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Silicon Image Updates Second Quarter Revenue Outlook
|By Business Wire
|July 8, 2014 04:05 PM EDT
Image (NASDAQ: SIMG), a leading provider of multimedia
connectivity solutions and services, today updated its outlook for the
quarter ending June 30, 2014.
Revenue for the second quarter is currently expected to be in the range
of $58.5 million to $60.5 million. The Company's previous guidance for
second quarter revenue was in the range of $71 million to $76 million.
Gross margin is expected to be between 59% and 60%, as compared to
previous guidance of approximately 56.5%. Non-GAAP Operating expenses
are expected to be in the range of $30 million to $32 million versus
prior guidance of approximately $32.5 million.
This updated guidance is due to lower than anticipated mobile IC
shipments in the quarter to a significant customer and the delay of
expected HDMI royalty revenue.
Silicon Image receives a portion of HDMI royalty revenue that is subject
to an agreement among the HDMI Founders. The parties are working to
finalize a new 3 year agreement starting in 2014.
"Although the quarter has been challenging, we are confident that we
will work through these items over the balance of the year," said
Camillo Martino, chief executive officer of Silicon Image. “Most
importantly, we remain committed to executing on our strategy of
expanding MHL into mid-range mobile devices and addressing the growing
60GHz wireless market for video and data which we believe is key to
growing our business and creating long-term value for shareholders.”
The company will host an investor conference call and webcast the event
at 2:00 p.m. Pacific Time today.
To access the conference call, dial 888-430-8709 or 719-325-2281 and
enter pass code 6525198. The webcast and replay will be accessible on
Silicon Image's investor relations website at http://www.SiliconImage.com.
A replay of the conference call will be available within two hours of
the conclusion of the conference call through July 30, 2014. To access
the replay, please dial 888-203-1112 or 719-457-0820 and enter pass code
Use of Non-GAAP Financial Information
Silicon Image presents and discusses gross margin, operating expenses,
net income (loss) and basic and diluted net income (loss) per share in
accordance with Generally Accepted Accounting Principles (GAAP), and on
a non-GAAP basis for informational purposes only. Silicon Image believes
that non-GAAP reporting provides meaningful information and therefore
uses non-GAAP reporting to supplement its GAAP reporting and internally
in evaluating operations, managing and monitoring performance, and
determining bonus compensation. Further, Silicon Image uses non-GAAP
information as certain non-cash charges such as amortization of
intangibles, stock based compensation, restructuring charges, business
acquisition related expenses and reversal of a subsidiary's foreign
currency translation adjustment do not reflect the cash operating
results of the business. Silicon Image has chosen to provide this
supplemental information to investors, analysts and other interested
parties to enable them to perform additional analyses of its 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
About Silicon Image, Inc.
Silicon Image (NASDAQ: SIMG) is a leading provider of multimedia
connectivity solutions and services for mobile, consumer electronics and
PC markets. Silicon Image’s semiconductor and intellectual property
products feature wireless and wired technologies that deliver
connectivity across a wide array of devices in the home, office and on
the go. Silicon Image has driven the creation of the industry standards
HDMI®, DVI™, MHL® and WirelessHD®, and offers manufacturers
comprehensive standards interoperability and compliance testing services
via its wholly-owned subsidiary, Simplay Labs. For more information,
This news release contains forward-looking statements within the meaning
of federal securities laws and regulations. These forward-looking
statements include, but are not limited to, statements related to
Silicon Image's future operating results, company growth, quarterly
results, growth in profitability and further delays to completing a new
HDMI revenue allocation agreement. These forward-looking statements
involve risks and uncertainties, including the risks of uncertain
economic conditions, competition in our markets, Silicon Image's ability
to deliver financial performance in-line with its stated goals and
guidance, and other risks and uncertainties described from time to time
in Silicon Image's filings with the U.S. Securities and Exchange
Commission (SEC). These risks and uncertainties 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 and 10-Q filed by Silicon Image with the SEC.
These forward-looking statements are made on the date of this press
release, and Silicon Image assumes no obligation to update any such
Silicon Image and the Silicon Image logo are trademarks, registered
trademarks or service marks of Silicon Image, Inc. in the United States
and/or other countries. All other trademarks and registered
trademarks are the property of their respective owners in the United
States and/or other countries.
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