SiRF reports revenue of $34 million SAN JOSE, Calif., May 5
/PRNewswire-FirstCall/ -- SiRF Technology Holdings, Inc.
(NASDAQ:SIRF), a leading provider of GPS-enabled silicon and
premium software location platforms, today reported unaudited
financial results for its first quarter ended March 28, 2009. Net
revenue in the first quarter of 2009 was $34.2 million, a decrease
of 44.8 percent from $62.0 million reported in the first quarter of
2008. Gross profit in the first quarter of 2009 was $13.8 million
or 40.2 % of net revenue, as compared to $26.4 million or 42.6% of
net revenue in the first quarter of 2008. Net loss for the first
quarter of 2009 was $16.9 million, or ($0.27) per diluted share,
based on 62.8 million diluted weighted average shares outstanding.
This compares with net loss of $28.1 million, or ($0.47) per
diluted share, based on 60.3 million diluted weighted average
shares outstanding in the first quarter of 2008. SiRF reports net
income (loss), gross profit, and basic and diluted net income
(loss) per share in accordance with GAAP and additionally on a
non-GAAP basis. Non-GAAP gross profit excludes the effect of
stock-based compensation expense and amortization of
acquisition-related intangible assets. Non-GAAP gross profit for
the first quarter of 2009 was $16.2 million, or 47.4% of net
revenue as compared to non-GAAP gross profit of $30.3 million or
48.9% of net revenue, for the first quarter of 2008. Non-GAAP net
income (loss), where applicable, excludes the effect of stock-based
compensation expense, amortization of acquisition-related
intangible assets, expenses related to acquisition-related
contingent payments, restructuring and asset impairment charges,
gain on note receivable previously impaired and adjustments to
normalize the income tax provision. Non-GAAP net loss for the first
quarter of 2009 was $13.8 million, or ($0.22) per diluted share, as
compared to non-GAAP net loss of $8.4 million, or ($0.14) per
diluted share for the first quarter of 2008. Non-GAAP net loss for
the first quarter of 2009 excludes $6.8 million in stock-based
compensation expense, $3.0 million in amortization of
acquisition-related intangible assets, $0.7 million of
restructuring and asset impairment charges and $7.3 million in gain
associated with a note receivable previously impaired. Non-GAAP net
loss for the first quarter of 2008 excludes $8.9 million in
stock-based compensation expense, $6.2 million in amortization of
acquisition-related intangible assets, $0.3 million of expenses
related to acquisition-related contingent payments, $0.5 million of
restructuring and asset impairment charges and $3.8 million of
provision for income taxes. Weighted average shares outstanding
used in computing diluted non-GAAP net loss per share for the first
quarter of 2009 were approximately 62.8 million, compared to 60.3
million for the first quarter of 2008. Refer to the itemized
reconciliation between net loss on both a GAAP and non-GAAP bases
for the first quarter of 2009 and 2008. Total cash, cash
equivalents and short-term investments were $109.5 million at March
28, 2009, compared with $115.8 million at December 27, 2008. The
Company had no long term investments at March 28, 2009 and December
27, 2008. Quarterly conference call details: SiRF will host a
conference call on May 5, 2009, at approximately 4:30 PM EDT/1:30
PM PDT to discuss its first quarter ended March 28, 2009 financial
results. This event is available through the SiRF Technology web
site at http://www.sirf.com/ by clicking on the "Investors" link.
Listeners should go to the website at least ten minutes before the
event to download and install any necessary audio software. For
those unable to attend the live broadcast, an archived version of
the webcast will be available for twelve months. The call can also
be heard by dialing (800) 894-5910 (domestic) or (785) 424-1052
(international) and entering the conference id: SIRF. A telephonic
replay will also be available approximately 2 hours following the
earnings call and will be available for two weeks. The telephone
playback of the conference call can be accessed by dialing (800)
283-9429. About SiRF Technology Holdings, Inc.: SiRF Technology
Holdings, Inc. develops and markets semiconductor and software
products that are designed to enable location-awareness utilizing
GPS and other location technologies. SiRF's technology has been
integrated into mobile consumer devices, such as automobile
navigation systems, mobile phones, PDAs, GPS-based peripherals and
handheld GPS navigation devices, and into commercial applications,
such as location servers, asset tracking devices and fleet
management systems. SiRF markets and sells its products in three
target platforms: wireless handheld devices, such as mobile phones;
automotive electronics systems, including navigation and telematics
systems; and consumer and compute devices, including personal
digital assistants, notebook computers, recreational GPS handhelds,
mobile gaming machines, digital cameras and watches. Founded in
1995, SiRF is headquartered in San Jose, California, and has sales
offices, design centers and research facilities around the world.
