares to GAAP net loss of $101.8 million, or $3.06 per share in the previous year.

Non-GAAP net income for fiscal year 2014 was $1.1 million, or $0.03 per diluted share. This compares to non-GAAP net loss of $40.3 million, or $1.21 per diluted share in the previous year. Non-GAAP net income for fiscal 2014 would have been $9.9 million had we not recorded an $8.8 million provision for income taxes

The reconciliation between GAAP and non-GAAP net income (loss) for all referenced periods is provided in a table immediately following the GAAP financial tables below.

Management Comment

"As we entered fiscal 2014, our goal was to significantly reduce operating expenses while focusing on completing important product development programs and achieve profitability for the fiscal year. These goals were achieved. However, due to products transitions and inventory adjustments by our customers across multiple product lines, our revenue for the fourth quarter was disappointing. The new products that we have introduced over the past six months put us in position to secure increasing customer deployments, which we expect to realize in the second half of fiscal year 2015. Below the top line, we continue to tightly manage our business and we're pleased to deliver a strong gross margin of 61.1% (non-GAAP) and a substantial reduction to our operating expenses of over $1.5 million (non-GAAP) in the fourth quarter compared to the prior quarter," said Thinh Tran, President and CEO of Sigma Designs.

In the fourth quarter of fiscal 2014, we announced a $20.0 million share repurchase program of which we used $2.3 million in the fourth quarter to purchase shares in the open market. The actual timing, number and value of shares repurchased under the program will be determined by Sigma's management and its Board of Directors at its discretion, and will depend on a number of factors, including the trading price of the stock, and general market and business conditions as well as applicable legal requirements.

"Our cash, cash equivalents, marketable securities and restricted cash remain strong at $89.4 million. Our share repurchase program reflects confidence in the long-term strength of the company, as well as our commitment to returning value to shareholders. While we ceased repurchasing shares when our corporate trading window closed last quarter, we intend to continue to repurchase stock under our previously announced plan," said Mr. Tran.

Recent Highlights

  • We launched our new SX6 series of SmartTV processors, which is the first fully-integrated SoC chip for Smart televisions designed to support Ultra HD video, which includes all the key technologies required for advanced connectivity and OTT services for SmartTVs.
  • We launched our new SMP8756 ARM-based set-top box chipset family, which features High Efficiency Video Coding and offers a unique combination of performance, user experience and video quality.
  • We announced our FRCX single chip Ultra HD frame rate conversion chip, which combines the functionality of as many as five devices into a single chip to reduce overall BOM costs and improves performance for OEMs that need to deliver cutting-edge Ultra HD.
  • We demonstrated a number of critical new technologies at the CES2014 show, including our 4K Ultra HD technology in the form of a prototype SmartTV chipset and our new G.hn based TR-069 remote management and diagnostics capability.
  • We began shipments of our Z-Wave and HomePlugAV chipsets for the AT&T Digital Life solution, one of the highest profile home monitoring products in the market.
  • We began shipments of our Z-Wave chipsets for Centurylink's SmartHome monitoring and security system.
  • We announced that Portuguese leader Novabase Digital TV Technologies is the first operator to launch an HDMI-stick form factor IP-STB that is HbbTV compliant which will support the hybrid set-top box markets that delivers OTT services.
  • We jointly announced, along with Mitsumi, that Mitsumi is now a licensed second source for Z-Wave 500 series technology.
  • We jointly announced, along with Comtrend, that Belgium cable leader Telenet will deploy their Powerline Ethernet Adapters based on Sigma Designs' HomePlug AV chips.
  • We announced that advanced networking supplier ST&T has selected our new G.hn family of chipsets for their MIMO and SISO products.
  • We jointly announced with Wyplay a collaboration to port their middleware code onto Sigma's new ARM based set top box SoC product line.

Investor Conference Call

The conference call relating to Sigma's fourth quarter and fiscal year end 2014 financial results will take place following this announcement at 5:00 PM ET today, April 9, 2014. Investors will have the opportunity to listen live to the conference call via the Internet through www.sigmadesigns.com/IR or www.earnings.com. Institutional investors can access the call via Thomson StreetEvents at www.streetevents.com. To listen to the live call, please go to the website at least 10 minutes early to register and download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call via the internet through www.sigmadesigns.com/IR or www.earnings.com. The audio replay will be available for one week after the call.

