LEADIS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
March 31, December 31,
2009 2008
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 19,781 $ 21,642
Restricted cash - 1,775
Short-term investments 5,316 7,726
Accounts receivable, net 1,830 1,936
Inventory 1,123 2,673
Prepaid expenses and other current assets 4,626 1,559
----------- -----------
Total current assets 32,676 37,311
Property and equipment, net 995 2,440
Goodwill and purchased intangible assets, net - -
Long term investments 1,020 1,620
Other assets 1,382 1,398
----------- -----------
Total assets $ 36,073 $ 42,769
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 828 $ 2,257
Taxes payable - 323
Deferred margin 89 697
Other accrued liabilities 1,644 4,479
----------- -----------
Total current liabilities 2,561 7,756
Long-term tax liabilities 1,681 1,659
Other noncurrent liabilities 583 441
----------- -----------
Total liabilities 4,825 9,856
Stockholders' equity:
Common stock and additional paid-in capital 111,236 110,140
Accumulated deficit (79,988) (77,227)
----------- -----------
Total stockholders' equity 31,248 32,913
----------- -----------
Total liabilities and stockholders' equity $ 36,073 $ 42,769
=========== ===========
LEADIS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
----------------------------------
March 31, December 31, March 31,
2009 2008 2008
--------- ------------ ---------
Revenue $ 2,022 $ 2,317 $ 5,607
Cost of sales 1,762 5,903 5,609
--------- ------------ ---------
Gross profit (loss) 260 (3,586) (2)
Research and development expenses 2,290 5,379 5,333
Selling, general and administrative
expenses 2,651 4,262 4,699
Amortization of purchased intangible
assets - 27 848
Impairment of goodwill and intangible
assets - 53 -
--------- ------------ ---------
Total operating expenses 4,941 9,721 10,880
Net gain on sales of assets and
technology (1,691) - -
--------- ------------ ---------
Operating loss (2,990) (13,307) (10,882)
Interest and other income (expense), net 264 (840) 798
--------- ------------ ---------
Loss before benefit from income taxes (2,726) (14,147) (10,084)
Provision for (benefit from) income
taxes 35 75 (10)
--------- ------------ ---------
Net loss $ (2,761) $ (14,222) $ (10,074)
========= ============ =========
--------- ------------ ---------
Basic and diluted net loss per share $ (0.09) $ (0.48) $ (0.35)
========= ============ =========
Shares used in computing basic and
diluted per share amounts 29,528 29,423 29,015
========= ============ =========
LEADIS TECHNOLOGY, INC.
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
------------------------------------
March 31, December 31, March 31,
2009 2008 2008
---------- ------------ ----------
A. GAAP net loss $ (2,761) $ (14,222) $ (10,074)
Adjustment for stock-based
compensation within:
Cost of sales 20 48 19
Research and development
expenses 176 281 133
Selling, general and
administrative expenses 233 678 572
Benefit from (provision for)
income taxes - - (218)
Adjustment for acquisition of
business within:
Research and development
expenses - 302 198
Selling, general and
administrative expenses - 404 254
Amortization of purchased
intangible assets - 27 848
Adjustment for restructuring
charges within:
Cost of sales - 53 -
Research and development
expenses 215 603 -
Selling, general and
administrative expenses 62 144 -
Amortization of purchased
intangible assets - 53 -
Adjustment for net gain on sales
of assets and technology (1,691) - -
---------- ------------ ----------
Non-GAAP net loss $ (3,746) $ (11,629) $ (8,268)
B. GAAP basic and diluted net loss
per share $ (0.09) $ (0.48) $ (0.35)
Adjustment for stock-based
compensation 0.01 0.03 0.02
Adjustment for acquisition of
business - 0.02 0.04
Adjustment for restructuring
charges 0.01 0.03 -
Adjustment for net gain on sales
of assets and technology (0.06) - -
---------- ------------ ----------
Non-GAAP basic and diluted net loss
per share $ (0.13) $ (0.40) $ (0.29)
C. GAAP Gross Margin 12.9% -154.8% 0.0%
Adjustment for stock-based
compensation 0.9% 2.1% 0.3%
---------- ------------ ----------
Non-GAAP gross margin 13.8% -152.7% 0.3%
D. GAAP operating expenses $ 4,941 $ 9,721 $ 10,880
Adjustment for stock-based
compensation within:
Research and development
expenses (176) (281) (133)
Selling, general and
administrative expenses (233) (678) (572)
Adjustment for acquisition of
business within:
Research and development
expenses - (302) (198)
Selling, general and
administrative expenses - (404) (254)
Amortization of purchased
intangible assets - (27) (848)
In-process research and
development - - -
Adjustment for restructuring
charges within:
Cost of sales - (53) -
Research and development
expenses (215) (603) -
Selling, general and
administrative expenses (62) (144) -
Amortization of purchased
intangible assets - (53) -
---------- ------------ ----------
Non-GAAP operating expenses $ 4,255 $ 7,176 $ 8,875
IR Contacts John Allen Chief Financial Officer Eric Itakura Director Business Development & Investor Relations (408) 331-8616
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