LEADIS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
June March December
30, 31, 31,
2009 2009 2008
-------- -------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 25,107 $ 19,781 $ 21,642
Restricted cash - - 1,775
Short-term investments 3,556 5,316 7,726
Accounts receivable, net 2,522 1,830 1,936
Inventory 176 1,123 2,673
Receivable from sale of assets and
technology 3,313 3,311 -
Prepaid expenses and other current assets 1,176 1,885 1,559
-------- -------- --------
Total current assets 35,850 33,246 37,311
Property and equipment, net 717 982 2,440
Long term investments, net - 1,020 1,620
Other assets 1,531 1,395 1,398
-------- -------- --------
Total assets $ 38,098 $ 36,643 $ 42,769
======== ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 688 $ 826 $ 2,257
Taxes payable - 601 323
Deferred margin 44 89 697
Other accrued liabilities 1,345 1,644 4,479
-------- -------- --------
Total current liabilities 2,077 3,160 7,756
Long-term tax liabilities 1,534 1,681 1,659
Other noncurrent liabilities 76 583 441
-------- -------- --------
Total liabilities 3,687 5,424 9,856
Stockholders' equity:
Common stock and additional paid-in capital 111,677 111,207 110,140
Accumulated deficit (77,266) (79,988) (77,227)
-------- -------- --------
Total stockholders' equity 34,411 31,219 32,913
-------- -------- --------
Total liabilities and stockholders'
equity $ 38,098 $ 36,643 $ 42,769
======== ======== ========
LEADIS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
=============================== ====================
June 30, March 31, June 30, June 30, June 30,
2009 2009 2008 2009 2008
========= ========= ========= ========= =========
Product revenue $ 2,818 $ 2,022 $ 5,606 $ 4,840 $ 11,157
NRE revenue - - 307 - 363
--------- --------- --------- --------- ---------
Total revenue 2,818 2,022 5,913 4,840 11,520
Product cost of
sales 2,289 1,762 5,483 4,051 11,060
NRE cost of sales - - 453 - 485
--------- --------- --------- --------- ---------
Total cost of sales 2,289 1,762 5,936 4,051 11,545
Gross profit
(loss) 529 260 (23) 789 (25)
Research and
development
expenses 1,913 2,290 5,485 4,203 10,818
Selling, general and
administrative
expenses 1,845 2,651 4,306 4,496 9,005
Amortization of
purchased
intangible assets - - 848 - 1,696
Impairment of
goodwill and
intangible assets - - 9,445 - 9,445
--------- --------- --------- --------- ---------
Total operating
expenses 3,758 4,941 20,084 8,699 30,964
Net gain on sales of
assets and
technology (5,246) (1,691) - (6,937) -
--------- --------- --------- --------- ---------
Operating income
(loss) 2,017 (2,990) (20,107) (973) (30,989)
Interest and other
income, net 430 264 340 694 1,137
--------- --------- --------- --------- ---------
Income (loss) before
benefit from income
taxes 2,447 (2,726) (19,767) (279) (29,852)
Provision (benefit)
from income taxes (275) 35 (221) (240) (231)
--------- --------- --------- --------- ---------
Net income (loss) $ 2,722 $ (2,761) $ (19,546) $ (39) $ (29,621)
========= ========= ========= ========= =========
Basic net income
(loss) per share $ 0.09 $ (0.09) $ (0.67) $ 0.00 $ (1.02)
Diluted net income
(loss) per share $ 0.09 $ (0.09) $ (0.67) $ 0.00 $ (1.02)
========= ========= ========= ========= =========
Shares used in
computing basic per
share amounts 29,729 29,528 29,221 29,627 29,118
Shares used in
computing diluted
per share amounts 30,299 29,528 29,221 29,627 29,118
========= ========= ========= ========= =========
LEADIS TECHNOLOGY, INC.