Use of Non-GAAP Financial Information

In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Sigma reports non-GAAP net income (loss), which excludes amortization of acquired intangibles, stock-based compensation, the mark-up on purchased inventory sold during the period, acquisition-related expenses, facility exit legal expenses, settlement expenses, net impairment of privately-held investments, restructuring charges, impairment of purchased IP, mask sets, design tools used in production and other assets, the gain on the sale of an R&D development project to a third party and the gain upon acquisition of the DTV business that Sigma recognized in accordance with GAAP. The tax amounts included in Sigma's non-GAAP results approximate its operating cash tax expense, similar to the liability reported on Sigma's tax returns. In the GAAP to non-GAAP reconciliation at the end of this press release, we have disclosed the impact of these income tax adjustments in our calculation of our non-GAAP financial results. Sigma believes that its non-GAAP measures provide useful information to management and investors regarding financial and business trends relating to its financial condition and results of operations. Sigma also believes the non-GAAP measures provide useful supplemental information for investors to evaluate its operating results in the same manner as the research analysts that follow Sigma, all of whom present non-GAAP projections in their published reports. As such, the non-GAAP measures provided by Sigma facilitate a more direct comparison of its performance with the financial projections published by the analysts as well as its competitors, many of whom report financial results on a non-GAAP basis. The economic substance behind its decision to use such non-GAAP measures is that such measures approximate its controllable operating performance more closely than the most directly comparable GAAP financial measures. For example, Sigma's management has no control over certain variables that have a major influence in the determination of stock-based compensation such as the volatility of its stock price and changing interest rates. Sigma believes that all of these excluded expenses do not accurately reflect the underlying performance of its continuing operations for the period in which they are incurred, even though some of these excluded items may be incurred and reflected in Sigma's GAAP financial results in the foreseeable future.

The material limitation associated with the use of the non-GAAP financial measures is that the non-GAAP measures do not reflect the full economic impact of Sigma's activities. Sigma's non-GAAP net income (loss) is not prepared in accordance with GAAP, is not an alternative to GAAP financial information, and may be calculated differently than non-GAAP financial information disclosed by other companies. Accordingly, investors are cautioned not to place undue reliance on non-GAAP information.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements that our new products introduced in the past six months puts us in position to secure increasing customer deployments, which we expect to realize in the second half of our new fiscal year, and statements about our intentions to repurchase additional shares under our previously announced stock repurchase program. Actual results may vary materially due to a number of factors including, but not limited to, the risk that, upon completion of further closing procedures and audit, the financial results for the fourth quarter and full fiscal 2014 are different than the results set forth in this press release, including the issuance of a final decision in an ongoing arbitration matter which may be announced after the date of this press release and prior to the completion of our audit, general economic conditions, the ability to recognize the anticipated savings from our restructuring efforts, the rate of growth of the Set-Top Box, home networking, digital TV, and home control and energy management markets in general, the ramp in demand from Sigma's set-top box, television and telecommunication customers, Sigma's ability to deploy and achieve market acceptance for Sigma products, and the risk that such products will not gain widespread acceptance, or will be rendered obsolete, by product offerings of competitors or by alternative technologies, and other risks detailed from time to time in Sigma's SEC reports, including Sigma's report on Form 10-Q as filed with the SEC on December 12, 2013. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Sigma undertakes no obligation to publicly release or otherwise disclose the result of any revision to these forward-looking statements that may be made as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

About Sigma Designs, Inc.

Sigma Designs, Inc. (NASDAQ: SIGM) is a leader in intelligent media platforms. The company designs and builds the essential semiconductor technologies that serve as the foundation for the world's leading IPTV set-top boxes, connected televisions, connected media players, residential gateways, home control systems and more. For more information about Sigma Designs, please visit www.sigmadesigns.com.



