Pixelworks Reports Second Quarter 2014 Financial Results

* Adjusted EBITDA differs from GAAP net loss due to the exclusion of stock-based compensation expense, additional amortization of a non-cancelable prepaid royalty, interest expense and other, net, income tax provision (benefit) and depreciation and amortization. Pixelworks' management believes the presentation of adjusted EBITDA provides useful information to investors regarding Pixelworks' results of operations by allowing investors to better evaluate underlying cash flow dynamics and core operating results and are used by Pixelworks' management for these purposes. Pixelworks, however, cautions investors to consider these non-GAAP financial measures in addition to, and not as a substitute for, our GAAP financial measures.

 
PIXELWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 
   

June 30,
2014

   

December 31,
2013

ASSETS
Current assets:
Cash and cash equivalents $ 20,905 $ 20,805
Accounts receivable, net 4,124 4,761
Inventories 3,019 1,663
Prepaid expenses and other current assets   1,426   2,858
Total current assets 29,474 30,087
Property and equipment, net 7,082 4,084
Other assets, net   1,897   2,573
Total assets $ 38,453 $ 36,744
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 2,484 $ 1,327
Accrued liabilities and current portion of long-term liabilities 11,268 10,505
Current portion of income taxes payable 241 92
Short-term line of credit   3,000   3,000
Total current liabilities 16,993 14,924
Long-term liabilities, net of current portion 1,746 677
Income taxes payable, net of current portion   2,026   2,201
Total liabilities 20,765 17,802
Shareholders’ equity   17,688   18,942
Total liabilities and shareholders’ equity $ 38,453 $ 36,744

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