SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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ý QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended March 31, 2003 |
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OR |
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o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to . |
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Commission file number: 000-26887 |
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Silicon Image, Inc. |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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77-0396307 |
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(State or other
jurisdiction of |
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(I.R.S. Employer Identification No.) |
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1060 East Arques Avenue |
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(Address of principal executive offices and zip code) |
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(408) 616-4000 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) Yes ý No o and (2) has been subject to such filing requirements for the past 90 days Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
The number of shares of the registrant’s Common Stock, $0.001 par value per share, outstanding as of April 30, 2003 was 69,393,266 shares.
Silicon Image, Inc.
Quarterly Report on Form 10-Q
Three Months Ended
March 31, 2003
Table of Contents
Silicon Image, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
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Three
Months Ended |
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2003 |
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2002 |
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Revenue: |
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Product |
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$ |
19,722 |
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$ |
16,605 |
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Development, licensing and royalties |
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4,954 |
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482 |
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Total revenue |
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24,676 |
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17,087 |
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Cost and operating expenses: |
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Cost of revenue(1) |
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11,190 |
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8,486 |
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Research and development(2) |
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8,837 |
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7,378 |
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Selling, general and administrative(3) |
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4,308 |
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4,934 |
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Stock compensation expense (benefit) |
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(362 |
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10,451 |
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Amortization of intangible assets |
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— |
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909 |
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Patent defense and acquisition integration costs |
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1,213 |
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706 |
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Restructuring |
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986 |
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2,193 |
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Total cost and operating expenses |
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26,172 |
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35,057 |
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Loss from operations |
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(1,496 |
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(17,970 |
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Gain on escrow settlement, net |
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4,618 |
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— |
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Interest income and other, net |
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109 |
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270 |
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Net income (loss) |
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$ |
3,231 |
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(17,700 |
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Net income (loss) per share - basic |
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$ |
0.05 |
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(0.28 |
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Net income (loss) per share - diluted |
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$ |
0.04 |
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(0.28 |
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Weighted average shares - basic |
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66,828 |
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63,360 |
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Weighted average shares - diluted |
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73,696 |
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63,360 |
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(1) Excludes stock compensation expense (benefit) of ($135,000) and $923,000 for the three months ended March 31, 2003 and 2002, respectively.
(2) Excludes stock compensation expense of $127,000 and $5.9 million for the three months ended March 31, 2003 and 2002, respectively.
(3) Excludes stock compensation expense (benefit) of ($354,000) and $3.6 million for the three months ended March 31, 2003 and 2002, respectively.
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements
1
Silicon Image, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share amounts)
(unaudited)
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March 31, |
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Dec. 31, |
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Assets |
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Current Assets: |
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Cash and cash equivalents |
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$ |
24,975 |
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$ |
26,263 |
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Short-term investments |
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6,477 |
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9,570 |
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Accounts receivable, net of allowances for doubtful accounts of $523 at March 31 and $519 at December 31 |
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13,548 |
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11,589 |
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Inventories |
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6,725 |
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7,301 |
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Prepaid expenses and other current assets |
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2,134 |
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2,510 |
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Total current assets |
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53,859 |
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57,233 |
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Property and equipment, net |
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7,371 |
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6,653 |
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Goodwill |
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13,021 |
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13,021 |
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Other assets |
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676 |
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709 |
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Total assets |
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$ |
74,927 |
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$ |
77,616 |
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Liabilities and Stockholders’ Equity |
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Current Liabilities: |
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Accounts payable |
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$ |
8,333 |
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$ |
10,314 |
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Accrued liabilities |
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9,042 |
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11,183 |
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Capital lease and other obligations |
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3,500 |
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3,816 |
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Deferred margin on sales to distributors |
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4,297 |
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4,133 |
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Total liabilities |
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25,172 |
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29,446 |
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Stockholders’ Equity: |
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Common stock, par value $0.001; shares authorized: 150,000,000 – March 31 and December 31; shares issued and outstanding: 66,658,555 – March 31 and 66,639,522 – December 31 |
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68 |
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67 |
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Additional paid-in capital |
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212,075 |
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214,459 |
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Notes receivable from stockholders |
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— |
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(109 |
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Unearned stock compensation |
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(5,775 |
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(6,403 |
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Accumulated deficit |
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(156,613 |
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(159,844 |
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Total stockholders’ equity |
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