SiRF's common stock trades on the Nasdaq Global Select Market under
the symbol SIRF. Additional information about SiRF and its Location
Technology solutions can be found at http://www.sirf.com/.
FORWARD-LOOKING STATEMENTS: Except for the purely historical
information contained herein, the matters set forth in this press
release, including, but not limited to, any statements related to
our business plans or business outlook and any related forecasts or
projections relating to any aspect of our business, anticipated
financial or operating results, the purposes and benefits to our
management and investors of using non-GAAP measures, the recurrence
of certain expenses in the future, and/or the contribution of
stock-based compensation to our revenue generation are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as "to,"
"being," "possible," "may," "should," "address," "designed to,"
"provide," "anticipate," "believe," "expect," "estimate," "plan,"
"will," and similar expressions are intended to identify
forward-looking statements. Any forward-looking statements
contained herein are based on the current beliefs and expectations
of our management and are not guarantees of future performance.
Moreover, our reported results should not be considered as an
indication of our future performance. SiRF's actual results could
differ materially from those discussed in its forward-looking
statements as a result of risks and uncertainties, including, among
others, changes to the market for GPS-based location awareness
capabilities, our ability to keep pace with and anticipate rapid
technological change, the success of our product offerings and the
market's acceptance of those products, factors affecting our
quarterly results, sales cycles, price reductions, dependence on
and qualification of foundries to manufacture our products,
production capacity, limitations on our ability to adequately
forecast demand, changes to our customer relationships, our ability
to compete successfully, our product warranties, the impact of our
intellectual property indemnification practices, the outcome of our
litigation, U.S. Customs' review of our products, trends and
uncertainties with respect to consumer demand for our products and
our customers' products, the extent to which current weak current
economic conditions will continue into the future, the difficulty
in predicting sales even in the short term in light of current
economic conditions, developments in the macroeconomic environment
and the semiconductor industry, general volatility in global
economic markets, the strength of our international operations and
our ability to compete in foreign markets, our ability to
successfully integrate acquired businesses and other risks and
uncertainties, including those detailed from time to time in our
periodic reports filed with the Securities and Exchange Commission,
including our Current Reports on Form 8-K, Quarterly Reports on
Form 10-Q and the Company's Annual Report on Form 10-K, as amended,
for the fiscal year 2008. All forward-looking statements in this
communication are qualified by these risk factors. Each statement
speaks only as of the date of this communication (or any earlier
date indicated in this communication) and SiRF undertakes no
obligation to update or revise any forward-looking statements to
reflect subsequent events or circumstances. Investors, potential
investors and others should give careful consideration to these
risks and uncertainties. SiRF TECHNOLOGY HOLDINGS, INC. CONDENSED
CONSOLIDATED BALANCE SHEET (In thousands) March 28, December 27,
2009 2008 (Unaudited) (1) ------------ ------------ ASSETS Current
assets: Cash and cash equivalents $75,578 $85,840 Marketable
securities 33,967 29,950 Accounts receivable, net 21,671 16,329
Inventories 12,680 16,372 Prepaid expenses and other current assets
2,832 4,175 ----- ----- Total current assets 146,728 152,666
Property and equipment, net 12,752 13,637 Identified intangible
assets, net 18,194 21,602 Long-term deferred tax assets 2,886 2,837
Other long-term assets 713 688 Notes receivable 2,219 3,919 -----
----- Total assets $183,492 $195,349 ======== ======== LIABILITIES
AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable
$12,317 $15,038 Accrued payroll and related benefits 7,960 8,535
Other accrued liabilities 8,956 7,743 Deferred margin on shipments
to distributors 1,931 1,714 Deferred revenue 1,074 1,368 Advance
contract billings 249 23 Rebates payable to customers 837 1,026 ---
----- Total current liabilities 33,324 35,447 Long-term deferred
tax liabilities 164 165 Long-term income taxes payable 3,035 3,022
Long-term obligations 1,935 1,695 ----- ----- Total liabilities
38,458 40,329 Commitments and contingencies - - Stockholders'
equity: Common stock 6 6 Additional paid-in capital 600,311 593,350
Accumulated other comprehensive loss 12 21 Accumulated deficit
(455,295) (438,357) -------- -------- Total stockholders' equity
145,034 155,020 ------- ------- Total liabilities and stockholders'
equity $183,492 $195,349 ======== ======== (1) The condensed
consolidated balance sheet information was derived from SiRF