                             SIGMA DESIGNS, INC.
               UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                                   (GAAP)
                               (In thousands)
                                                    February 1,  February 2,
                                                       2014         2013
                                                   ------------ ------------
Assets

Current Assets:
  Cash and cash equivalents                        $     64,326 $     51,218
  Short-term marketable securities                        7,791       17,455
  Restricted cash                                         1,775        1,769
  Accounts receivable, net                               27,647       21,648
  Inventory                                              20,403       24,929
  Deferred tax assets                                     4,144        5,868
  Prepaid expenses and other current assets               8,069       13,578
                                                   ------------ ------------
    Total current assets                                134,155      136,465

Long-term marketable securities                          15,505       14,253
Software, equipment and leasehold improvements,
 net                                                     27,089       17,106
Intangible assets, net                                   29,780       36,573
Deferred tax assets, net of current portion                 439        2,681
Long-term investments and notes receivable, net of
 current portion                                          3,873        8,943
Other non-current assets                                  4,934        4,810
                                                   ------------ ------------

    Total assets                                   $    215,775 $    220,831
                                                   ============ ============

Liabilities and Shareholders' Equity

Current Liabilities:
  Accounts payable                                 $     16,184 $     11,046
  Accrued compensation and related benefits               6,288       10,070
  Accrued liabilities                                    19,813       18,721
                                                   ------------ ------------
    Total current liabilities                            42,285       39,837

  Other long-term liabilities                            15,099       18,976
                                                   ------------ ------------
    Total liabilities                                    57,384       58,813

Shareholders' equity                                    158,391      162,018
                                                   ------------ ------------

    Total liabilities and shareholders' equity     $    215,775 $    220,831
                                                   ============ ============




                            SIGMA DESIGNS, INC.
         UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (GAAP)
                   (In thousands, except per share data)

                             Three months ended          Fiscal year ended
                      -------------------------------  --------------------
                       February   November   February   February   February
                       1, 2014    2, 2013    2, 2013    1, 2014    2, 2013
                      ---------  ---------  ---------  ---------  ---------

Net revenue           $  38,497  $  54,394  $  44,199  $ 199,193  $ 216,613
Cost of revenue          16,451     23,311     30,331     91,052    125,588
                      ---------  ---------  ---------  ---------  ---------
Gross profit             22,046     31,083     13,868    108,141     91,025
Gross margin percent       57.3%      57.1%      31.4%      54.3%      42.0%

Operating expenses:
  Research and
   development           16,634     17,555     26,973     73,162    103,478
  Sales and marketing     4,820      5,608      7,093     21,637     34,550
  General and
   administrative         4,729      5,212      6,025     19,640     27,899
  Gain on acquisition         -          -         28          -     (1,389)
  Restructuring
   charges                  267      1,104      2,443      2,261      3,264
  Impairment of IP,
   mask sets and
   design tools             675        150      6,569      1,013      6,569
                      ---------  ---------  ---------  ---------  ---------
    Total operating
     expenses            27,125     29,629     49,131    117,713    174,371

Income (loss) from
 operations              (5,079)     1,454    (35,263)    (9,572)   (83,346)
Gain on sale of
 development project          -          -          -      1,079          -
Interest and other
 income (expense),
 net                       (164)      (254)     1,293        394      2,325
                      ---------  ---------  ---------  ---------  ---------

Income (loss) before
 income taxes            (5,243)     1,200    (33,970)    (8,099)   (81,021)
Provision (benefit)
 for income taxes        (6,496)     4,178      1,227      2,950     20,747
                      ---------  ---------  ---------  ---------  ---------

Net income (loss)     $   1,253  $  (2,978) $ (35,197) $ (11,049) $(101,768)
                      =========  =========  =========  =========  =========


Net income (loss) per
 share:
  Basic               $    0.04  $   (0.09) $   (1.04) $   (0.32) $   (3.06)
  Diluted             $    0.04  $   (0.09) $   (1.04) $   (0.32) $   (3.06)

Shares used in
 computing net income
 (loss) per share:
  Basic                  34,421     34,518     33,722     34,206     33,205
  Diluted                34,502     34,518     33,722     34,206     33,205




                            SIGMA DESIGNS, INC.
   RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS)
                                (Unaudited)
                   (In thousands, except per share data)

                             Three months ended          Fiscal year ended
                      -------------------------------  --------------------
                      February   November   February   February   February
                       1, 2014    2, 2013    2, 2013    1, 2014    2, 2013
                      ---------  ---------  ---------  ---------  ---------
GAAP net income
 (loss)               $   1,253  $  (2,978) $ (35,197) $ (11,049) $(101,768)

