Pixelworks Reports Third Quarter 2015 Financial Results

The forward-looking statements contained in this release speak as of the date of this release, and we do not undertake any obligation to update any such statements, whether as a result of new information, future events or otherwise.

 
PIXELWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 
    Three Months Ended       Nine Months Ended
September 30,     June 30,     September 30, September 30,     September 30,
2015 2015 2014 2015 2014
Revenue, net $ 16,570 $ 15,078 $ 17,111 $ 46,040 $ 45,818
Cost of revenue (1)   8,292     7,844     8,545     23,561     21,596  
Gross profit 8,278 7,234 8,566 22,479 24,222
Operating expenses:
Research and development (2) 6,145 6,105 6,634 18,568 18,906
Selling, general and administrative (3)   3,334     3,584     3,900     10,805     11,658  
Total operating expenses   9,479     9,689     10,534     29,373     30,564  
Loss from operations (1,201 ) (2,455 ) (1,968 ) (6,894 ) (6,342 )
Interest expense and other, net   (105 )   (105 )   (123 )   (317 )   (375 )
Loss before income taxes (1,306 ) (2,560 ) (2,091 ) (7,211 ) (6,717 )
Provision (benefit) for income taxes   (63 )   236     209     192     472  
Net loss $ (1,243 ) $ (2,796 ) $ (2,300 ) $ (7,403 ) $ (7,189 )
Net loss per share - basic and diluted $ (0.05 ) $ (0.12 ) $ (0.10 )

$

(0.31 )

$

(0.32 )
Weighted average shares outstanding - basic and diluted   25,735     23,539     23,007     24,210     22,629  

_________

(1) Includes:
Stock-based compensation $ 52 $ 42 $ 61 $ 147 $ 191
Additional amortization of non-cancelable prepaid royalty (14 ) 4 (14 ) 95
(2) Includes stock-based compensation 524 429 562 1,442 1,801
(3) Includes stock-based compensation 443 422 634 1,401 1,909
 
 
PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION *
(In thousands, except per share data)
(Unaudited)
 
    Three Months Ended       Nine Months Ended
September 30,     June 30,     September 30, September 30,     September 30,
2015 2015 2014 2015 2014
Reconciliation of GAAP and non-GAAP gross profit
GAAP gross profit $ 8,278 $ 7,234 $ 8,566 $ 22,479 $ 24,222
Stock-based compensation 52 42 61 147 191
Additional amortization of non-cancelable prepaid royalty   (14 )       4     (14 )   95  
Total reconciling items included in cost of revenue   38     42     65     133     286  
Non-GAAP gross profit $ 8,316   $ 7,276   $ 8,631   $ 22,612   $ 24,508  
Non-GAAP gross profit margin   50.2 %   48.3 %   50.4 %   49.1 %   53.5 %
 
Reconciliation of GAAP and non-GAAP operating expenses
GAAP operating expenses $ 9,479 $ 9,689 $ 10,534 $ 29,373 $ 30,564
Reconciling item included in research and development:
Stock-based compensation 524 429 562 1,442 1,801
Reconciling item included in selling, general and administrative:
Stock-based compensation   443     422     634     1,401     1,909  
Total reconciling items included in operating expenses   967     851     1,196     2,843     3,710  
Non-GAAP operating expenses $ 8,512   $ 8,838   $ 9,338   $ 26,530   $ 26,854  
 
Reconciliation of GAAP and non-GAAP net loss
GAAP net loss $ (1,243 ) $ (2,796 ) $ (2,300 ) $ (7,403 ) $ (7,189 )
Reconciling items included in cost of revenue 38 42 65 133 286
Reconciling items included in operating expenses 967 851 1,196 2,843 3,710
Tax effect of non-GAAP adjustments   65     (46 )   91         6  
Non-GAAP net loss $ (173 ) $ (1,949 ) $ (948 ) $ (4,427 ) $ (3,187 )
Non-GAAP net loss per share - basic and diluted $ (0.01 ) $ (0.08 ) $ (0.04 ) $ (0.18 ) $ (0.14 )
Non-GAAP weighted average shares outstanding - basic and diluted   25,735     23,539     23,007     24,210     22,629  
 

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