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
============================== ====================
June 30, March 31, June 30, June 30, June 30,
2009 2009 2008 2009 2008
========= ========= ========== ========= ==========
A. GAAP net income
(loss) $ 2,722 $ (2,761) $ (19,546) $ (39) $ (29,621)
Adjustment for
stock-based
compensation
within:
Cost of sales 28 20 53 48 72
Research and
development
expenses 204 176 329 380 462
Selling, general
and
administrative
expenses 201 233 229 434 801
Provision for
income taxes - - - - (218)
Adjustment for
acquisition of
business within:
Research and
development
expenses - - 164 - 362
Selling, general
and
administrative
expenses - - 242 - 496
Amortization of
purchased
intangible
assets - - 848 - 1,696
Adjustment for
impairment of
goodwill and
intangible assets - - 9,445 - 9,445
Adjustment for
restructuring
charges within:
Cost of sales 44 - - 44 -
Research and
development
expenses 70 215 - 285 -
Selling, general
and
administrative
expenses 61 62 - 123 -
Adjustment for gain
on sales of assets
and technology (5,246) (1,691) - (6,937) -
--------- -------- --------- -------- ---------
Non-GAAP net loss $ (1,916) $ (3,746) $ (8,236) $ (5,662) $ (16,505)
B. GAAP basic net
income (loss) per
share $ 0.09 $ (0.09) $ (0.67) $ - $ (1.02)
Adjustment for
stock-based
compensation 0.01 0.01 0.02 0.03 0.04
Adjustment for
acquisition of
business - - 0.04 - 0.09
Adjustment for
impairment of
goodwill and
intangible assets - - 0.33 - 0.32
Adjustment for
restructuring
charges 0.01 0.01 - 0.01 -
Adjustment for gain
on sales of assets
and technology (0.17) (0.06) - (0.23) -
--------- --------- ---------- --------- ----------
Non-GAAP basic net
loss per share $ (0.06) $ (0.13) $ (0.28) $ (0.19) $ (0.57)
C. GAAP diluted net
income (loss) per
share $ 0.09 $ (0.09) $ (0.67) $ - $ (1.02)
Adjustment for
stock-based
compensation 0.01 0.01 0.02 0.03 0.04
Adjustment for
acquisition of
business - - 0.04 - 0.09
Adjustment for
impairment of
goodwill and
intangible assets - - 0.33 - 0.32
Adjustment for
restructuring
charges 0.01 0.01 - 0.01 -
Adjustment for gain
on sales of assets
and technology (0.17) (0.06) - (0.23) -
--------- --------- ---------- --------- ----------
Non-GAAP diluted net
loss per share $ (0.06) $ (0.13) $ (0.28) $ (0.19) $ (0.57)
D. GAAP gross margin 18.8% 12.9% -0.4% 16.3% -0.2%
Adjustment for
stock-based
compensation 1.0% 0.9% 0.9% 1.0% 0.6%
Adjustment for
restructuring
charges 1.5% - - 0.9% -
--------- --------- ---------- --------- ----------
Non-GAAP gross
margin 21.3% 13.8% 0.5% 18.2% 0.4%
E. GAAP operating
expenses $ 3,758 $ 4,941 $ 20,084 $ 8,699 $ 30,964
Adjustment for
stock-based
compensation
within:
Research and
development
expenses (204) (176) (329) (380) (462)
Selling, general
and
administrative
expenses (201) (233) (229) (434) (801)
Adjustment for
acquisition of
business within:
Research and
development
expenses - - (164) - (362)
Selling, general
and
administrative
expenses - - (242) - (496)
Amortization of
purchased
intangible
assets - - (848) - (1,696)
Adjustment for
impairment of
goodwill and
intangible assets - - (9,445) - (9,445)
Adjustment for
restructuring
charges within:
Research and
development
expenses (70) (215) - (285) -
Selling, general
and
administrative
expenses (61) (62) - (123) -
--------- --------- ---------- --------- ----------
Non-GAAP operating
expenses $ 3,222 $ 4,255 $ 8,827 $ 7,477 $ 17,702
IR Contacts John Allen Chief Financial Officer Julie Pestka-Schardt Director Human Resources & Investor Relations (408) 331-8616
« Previous Page 1 | 2
