SigmaTel, Inc. (NASDAQ:SGTL) today announced results for the
quarter ended June 30, 2007. Second Quarter Financial Review
Revenues for the second quarter of 2007 were $30.7 million with a
GAAP net loss of $11.6 million or $0.32 per share. The non-GAAP
adjusted net loss for the second quarter of 2007 was $9.2 million
or a non-GAAP adjusted net loss of $0.26 per share. GAAP gross
margin for the quarter was 38.0 percent and non-GAAP gross margin
was 39.5 percent. See the reconciling charges set forth in the
reconciliation of GAAP to non-GAAP results provided below. As of
June 30, 2007, SigmaTel had cash, cash equivalents, restricted cash
and short-term investments of $82 million. Executive Summary
�SigmaTel was pleased to announce in July that we exceeded our
second quarter revenue guidance. This growth was a result of
focusing on profitable projects, strengthening our relationships
with brand customers, while continuing to monitor our expenses,�
said Phil Pompa, CEO of SigmaTel. �The turnaround process is not
complete, but we believe the basic building blocks have been
implemented and we are cautiously optimistic about the future.�
Third Quarter 2007 Guidance For the third quarter of 2007, the
company anticipates revenue of $37 million to $42 million with
non-GAAP gross margins of approximately 41 percent, plus or minus a
couple of points. SigmaTel�s gross margin percentage varies
primarily with product mix, pricing, and unit costs. GAAP diluted
loss per share is expected to be $0.21 to $0.14 with non-GAAP
adjusted net loss per share expected to be $0.15 to $0.07, based on
35.8 million diluted weighted average shares outstanding. Our
effective tax rate for the third quarter is expected to be
approximately 10%. The company expects its quarterly operating
expenses to decline by an additional $2 million to $4 million over
the remainder of the year. This should result in the company�s
fourth quarter operating expenses being in the range of $20 million
to $22 million, excluding stock-based compensation. These
reductions, along with the expected increase in revenue from the
second quarter, should significantly lessen the company�s cash burn
in the third and fourth quarters compared to prior quarters.
�Although we are pleased with our performance this past quarter, we
will remain diligent in our efforts to achieve a full recovery,�
said Mr. Pompa. �Our highest priority is to operate the company for
long term growth.� Conference Call Today A conference call will be
held today, August 7, 2007, at 3:30 p.m. Central Daylight Time
(CDT) and will be simulcast over the Internet at
www.streetevents.com and www.sigmatel.com. A replay will be
available after the call until September 1, 2007, at the websites
listed above or by calling 888-203-1112 for domestic calls or
719-457-0820 for international and entering passcode number
4596182. For more information on SigmaTel, please visit
www.sigmatel.com. About SigmaTel: SigmaTel is a fabless
semiconductor company which designs, develops, and markets
mixed-signal ICs for the consumer electronics market. The Company�s
target market segments include portable media players, printers and
digital televisions. SigmaTel provides complete, system-level
solutions that include highly-integrated ICs, customizable firmware
and software, software development tools and reference designs. The
Company's focus is on enabling customers to rapidly introduce and
offer electronic products that are small, light-weight,
power-efficient, reliable, and cost-effective. SigmaTel is ISO
9001:2000 certified and is committed to providing customers with
high performance, quality products along with superior, worldwide
customer service. Cautionary Language: This press release contains
forward-looking statements based on current SigmaTel expectations.
The words "expect," "will," "should," "would," "anticipate,"
"project," "outlook," "believe," "intend," and similar phrases as
they relate to SigmaTel or future events are intended to identify
such forward-looking statements. These forward-looking statements
reflect the current views and assumptions of SigmaTel, but are
subject to various risks and uncertainties that could cause actual
results to differ materially from expectations. A number of
important factors could cause actual results to differ materially
from those in the forward-looking statements, and there will be
events in the future that SigmaTel is not able to accurately
predict or control. These risks and uncertainties include, but are
not limited to: the ability to effectively implement changes which
will increase operational efficiencies, reduce costs as planned,
and ultimately improve SigmaTel�s financial results; the ability to
cut costs, without jeopardizing SigmaTel�s ability to continue
supporting customers and new development efforts; and our ability
to effectively identify and remediate any additional operational
inefficiencies. For a more thorough discussion of the risks to
which the forward-looking statements are subject, please refer to
recent SigmaTel filings with the SEC, particularly the Form 10-K
that was filed on March 16, 2007, and the Form 10-Q that was filed
on May 10, 2007. Discussion of Non-GAAP Financial Measures:
SigmaTel provides a non-GAAP measure of gross profit, net (loss)
income and net (loss) income per share in its earnings release. The
presentation of gross profit is intended to be a supplemental
measure of performance and excludes a non-cash charge related to
amortization of intangible assets from acquisitions. The
presentation of net (loss) income and net (loss) income per share
is intended to be a supplemental measure of performance and
excludes: (i) a non-cash charge related to amortization of
intangible assets from acquisitions; (ii) a non-cash charge related
to stock-based compensation; (iii) a non-cash benefit related to
tax benefits of unwinding our IP migration strategy; (iv) a charge
related to the abandonment of leased facilities; and (v) a loss on
the disposition of assets in conjunction with the lease
abandonment. SigmaTel believes that excluding these items
represents a better basis for the comparison of its current results
to past, present, and future operating results, and a better means
to highlight the results of core ongoing operations. The
presentation of this additional information is not meant to be
considered in isolation or as a substitute for results prepared in
accordance with GAAP. The non-GAAP financial measures included in
the press release have been reconciled to the corresponding GAAP
financial measures as required under the rules of the Securities
and Exchange Commission regarding the use of non-GAAP financial
measures. SigmaTel is a registered trademark of SigmaTel, Inc. All
other products and brand names as they appear in this release are
trademarks or registered trademarks of their respective holders.
