California
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001-32207
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94-2848099
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(State or other jurisdiction of incorporation or organization)
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(Commission File Number)
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(I.R.S. Employer
Identification Number)
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[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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(c) |
Exhibits.
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Exhibit
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Description
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99.1
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Press Release issued by Sigma Designs, Inc. dated August 24, 2011.
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Dated: August 24, 2011
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SIGMA DESIGNS, INC.
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By:
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/s/ Thinh Q. Tran
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Thinh Q. Tran
President and Chief Executive Officer
(Principal Executive Officer)
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·
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We unveiled an ultra-thin set-top box reference design that integrates media processing, home connectivity and home control technologies. This new class of integrated set-top box enables plug-and-play simplicity for whole-home streaming of high-definition content via networking through AC power wiring.
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·
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We announced that our Z-Wave technology has been integrated into the Best Buy Insignia brand’s new cTV line of broadband-connected televisions. The new Insignia televisions will provide Best Buy customers with an exceptional, intuitive user experience for controlling their TVs by utilizing the latest Z-Wave technology in the Insignia remote and TV.
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·
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We announced that the SMP 8653 secure media processor has been selected by D-Link for use in its MainStage™ for Intel® Wireless DisplayTV adapter, allowing consumers to wirelessly project content up to 1080p from Intel Wireless Display notebook PCs to big screen HDTVs.
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·
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We announced that our G.hn home networking technology has been awarded Connected Home Global Summit’s prestigious award for Best Enabling Product/Technology for the Connected Home. Our G.hn technology was selected by a panel of experts from close to a hundred technologies covering every home networking category.
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·
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We demonstrated a full line of hybrid IP set-top box solutions for cable, satellite and the Brazilian International Standard Digital Broadcast - Television (ISDB-T), also called SBTVD. These solutions are designed to help service providers deliver the best combination of broadcast services over cable, satellite or terrestrial with Sigma's world renowned IP-optimized media processors.
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PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
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||||||||
(GAAP)
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||||||||
(In thousands)
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||||||||
July 30,
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January 29,
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|||||||
2011
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2011
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|||||||
Assets
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||||||||
Current Assets:
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||||||||
Cash and cash equivalents
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$ | 58,512 | $ | 72,732 | ||||
Short-term marketable securities
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42,486 | 47,482 | ||||||
Restricted cash
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1,772 | 1,616 | ||||||
Accounts receivable, net
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30,360 | 31,348 | ||||||
Inventories
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23,404 | 37,714 | ||||||
Deferred tax assets
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4,675 | 4,670 | ||||||
Prepaid expenses and other current assets
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8,414 | 7,493 | ||||||
Total current assets
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169,623 | 203,055 | ||||||
Long-term marketable securities
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63,352 | 57,308 | ||||||
Software, equipment and leasehold improvements, net
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34,264 | 28,392 | ||||||
Goodwill
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45,108 | 44,910 | ||||||
Intangible assets, net
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102,174 | 107,628 | ||||||
Deferred tax assets, net of current portion
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13,079 | 13,051 | ||||||
Long-term investments
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6,300 | 4,300 | ||||||
Other non-current assets
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555 | 595 | ||||||
Total assets
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$ | 434,455 | $ | 459,239 | ||||
Liabilities and Shareholders' Equity
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||||||||
Current Liabilities:
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||||||||
Accounts payable
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$ | 10,886 | $ | 15,650 | ||||
Accrued liabilities
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21,452 | 24,209 | ||||||
Total current liabilities
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32,338 | 39,859 | ||||||
Other long-term liabilities
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21,817 | 21,339 | ||||||
Total liabilities
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54,155 | 61,198 | ||||||
Shareholders’ equity
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380,300 | 398,041 | ||||||
Total liabilities and shareholders' equity
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$ | 434,455 | $ | 459,239 |
SIGMA DESIGNS, INC.