Technology Holdings, Inc. audited consolidated financial statements
for the year ended December 27, 2008 as presented in the Company's
Form 10-K for the fiscal year ended December 27, 2008. SiRF
TECHNOLOGY HOLDINGS, INC. CONDENSED CONSOLIDATED GAAP STATEMENT OF
OPERATIONS (In thousands, except per share amounts) (Unaudited)
Three Months Ended March 28, March 31, --------- --------- 2009
2008 ---- ---- Revenue: Product revenue $32,321 $59,928 License
royalty and service revenue 1,927 2,048 ----- ----- Net revenue
34,248 61,976 Cost of revenue: Cost of product revenue (includes
stock-based compensation expense of $332 and $217 for the three
months ended March 28, 2009 and March 31, 2008, respectively)
18,346 31,898 Amortization of acquisition- related intangible
assets 2,150 3,707 ----- ----- Gross profit 13,752 26,371 Gross
margin 40.2% 42.6% Operating expenses: Research and development
(includes stock-based compensation expense of $4,340 and $4,808 for
the three months ended March 28, 2009 and March 31, 2008,
respectively) 20,984 26,881 Sales and marketing (includes
stock-based compensation expense of $1,221 and $1,371 for the three
months ended March 28, 2009 and March 31, 2008, respectively) 4,812
7,425 General and administrative (includes stock-based compensation
expense of $885 and $2,480 for the three months ended March 28,
2009 and March 31, 2008, respectively) 10,543 15,090 Amortization
of acquisition-related intangible assets 861 2,489 Restructuring
and asset impairment charges 688 473 --- --- Total operating
expenses 37,888 52,358 Operating loss (24,136) (25,987) Other
income, net 180 1,012 Gain on note receivable previously impaired
7,300 - ----- --- Net loss before provision for income taxes
(16,656) (24,975) Provision for income taxes 282 3,110 --- -----
Net loss $(16,938) $(28,085) ======== ======== Net loss per share:
Basic $(0.27) $(0.47) ====== ====== Diluted $(0.27) $(0.47) ======
====== Weighted average number of shares used in per share
calculations: Basic 62,754 60,334 ====== ====== Diluted 62,754
60,334 ====== ====== SiRF TECHNOLOGY HOLDINGS, INC. RECONCILIATION
OF CERTAIN NON-GAAP FINANCIAL MEASURES (In thousands, except per
share amounts) (Presentation is not based on a comprehensive set of
accounting rules or principles) (Unaudited) Three Months Ended
March 28, March 31, --------- --------- 2009 2008 ---- ---- Net
revenue: $34,248 $61,976 Gross profit: GAAP gross profit $13,752
$26,371 Stock-based compensation expense (A) 332 217 Amortization
of acquisition-related intangible assets (B) 2,150 3,707 Non-GAAP
gross profit $16,234 $30,295 ======= ======= Non-GAAP gross margin
47.4% 48.9% Operating expenses: GAAP operating expenses $37,888
$52,358 Stock-based compensation expense (A) (6,446) (8,659)
Amortization of acquisition-related intangible assets (B) (861)
(2,489) Acquisition-related contingent payments (C) - (313)
Restructuring and asset impairment charges (D) (688) (473) Non-GAAP
operating expenses $29,893 $40,424 ======= ======= Operating loss:
GAAP operating loss $(24,136) $(25,987) Stock-based compensation
expense (A) 6,778 8,876 Amortization of acquisition-related
intangible assets (B) 3,011 6,196 Acquisition-related contingent
payments (C) - 313 Restructuring and asset impairment charges (D)
688 473 Non-GAAP operating loss $(13,659) $(10,129) ========
======== Net loss: GAAP net loss $(16,938) $(28,085) Stock-based
compensation expense (A) 6,778 8,876 Amortization of
acquisition-related Intangible assets (B) 3,011 6,196
Acquisition-related contingent payments (C) - 313 Restructuring and
asset impairment charges (D) 688 473 Gain on note receivable
previously impaired (E) (7,300) - Provision for income taxes (F) -
3,824 --- ----- Non-GAAP net loss $(13,761) $(8,403) ========
======= Diluted net loss per share: GAAP diluted net loss per share
$(0.27) $(0.47) ====== ====== Non-GAAP diluted net loss per share
$(0.22) $(0.14) ====== ====== Shares used to compute diluted net
loss per share: GAAP 62,754 60,334 ====== ====== Non-GAAP 62,754
60,334 ====== ====== USE OF NON-GAAP FINANCIAL INFORMATION: To
supplement the company's condensed consolidated financial
statements presented on a GAAP basis, SiRF uses additional non-GAAP
measures of gross profit, operating expenses, operating
income(loss), net income(loss) and net income(loss) per share,
adjusted to exclude certain expenses it believes appropriate to
enhance an overall understanding of SiRF's past financial
performance as well as its prospects for the future. We present
such non-GAAP financial measures in reporting our financial results
to provide investors with an additional tool to evaluate our
operating results. Because these non-GAAP measures are not
calculated in accordance with GAAP, it may not necessarily be
comparable to similarly titled measures employed by other
companies. These non-GAAP financial measures should not be
considered in isolation or as a substitute for comparable GAAP
measures, and should be read only in conjunction with our condensed
consolidated financial statements prepared in accordance with GAAP.