Items reconciling
 GAAP net income
 (loss) to non-GAAP
 net income (loss):

  Stock-based
   compensation
   expenses               1,427      1,668      2,516      6,814     10,595

  Amortization of
   acquired
   intangibles            1,772      1,782      2,073      7,152      7,931

  Impairment of
   purchased IP, mask
   sets, designs
   tools and other
   assets                   675        562     11,173      1,425     11,173

  Restructuring
   charges, net             279      1,104      2,443      2,306      3,264

  Mark-up on
   inventory acquired
   in business
   combinations sold
   during the period
                              -          -        162        436      3,769

  Realized gain on
   sale of
   development
   project                    -          -          -     (1,079)         -

  (Gain) loss on
   acquisition                -          -         28          -     (1,389)

  Facility exit legal
   expenses                  91          8          -        387          -

  Settlement expenses         -        100          -        100      5,700

  Impairment of
   investments, net         270        163          -        433          -

  Acquisition
   expenses                   -          -          -          -      4,276

  Income tax
   adjustments          (10,292)       901     (1,227)    (5,826)    16,194

                      ---------  ---------  ---------  ---------  ---------
Total GAAP to Non-
 GAAP adjustments        (5,778)     6,288     17,168     12,148     61,513
                      ---------  ---------  ---------  ---------  ---------

Non-GAAP net income
 (loss)               $  (4,525) $   3,310  $ (18,029) $   1,099  $ (40,255)
                      =========  =========  =========  =========  =========

Diluted net income
 (loss) per share     $   (0.13) $    0.10  $   (0.53) $    0.03  $   (1.21)
                      =========  =========  =========  =========  =========

Shares used in
 calculating diluted
 net income (loss)
 per share:              34,421     34,564     33,722     34,294     33,205
                      =========  =========  =========  =========  =========


Diluted net income
 (loss) per share:

Diluted GAAP net
 income (loss) per
 share                $    0.04  $   (0.09) $   (1.04) $   (0.32) $   (3.06)

Diluted GAAP to non-
 GAAP adjustments     $   (0.17) $    0.19  $    0.51  $    0.35  $    1.85
                      ---------  ---------  ---------  ---------  ---------

Diluted Non-GAAP net
 income (loss) per
 share                $   (0.13) $    0.10  $   (0.53) $    0.03  $   (1.21)
                      =========  =========  =========  =========  =========


Reconciliation of
 shares used in
 calculating non-GAAP
 net
income (loss) per
 share:

Shares used in
 calculating basic
 net income (loss)
 per share               34,421     34,518     33,722     34,206     33,205

Adjustment for
 dilutive securities          -         46          -         88          -
                      ---------  ---------  ---------  ---------  ---------

Non-GAAP shares used
 in calculating
 diluted net income
 (loss)
per share                34,421     34,564     33,722     34,294     33,205
                      =========  =========  =========  =========  =========




                            SIGMA DESIGNS, INC.
             SECHEDULE OF SELECTED GAAP TO NON-GAAP ADJUSTMENTS
                                (Unaudited)
                   (In thousands, except per share data)

 The following schedule reconciles selected line items from the
  GAAP basic statements of operations to non-GAAP statements of
                           operations:


                             Three months ended          Fiscal year ended
                      -------------------------------  --------------------
                      February   November   February   February    February
                       1, 2014    3, 2013    2, 2013    1, 2014     2, 2013
                      ---------  ---------  ---------  ---------  ---------
GROSS PROFIT:

GAAP gross profit     $  22,046  $  31,083  $  13,868  $ 108,141  $  91,025

  Stock-based
   compensation
   expenses                  53         64        106        267        487

  Amortization of
   acquired
   intangibles            1,403      1,403      1,651      5,644      6,327

  Acquisition
   expenses                   -          -          -          -        101

  Restructuring
   charges, net              12          -         14         45         14

  Impairment of
   purchased IP and
   mask sets used in
   production                            -      4,604                 4,604

  Mark-up on
   inventory acquired
   in business
   combinations sold
   during the period
  during the period           -                   162        436      3,769