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PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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||||||||||||||||||||
(GAAP)
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||||||||||||||||||||
(In thousands, except per share data)
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||||||||||||||||||||
Three months ended
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Six months ended
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|||||||||||||||||||
July 30,
2011
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April 30,
2011
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July 31,
2010
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July 30,
2011
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July 31,
2010
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||||||||||||||||
Net revenue
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$ | 46,694 | $ | 60,632 | $ | 73,326 | $ | 107,326 | $ | 138,505 | ||||||||||
Cost of revenue
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33,700 | 30,840 | 38,343 | 64,540 | 71,371 | |||||||||||||||
Gross profit
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12,994 | 29,792 | 34,983 | 42,786 | 67,134 | |||||||||||||||
Gross margin percent
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27.8 | % | 49.1 | % | 47.7 | % | 39.9 | % | 48.5 | % | ||||||||||
Operating expenses:
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||||||||||||||||||||
Research and development
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21,805 | 21,596 | 17,823 | 43,401 | 36,581 | |||||||||||||||
Sales and marketing
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8,429 | 8,501 | 7,344 | 16,930 | 14,666 | |||||||||||||||
General and administrative
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5,197 | 5,435 | 4,317 | 10,632 | 9,252 | |||||||||||||||
Total operating expenses
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35,431 | 35,532 | 29,484 | 70,963 | 60,499 | |||||||||||||||
Income (loss) from operations
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(22,437 | ) | (5,740 | ) | 5,499 | (28,177 | ) | 6,635 | ||||||||||||
Interest and other income (expense), net
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734 | 819 | (4,749 | ) | 1,553 | (4,025 | ) | |||||||||||||
Income (loss) before income taxes
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(21,703 | ) | (4,921 | ) | 750 | (26,624 | ) | 2,610 | ||||||||||||
Provision for income taxes
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259 | 749 | 255 | 1,008 | 1,001 | |||||||||||||||
Net income (loss)
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$ | (21,962 | ) | $ | ( 5,670 | ) | $ | 495 | $ | (27,632 | ) | $ | 1,609 | |||||||
Net income (loss) per share:
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Basic
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$ | (0.69 | ) | $ | (0.18 | ) | $ | 0.02 | $ | (0.87 | ) | $ | 0.05 | |||||||
Diluted
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$ | (0.69 | ) | $ | (0.18 | ) | $ | 0.02 | $ | (0.87 | ) | $ | 0.05 | |||||||
Shares used in computing net income (loss) per share:
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||||||||||||||||||||
Basic
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31,913 | 31,731 | 31,180 | 31,822 | 31,087 | |||||||||||||||
Diluted
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31,913 | 31,731 | 31,598 | 31,822 | 31,592 |
SIGMA DESIGNS, INC.
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RECONCILIATION OF PRELIMINARY GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS)
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||||||||||||||||||||
(Unaudited)
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||||||||||||||||||||
(In thousands, except per share data)
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||||||||||||||||||||
Three months ended
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Six months ended
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|||||||||||||||||||
July 30,
2011
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April 30,
2011
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July 31,
2010
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July 30,
2011
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July 31,
2010
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||||||||||||||||
GAAP net income (loss)
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$ | (21,962 | ) | $ | (5,670 | ) | $ | 495 | $ | (27,632 | ) | $ | 1,609 | |||||||
Items reconciling GAAP net income to non-GAAP net income (loss):
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||||||||||||||||||||
Included in cost of revenue:
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||||||||||||||||||||
Amortization of acquired developed technologies
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(2,702 | ) | (2,663 | ) | (2,587 | ) | (5,365 | ) | (5,177 | ) | ||||||||||
Mark-up on inventory acquired in business combinations sold during the period
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(68 | ) | --- | (96 | ) | (68 | ) | (486 | ) | |||||||||||
Share-based compensation
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(129 | ) | (100 | ) | (141 | ) | (229 | ) | (272 | ) | ||||||||||
Total related to cost of revenue
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(2,899 | ) | (2,763 | ) | (2,824 | ) | (5,662 | ) | (5,935 | ) | ||||||||||
Included in operating expenses:
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||||||||||||||||||||
Research and development:
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Amortization of acquired intangibles
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(32 | ) | (35 | ) | --- | (67 | ) | --- | ||||||||||||
Share-based compensation
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(1,684 | ) | (1,532 | ) | (1,682 | ) | (3,216 | ) | (3,382 | ) | ||||||||||
Sales and marketing:
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||||||||||||||||||||
Share-based compensation
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(565 | ) | (594 | ) | (532 | ) | (1,159 | ) | (984 | ) | ||||||||||
Amortization of acquired Intangibles
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(2,033 | ) | (2,020 | ) | (1,995 | ) | (4,053 | ) | (3,990 | ) | ||||||||||
General and administrative:
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||||||||||||||||||||
Acquisition expenses
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--- | (89 | ) | --- | (89 | ) | --- | |||||||||||||
Share-based compensation
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(758 | ) | (965 | ) | (717 | ) | (1,723 | ) | (1,558 | ) | ||||||||||
Total related to operating expenses
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(5,072 | ) | (5,235 | ) | (4,926 | ) | (10,307 | ) | (9,914 | ) | ||||||||||
Net effect of non-GAAP adjustments
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(7,971 | ) | (7,998 | ) | (7,750 | ) | (15,969 | ) | (15,849 | ) | ||||||||||
Non-GAAP net income (loss)
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$ | (13,991 | ) | $ | 2,328 | $ | 8,245 | $ | (11,663 | ) | $ | 17,458 | ||||||||
Non-GAAP net income (loss) per diluted share
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$ | (0.44 | ) | $ | 0.07 | $ | 0.26 | $ | (0.37 | ) | $ | 0.55 |