Pixelworks Reports Second Quarter 2013 Financial Results

* Adjusted EBITDA differs from GAAP net loss due to the exclusion of stock-based compensation expense, additional amortization of a non-cancelable prepaid royalty, interest expense and other, net, income tax provision (benefit) and depreciation and amortization. Pixelworks' management believes the presentation of adjusted EBITDA provides useful information to investors regarding Pixelworks' results of operations by allowing investors to better evaluate underlying cash flow dynamics and core operating results and are used by Pixelworks' management for these purposes. Pixelworks, however, cautions investors to consider these non-GAAP financial measures in addition to, and not as a substitute for, our GAAP financial measures.

   
 
PIXELWORKS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 
June 30,

2013

December 31,

2012

ASSETS
Current assets:
Cash and cash equivalents $ 11,231 $ 13,404
Accounts receivable, net 2,613 3,772
Inventories 1,909 2,702
Prepaid expenses and other current assets   1,516   1,727

Total current assets

17,269 21,605
Property and equipment, net 4,544 6,283
Other assets, net   1,562   1,653
Total assets $ 23,375 $ 29,541
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 1,861 $ 2,224
Accrued liabilities and current portion of long-term liabilities 9,065 8,666
Current portion of income taxes payable 183 207
Short-term line of credit   3,500  
Total current liabilities 14,609 11,097
Long-term liabilities, net of current portion 912 1,445
Income taxes payable, net of current portion   2,071   2,331
Total liabilities 17,592 14,873
Shareholders’ equity   5,783   14,668
Total liabilities and shareholders’ equity $ 23,375 $ 29,541

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