                      ---------  ---------  ---------  ---------  ---------
Non-GAAP gross profit $  23,514  $  32,550  $  20,405  $ 114,533  $ 106,327
                      =========  =========  =========  =========  =========


OPERATING EXPENSES:

GAAP operating
 expenses             $  27,125  $  29,629  $  49,131  $ 117,713  $ 174,371

  Stock-based
   compensation
   expenses              (1,374)    (1,604)    (2,410)    (6,547)   (10,108)

  Amortization of
   acquired
   intangibles             (369)      (379)      (422)    (1,508)    (1,604)

  Impairment of
   purchased IP, mask
   sets and designs
   tools                   (675)      (562)    (6,569)    (1,425)    (6,569)

  Restructuring
   charges, net            (267)    (1,104)    (2,443)    (2,261)    (3,264)

  Gain on acquisition         -          -        (28)         -      1,389

  Facility exit legal
   expenses                 (91)        (8)         -       (387)         -

  Settlement expenses         -       (100)         -       (100)    (5,700)

  Acquisition
   expenses                   -          -          -          -     (4,175)

                      ---------  ---------  ---------  ---------  ---------
Non-GAAP operating
 expenses             $  24,349  $  25,872  $  37,259  $ 105,485  $ 144,340
                      =========  =========  =========  =========  =========


INCOME TAX EXPENSE:

GAAP income tax
 expenses             $  (6,496) $   4,178  $   1,227  $   2,950  $  20,747

  Income tax
   adjustments           10,292       (901)     1,227      5,826    (16,194)

                      ---------  ---------  ---------  ---------  ---------
Non-GAAP income tax
 expenses             $   3,796  $   3,277  $   2,454  $   8,776  $   4,553
                      =========  =========  =========  =========  =========


RESEARCH AND
 DEVELOPMENT:

GAAP research and
 development          $  16,634  $  17,555  $  26,973  $  73,162  $ 103,478

  Stock-based
   compensation
   expenses                (660)      (778)    (1,394)    (3,381)    (5,740)

  Amortization of
   acquired
   intangibles              (22)       (33)       (41)      (121)      (141)

  Acquisition
   expenses                   -          -          -          -     (1,417)

                      ---------  ---------  ---------  ---------  ---------
Non-GAAP research and
 development          $  15,952  $  16,744  $  25,538  $  69,660  $  96,180
                      =========  =========  =========  =========  =========


SALES AND MARKETING:

GAAP sales and
 marketing            $   4,820  $   5,608  $   7,093  $  21,637  $  34,550

  Stock-based
   compensation
   expenses                (246)      (365)      (399)    (1,275)    (1,811)

  Amortization of
   acquired
   intangibles             (347)      (346)      (381)    (1,387)    (1,463)

  Settlement expenses         -       (100)         -       (100)    (5,700)

  Acquisition
   expenses                   -          -          -          -       (257)

                      ---------  ---------  ---------  ---------  ---------
Non-GAAP sales and
 marketing            $   4,227  $   4,797  $   6,313  $  18,875  $  25,319
                      =========  =========  =========  =========  =========


GENERAL AND
 ADMINISTRATIVE:

GAAP general and
 administrative       $   4,729  $   5,212  $   6,025  $  19,640  $  27,899

  Stock-based
   compensation
   expenses                (468)      (461)      (617)    (1,891)    (2,557)

  Impairment of other
   assets                     -       (412)         -       (412)         -

  Acquisition
   expenses                   -          -          -          -     (2,501)

  Facility exit legal
   expenses                 (91)        (8)         -       (387)         -

                      ---------  ---------  ---------  ---------  ---------
Non-GAAP general and
 administrative       $   4,170  $   4,331  $   5,408  $  16,950  $  22,841
                      =========  =========  =========  =========  =========

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The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm ...
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From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
Digitization is driving a fundamental change in society that is transforming the way businesses work with their customers, their supply chains and their people. Digital transformation leverages DevOps best practices, such as Agile Parallel Development, Continuous Delivery and Agile Operations to capitalize on opportunities and create competitive differentiation in the application economy. However, information security has been notably absent from the DevOps movement. Speed doesn’t have to negat...
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...