SiRF management uses each of the non-GAAP financial measures
internally to understand, manage and evaluate our business. SiRF
believes it is useful for itself and investors to review, as
applicable, both GAAP information, which includes stock-based
compensation expense, amortization of acquisition-related
intangibles assets, expenses related to acquisition-related
contingent payments, restructuring and asset impairment charges,
gain on note receivable previously impaired and adjustments to
normalize the income tax provision, and the non-GAAP measures,
which exclude these amounts, in order to assess the performance of
our continuing operations and for planning and forecasting in
future periods. Each of these non-GAAP measures is intended to
provide investors with an understanding of our operational results
and trends that enables them to analyze our base financial and
operating performance and facilitate period-to-period comparisons
and analysis of operational trends. SiRF believes each of these
non-GAAP financial measures is useful to investors in allowing for
greater transparency with respect to supplemental information used
by management in its financial and operational decision making. Our
non-GAAP financial measures reflect adjustments based on the
following items: (A) Stock-based compensation expense: SiRF's
operating expenses include stock-based compensation expense
recorded pursuant to SFAS No. 123R, which requires us to recognize
a non-cash expense related to the fair value of all our employee
stock-based compensation awards. SiRF believes it is useful to
highlight the effect of this stock compensation expense in our
condensed statement of operations. However, stock-based
compensation is a key incentive offered to our employees, and SiRF
believes it has contributed to the revenue earned during the period
and will contribute to its future revenue generation. Stock
compensation expenses will recur in future periods. (B)
Amortization of acquisition-related intangible assets: SiRF has
excluded the effects of amortization of acquisition-related
intangible assets from our non-GAAP net loss because these costs
are associated with the acquisition of companies that would not
have otherwise been incurred. This non-GAAP adjustment is intended
to reflect acquisition-related expense incurred that is not
directly associated with our continuing operations. (C)
Acquisition-related contingent payments: SiRF has excluded the
effects of compensation expense recorded in relation to
acquisition-related contingent payments from our non-GAAP net loss
because these costs are associated with the acquisition of
companies that would not have otherwise been incurred. This
non-GAAP adjustment is intended to reflect additional
acquisition-related payments that are not directly associated with
our continuing operations. (D) Restructuring charges: SiRF has
incurred charges associated with the various restructuring plans
that were adopted in 2008 that otherwise would not have been
incurred and therefore we have excluded the effects of these
charges from our non-GAAP net loss. This non-GAAP adjustment is
intended to reflect restructuring costs that are not directly
associated with our continuing operations. Other restructuring
charges may recur in future periods. (E) Gain on note receivable
previously impaired: SiRF has excluded the gain associated with a
note receivable it has impaired in the prior year that otherwise
would not have occurred and therefore we have excluded the effects
of these charges from our non-GAAP net loss. This non-GAAP
adjustment is intended to reflect gain that is not directly
associated with our continuing operations. (F) Provision for income
taxes: SiRF has excluded certain tax benefits from our GAAP
operating loss and recorded tax benefits and expenses by applying
an estimated tax rate to our non-GAAP loss or income. This non-GAAP
adjustment is intended to normalize the tax effects for the
reporting periods. DATASOURCE: SiRF Technology, Inc. CONTACT:
Dennis Bencala of SiRF Technology Holdings, Inc., +1-408-392-8314,
Web Site: http://www.sirf.com/
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