All specifications may be changed without notice. SIGMATEL, INC.
RECONCILIATION of GAAP to NON-GAAP RESULTS (in thousands, except
per share data) (unaudited) � Three Months Ended June 30, Six
Months Ended June 30, 2007 2006 2007 2006 Gross profit as reported
$ 11,675 $ 18,922 $ 19,403 $ 33,651 Non-GAAP adjustments:
Amortization of intangible assets from acquisitions � 455 � 783 �
910 � 1,566 � Adjusted gross profit $ 12,130 $ 19,705 $ 20,313 $
35,217 � Adjusted gross profit percentage 39.5 % 45.0 % 38.5 % 45.8
% � Three Months Ended June 30, Six Months Ended June 30, 2007 2006
2007 2006 Net (loss) income as reported $ (11,629 ) $ 2,927 $
(29,765 ) $ (21,799 ) Non-GAAP adjustments (tax effected):
Amortization of intangible assets from acquisitions 505 840 1,010
1,680 Stock-based compensation 1,924 2,181 3,790 4,238 Net tax
benefit of unwinding IP migration strategy � (9,271 ) � (9,271 )
Loss on asset disposition � � 594 � Lease abandonment charge � � �
� � 619 � � � Adjusted net (loss) income $ (9,200 ) $ (3,323 ) $
(23,752 ) $ (25,152 ) � � � � � � � � Diluted weighted average
shares outstanding 35,818 34,881 35,679 35,343 Diluted net (loss)
income per share, non-GAAP $ (0.26 ) $ (0.10 ) $ (0.67 ) $ (0.71 )
SIGMATEL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
(unaudited) June 30, 2007 December 31, 2006 ASSETS Current assets:
Cash and cash equivalents $ 31,569 $ 30,686 Restricted cash 7,682
7,354 Short-term investments 42,800 62,800 Accounts receivable, net
15,792 12,556 Inventories, net 12,909 20,794 Income tax receivable
2,485 3,365 Prepaid expenses and other assets 4,008 5,591 Total
current assets 117,245 143,146 Property, equipment and software,
net 10,803 13,301 Intangible assets, net 14,492 15,370 Non-current
income tax receivable 4,629 � Other assets 997 1,574 Total assets $
148,166 $ 173,391 LIABILITIES AND STOCKHOLDERS� EQUITY Current
liabilities: Accounts payable $ 15,683 $ 16,338 Accrued
compensation 7,814 8,712 Other accrued expenses 5,245 5,328
Deferred revenue 3,427 1,242 Income tax payable 1,963 2,728 Current
portion of long-term obligations 386 229 Total current liabilities
34,518 34,577 Non-current income taxes payable 5,582 4,453 Other
liabilities 2,365 809 Total liabilities 42,465 39,839 Stockholders'
equity: Common stock, $0.0001 par value; 170,000 shares authorized;
shares issued and outstanding: 35,915 and 35,823 at June 30, 2007
and 35,603 and 35,513 at December 31, 2006, respectively 4 4
Additional paid-in capital 201,747 197,711 Notes receivable from
stockholders � (5) Treasury stock, 90 common shares at cost (741)
(741) Accumulated deficit (95,661) (63,687) Accumulated other
comprehensive income 352 270 Total stockholders' equity 105,701
133,552 Total liabilities and stockholders' equity $ 148,166 $
173,391 SIGMATEL, INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share data) (unaudited) Three
Months Ended June 30, Six Months Ended June 30, 2007 2006 2007 2006
Revenues, net $ 30,734 $ 43,812 $ 52,753 $ 76,833 Cost of goods
sold 19,059 24,890 33,350 43,182 Gross profit 11,675 18,922 19,403
33,651 � Operating expenses: Research and development 17,282 23,061
35,603 45,253 Selling, general and administrative 8,271 12,639
18,109 26,632 Loss on asset disposition � � 594 � Total operating
expenses 25,553 35,700 54,306 71,885 Operating loss (13,878)
(16,778) (34,903) (38,234) � Interest income, net 1,037 422 2,036
1,205 Foreign exchange loss (59) (52) (133) (104) Total other
income 978 370 1,903 1,101 � Loss before income taxes (12,900)
(16,408) (33,000) (37,133) � Income tax benefit (1,271) (19,335)
(3,235) (15,334) � � � � Net (loss) income $ (11,629) $ 2,927 $
(29,765) $ (21,799) � BASIC NET (LOSS) INCOME PER SHARE $ (0.32) $
0.08 $ (0.83) $ (0.62) DILUTED NET (LOSS) INCOME PER SHARE $ (0.32)
$ 0.08 $ (0.83) $ (0.62) � WEIGHTED AVERAGE SHARES USED TO COMPUTE:
Basic net (loss) income per share 35,818 34,881 35,679 35,343
Diluted net (loss) income per share 35,818 35,695 35,679 35,343
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