LEADIS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
------------------------------- --------------------
Sep. 30, June 30, Sep. 30, Sep. 30, Sep. 30,
2008 2008 2007 2008 2007
--------- --------- --------- --------- ---------
Product revenue $ 4,645 $ 5,606 $ 9,943 $ 15,802 $ 33,349
NRE revenue 74 307 - 437 -
--------- --------- --------- --------- ---------
Total revenue 4,719 5,913 9,943 16,239 33,349
Product cost of
sales 4,307 5,483 8,857 15,367 29,834
NRE cost of sales 144 453 - 629 -
--------- --------- --------- --------- ---------
Total cost of sales 4,451 5,936 8,857 15,996 29,834
Gross profit 268 (23) 1,086 243 3,515
Research and
development
expenses 5,434 5,485 5,391 16,252 13,230
Selling, general and
administrative
expenses 3,744 4,306 4,318 12,749 11,150
Amortization of
purchased
intangible assets 27 848 627 1,723 1,463
Impairment of
goodwill and
intangible assets - 9,445 - 9,445 -
In process research
and development - - 500 - 1,820
--------- --------- --------- --------- ---------
Total operating
expenses 9,205 20,084 10,836 40,169 27,663
--------- --------- --------- --------- ---------
Operating loss (8,937) (20,107) (9,750) (39,926) (24,148)
Interest and other
income, net 581 340 997 1,718 3,319
--------- --------- --------- --------- ---------
Loss before benefit
from income taxes (8,356) (19,767) (8,753) (38,208) (20,829)
Benefit from income
taxes (665) (221) (394) (896) (946)
--------- --------- --------- --------- ---------
Net loss $ (7,691) $ (19,546) $ (8,359) $ (37,312) $ (19,883)
========= ========= ========= ========= =========
Basic and diluted
net loss per share $ (0.26) $ (0.67) $ (0.29) $ (1.28) $ (0.68)
========= ========= ========= ========= =========
Shares used in
computing basic and
diluted per share
amounts 29,379 29,221 28,973 29,205 29,225
========= ========= ========= ========= =========
LEADIS TECHNOLOGY, INC.
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
------------------------------- --------------------
Sep. 30, June 30, Sep. 30, Sep. 30, Sep. 30,
2008 2008 2007 2008 2007
--------- --------- --------- --------- ---------
A. GAAP net loss $ (7,691) $ (19,546) $ (8,359) $ (37,312) $ (19,883)
Adjustment for
stock-based
compensation
within:
Cost of sales 44 53 47 116 109
Research and
development
expenses 250 329 291 712 742
Selling,
general and
administrative
expenses 99 229 634 900 1,551
Provision for
income taxes - - (213) (218) (439)
Adjustment for
acquisition of
business within:
Research and
development
expenses 154 164 408 516 938
Selling,
general and
administrative
expenses 242 242 217 738 520
Amortization
of purchased
intangible
assets 27 848 627 1,723 1,463
In-process
research and
development - - 500 - 1,820
Provision for
income taxes - - (25) - (61)
Adjustment for
impairment of
goodwill and
intangible
assets - 9,445 - 9,445 -
--------- --------- --------- --------- ---------
Non-GAAP net loss $ (6,875) $ (8,236) $ (5,873) $ (23,380) $ (13,240)
B. GAAP basic and
diluted net loss
per share $ (0.26) $ (0.67) $ (0.29) $ (1.28) $ (0.68)
Adjustment for
stock-based
compensation 0.01 0.02 0.03 0.05 0.07
Adjustment for
acquisition of
business 0.02 0.04 0.06 0.10 0.16
Adjustment for
impairment of
goodwill and
intangible
assets - 0.33 - 0.32 -
--------- --------- --------- --------- ---------
Non-GAAP basic and
diluted net loss
per share $ (0.23) $ (0.28) $ (0.20) $ (0.81) $ (0.45)
C. GAAP Gross Margin 5.7% -0.4% 10.9% 1.5% 10.5%
Adjustment for
stock-based
compensation 0.9% 0.9% 0.5% 0.7% 0.3%
--------- --------- --------- --------- ---------
Non-GAAP Gross
Margin 6.6% 0.5% 11.4% 2.2% 10.9%
D. GAAP operating
expenses $ 9,205 $ 20,084 $ 10,836 $ 40,169 $ 27,663
Adjustment for
stock-based
compensation
within:
Research and
development
expenses (250) (329) (291) (711) (742)
Selling,
general and
administrative
expenses (99) (229) (634) (900) (1,551)
Adjustment for
acquisition of
business within:
Research and
development
expenses (154) (164) (408) (516) (938)
Selling,
general and
administrative
expenses (242) (242) (217) (738) (520)
Amortization
of purchased
intangible
assets (27) (848) (627) (1,723) (1,463)
In-process
research and
development - - (500) - (1,820)
Adjustment for
impairment of
goodwill and
intangible
assets - (9,445) - (9,445) -
--------- --------- --------- --------- ---------
Non-GAAP Operating
expenses $ 8,433 $ 8,827 $ 8,159 $ 26,136 $ 20,629
