Silicon Image Reports Fourth Quarter and 2008 Financial Results

SUNNYVALE, Calif.—(BUSINESS WIRE)—February 5, 2009— Silicon Image, Inc. (NASDAQ:SIMG), a leader in semiconductors and intellectual property for the secure distribution, presentation and storage of high-definition content, today reported financial results for its fourth quarter and full year ended December 31, 2008.

Revenue for the fourth quarter of 2008 was $59.4 million, compared to $77.8 million for the third quarter of 2008 and $85.3 million for the fourth quarter of 2007. Revenue for 2008 totaled $274.4 million, compared with $320.5 million for 2007.

GAAP net income for the fourth quarter of 2008 was $5.0 million, or $0.07 per diluted share, compared to $6.1 million, or $0.08 per diluted share, for the third quarter of 2008 and $7.6 million, or $0.09 per diluted share, for the fourth quarter of 2007. GAAP net income for the fourth quarter of 2008 includes pre-tax restructuring expenses of $4.0 million, compared with $1.9 million in the third quarter of 2008. GAAP net income for 2008 was $10.1 million, or $0.13 per diluted share, compared to $19.0 million, or $0.22 per diluted share for 2007.

Non-GAAP net income for the fourth quarter of 2008 was $15.7 million, or $0.21 per diluted share, compared to $17.7 million, or $0.23 per diluted share, for the third quarter of 2008 and $9.5 million, or $0.11 per diluted share, for the fourth quarter of 2007. Non-GAAP net income for 2008 was $41.7 million, or $0.54 per diluted share, compared to $32.7 million, or $0.37 per diluted share for 2007. Non-GAAP net income excludes stock-based compensation expense, amortization of intangible assets and restructuring charges.

A reconciliation of GAAP and non-GAAP items is provided in a table following the Condensed Consolidated Statements of Income.

“2008 was a challenging year for the industry and Silicon Image responded in a strategic and disciplined manner,” said Steve Tirado, Silicon Image's president and chief executive officer. “We focused on development of our technology to expand the breadth of our product offering, and the continued improvement of the efficiency of our operating model by enhancing our gross margin and lowering operating expenses. During the last twelve months, we have introduced industry-leading new technology developments such as Mobile High-Definition Link and LiquidHD along with supporting products. Going forward we are well positioned to grow revenue and earnings when the economy and the consumer electronics industry rebound.”

Fourth Quarter Highlights

  • Introduction of LiquidHD™ - a new personal entertainment technology designed to quickly and easily connect TVs, consumer electronics (CE) devices, personal computers (PCs), portable media devices (PMD) and home theaters into a seamless network where consumers can enjoy digital content from any source device on any LiquidHD-enabled display in the home.
  • Introduction of the Sil6100 HD display processor – the world’s first device supporting the newly introduced LiquidHD™ technology.
    • The Sil6100 is a highly integrated system-on-chip (SoC) that incorporates a multi-standard high-definition and standard-definition video decoder for H.264, MPEG-2 and VC-1 formats.
  • Introduction of LiquidPlay™ - a key component of LiquidHD technology that provides comprehensive digital security and content protection – endorsed by the Fox Group, a major Hollywood studio.
  • Silicon Image was awarded the Technology & Engineering Emmy® Award by The National Academy of Television Arts & Sciences (NATAS) for its contribution to the development and implementation of the High-Definition Multimedia Interface ™ (HDMI™) technology standard.
  • Silicon Image and Scalado AB collaborated to integrate Scalado SpeedTag™ technology into the Silicon Image mobile phone camera processor IP core product line allowing high-resolution images to be processed and displayed more quickly than standard JPEG images.
  • New R&D center and sales office opened in Shanghai, China.

The following is Silicon Image's financial performance estimates for the first quarter of 2009:

Revenue: $40 million - $45 million
Gross margin: 56% - 57%
GAAP operating expenses: $38 million - $39 million
Non-GAAP operating expenses: $31 million - $32 million
Interest income: $0.9 million - $1.0 million
Effective tax rate: 25%
Diluted shares outstanding: approximately 77 million
Use of approximately $10 million in cash to fund working capital requirements


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