SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2004
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .
Commission file number: 000-26887
Silicon Image, Inc.
(Exact name of registrant as specified in its charter)
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.) |
1060 East Arques Avenue
Sunnyvale, California 94085
(Address of principal executive offices and zip code)
(408) 616-4000
(Registrant’s telephone number, including area code)
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, $0.001 par value per share, outstanding as of October 29, 2004 was 76,655,182 shares.
Silicon Image, Inc.
Quarterly Report on Form 10-Q
Three and Nine Months
Ended
September 30, 2004
Table of Contents
Silicon
Image, Inc.
Condensed
Consolidated Statements of Operations
(in thousands, except per share and footnote
amounts)
(unaudited)
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Three Months Ended September 30 |
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Nine Months Ended September 30 |
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2004 |
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2003 |
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2004 |
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2003 |
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Revenue: |
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Product |
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$ |
41,474 |
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$ |
22,447 |
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$ |
110,350 |
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$ |
61,914 |
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Development, licensing and royalties |
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6,394 |
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1,743 |
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16,737 |
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11,284 |
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Total revenue |
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47,868 |
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24,190 |
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127,087 |
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73,198 |
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Cost and operating expenses: |
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Cost of revenue (1) |
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18,204 |
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11,487 |
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50,414 |
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33,271 |
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Research and development (2) |
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12,180 |
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10,080 |
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45,223 |
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30,252 |
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Selling, general and administrative (3) |
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8,806 |
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4,225 |
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30,524 |
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12,869 |
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Amortization of intangible assets |
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357 |
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373 |
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1,070 |
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746 |
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Patent defense costs |
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222 |
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160 |
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485 |
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1,956 |
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Restructuring |
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— |
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— |
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— |
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986 |
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In-process research and development |
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— |
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— |
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— |
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5,482 |
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Total cost and operating expenses |
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39,769 |
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26,325 |
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127,716 |
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85,562 |
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Income (loss) from operations |
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8,099 |
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(2,135 |
) |
(629 |
) |
(12,364 |
) |
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Gain on escrow settlement, net |
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— |
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— |
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— |
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4,618 |
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Interest income and other, net |
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211 |
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40 |
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399 |
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216 |
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Gain (loss) on derivative investment security |
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(64 |
) |
— |
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926 |
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— |
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Income (loss) before provision for income taxes |
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8,246 |
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(2,095 |
) |
696 |
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(7,530 |
) |
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Provision for income taxes . |
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369 |
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— |
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941 |
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— |
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Net income (loss) |
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$ |
7,877 |
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$ |
(2,095 |
) |
$ |
(245 |
) |
$ |
(7,530 |
) |
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Net income (loss) per share: |
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Basic |
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$ |
0.11 |
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$ |
(0.03 |
) |
$ |
(0.00 |
) |
$ |
(0.11 |
) |
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Diluted |
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$ |
0.09 |
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$ |
(0.03 |
) |
$ |
(0.00 |
) |
$ |
(0.11 |
) |
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Weighted average shares – basic |
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74,976 |
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69,803 |
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73,797 |
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68,431 |
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Weighted average shares – diluted |
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85,890 |
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69,803 |
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73,797 |
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68,431 |
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(1)