Pixelworks Reports Second Quarter 2016 Financial Results

* Adjusted EBITDA differs from GAAP net loss due to the exclusion of restructuring charges, stock-based compensation expense, interest expense and other, net, income tax provision 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,
2016

December 31,
2015

ASSETS
Current assets:
Cash and cash equivalents $ 17,750 $ 26,591
Accounts receivable, net 3,846 5,988
Inventories 3,345 3,266
Prepaid expenses and other current assets   730   644
Total current assets 25,671 36,489
Property and equipment, net 4,927 6,543
Other assets, net   763   810
Total assets $ 31,361 $ 43,842
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 2,836 $ 2,944
Accrued liabilities and current portion of long-term liabilities 8,475 8,528
Current portion of income taxes payable 199 221
Short-term line of credit     3,000
Total current liabilities 11,510 14,693
Long-term liabilities, net of current portion 565 831
Income taxes payable, net of current portion   1,860   1,942
Total liabilities 13,935 17,466
Shareholders’ equity   17,426   26,376
Total liabilities and shareholders’ equity $ 31,361 $ 43,842
 

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