LEADIS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
Dec 31, Sep 30, Dec 31,
2008 2008 2007
-------- -------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 21,642 $ 27,154 $ 33,945
Restricted cash 1,775 2,467 2,508
Short-term investments 7,726 11,146 31,286
Accounts receivable, net 1,936 4,943 5,787
Inventory 2,673 5,716 2,210
Prepaid expenses and other current assets 1,559 2,387 4,270
-------- -------- --------
Total current assets 37,311 53,813 80,006
Property and equipment, net 2,440 3,042 4,534
Goodwill and purchased intangible assets, net - 80 11,233
Long term investments 1,620 2,307 3,000
Other assets 1,398 1,558 806
-------- -------- --------
Total assets $ 42,769 $ 60,800 $ 99,579
======== ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,257 $ 6,574 $ 4,538
Taxes payable 323 89 353
Deferred margin 697 543 6
Other accrued liabilities 4,479 4,721 6,691
-------- -------- --------
Total current liabilities 7,756 11,927 11,588
Long-term tax liabilities 1,659 1,994 3,439
Other noncurrent liabilities 441 767 1,075
-------- -------- --------
Total liabilities 9,856 14,688 16,102
Stockholders' equity:
Common stock and additional paid-in capital 110,140 109,118 109,171
Accumulated deficit (77,227) (63,006) (25,694)
-------- -------- --------
Total stockholders' equity 32,913 46,112 83,477
-------- -------- --------
Total liabilities and stockholders'
equity $ 42,769 $ 60,800 $ 99,579
======== ======== ========
LEADIS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Year Ended
------------------------------- --------------------
Dec 31, Sep 30, Dec 31, Dec 31, Dec 31,
2008 2008 2007 2008 2007
--------- --------- --------- --------- ---------
Product revenue $ 2,134 $ 4,645 $ 6,233 $ 17,947 $ 39,581
NRE revenue 183 74 - 609 -
--------- --------- --------- --------- ---------
Total revenue 2,317 4,719 6,233 18,556 39,581
Product cost of
sales 5,869 4,307 6,510 21,239 36,343
NRE cost of sales 34 144 - 660 -
--------- --------- --------- --------- ---------
Total cost of
sales 5,903 4,451 6,510 21,899 36,343
Gross profit
(loss) (3,586) 268 (277) (3,343) 3,238
Research and
development
expenses 5,379 5,434 5,370 21,631 18,599
Selling, general and
administrative
expenses 4,262 3,744 5,233 17,011 16,383
Amortization of
purchased
intangible assets 27 27 627 1,750 2,090
Impairment of
goodwill and
intangible assets 53 - - 9,498 -
In process research
and development - - 650 - 2,470
--------- --------- --------- --------- ---------
Total operating
expenses 9,721 9,205 11,880 49,890 39,542
--------- --------- --------- --------- ---------
Operating loss (13,307) (8,937) (12,157) (53,233) (36,304)
Interest and other
income (expense),
net (840) 581 1,074 879 4,392
--------- --------- --------- --------- ---------
Loss before income
taxes (14,147) (8,356) (11,083) (52,354) (31,912)
Provision for
(benefit from)
income taxes 75 (665) (34) (821) (980)
--------- --------- --------- --------- ---------
Net loss $ (14,222) $ (7,691) $ (11,049) $ (51,533) $ (30,932)
========= ========= ========= ========= =========
Basic and diluted
net loss per share $ (0.48) $ (0.26) $ (0.38) $ (1.76) $ (1.06)
========= ========= ========= ========= =========
Shares used in
computing basic and
diluted per share
amounts 29,423 29,379 28,813 29,260 29,119
========= ========= ========= ========= =========
LEADIS TECHNOLOGY, INC.
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Year Ended
------------------------------- --------------------
Dec 31, Sep 30, Dec 31, Dec 31, Dec 31,
2008 2008 2007 2008 2007
--------- --------- --------- --------- ---------
A. GAAP net loss $ (14,222) $ (7,691) $ (11,049) $ (51,533) $ (30,932)
Adjustment for
stock-based
compensation
within:
Cost of sales 48 44 50 165 122
Research and
development
expenses 281 250 304 992 1,046
Selling,
general and
administrative
expenses 678 99 636 1,578 2,224
Provision for
(benefit
from) income
taxes - - (185) (218) 254
Adjustment for
acquisition of
business
within:
Research and
development
expenses 302 154 308 818 1,246
Selling,
general and
administrative
expenses 404 242 1,126 1,141 1,646
Amortization
of purchased
intangible
assets 27 27 627 1,750 2,090
In-process
research and
development - - 650 - 2,470
Provision for
(benefit
from) income
taxes - - 13 - (74)
Adjustment for
restructuring
charges within:
Cost of sales 53 - - - -
Research and
development
expenses 603 - - - -
Selling,
general and
administrative
expenses 144 - - - -
Adjustment for
impairment of
goodwill and
intangible
assets 53 - - 9,498 -
--------- --------- --------- --------- ---------
Non-GAAP net loss $ (11,629) $ (6,875) $ (7,520) $ (35,809) $ (19,908)
B. GAAP basic and
diluted net loss
per share $ (0.48) $ (0.26) $ (0.38) $ (1.76) $ (1.06)
Adjustment for
stock-based
compensation 0.03 0.01 0.03 0.09 0.13
Adjustment for
acquisition of
business 0.02 0.01 0.09 0.13 0.25
Adjustment for
restructuring
charges: 0.03 - - - -
Adjustment for
impairment of
goodwill and
intangible
assets - 0.01 - 0.32 -
--------- --------- --------- --------- ---------
Non-GAAP basic and
diluted net loss
per share $ (0.40) $ (0.23) $ (0.26) $ (1.22) $ (0.68)
C. GAAP Gross Margin -154.8% 5.7% -4.4% -18.0% 8.2%
Adjustment for
stock-based
compensation 2.1% 0.9% 0.8% 0.9% 0.3%
--------- --------- --------- --------- ---------
Non-GAAP Gross
Margin -152.7% 6.6% -3.6% -17.1% 8.5%
D. GAAP operating
expenses $ 9,721 $ 9,205 $ 11,880 $ 49,890 $ 39,542
Adjustment for
stock-based
compensation
within:
Research and
development
expenses (281) (250) (304) (992) (1,046)
Selling,
general and
administrative
expenses (678) (99) (636) (1,578) (2,224)
Adjustment for
acquisition of
business
within:
Research and
development
expenses (302) (154) (308) (818) (1,246)
Selling,
general and
administrative
expenses (404) (242) (1,126) (1,141) (1,646)
Amortization
of purchased
intangible
assets (27) (27) (627) (1,750) (2,090)
In-process
research and
development - - (650) - (2,470)
Adjustment for
restructuring
charges within:
Cost of sales (53) - - - -
Research and
development
expenses (603) - - - -
Selling,
general and
administrative
expenses (144) - - - -
Adjustment for
impairment of
goodwill and
intangible
assets (53) - - (9,498) -
--------- --------- --------- --------- ---------
Non-GAAP Operating
expenses $ 7,176 $ 8,433 $ 8,229 $ 34,113 $ 28,820
IR Contacts John Allen Chief Financial Officer Eric Itakura Director Business Development & Investor Relations (408) 331-8616
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