Pixelworks Announces Preliminary Fourth Quarter Financial Results
January 10 2017 - 7:00AM
Business Wire
Expects to Report GAAP Profitability
Pixelworks, Inc. (NASDAQ: PXLW), an innovative provider of video
display processing technology, today announced preliminary
financial results for the fourth quarter of 2016.
For the quarter ended December 31, 2016, revenue is expected to
be approximately $16 million, at the high end of the Company’s
previous revenue guidance of $15 million to $16 million. The
Company also expects to report a profit for the fourth quarter on a
fully diluted GAAP basis, compared to previous guidance of a loss
of $0.06 per share to breakeven. Additionally, the Company
generated cash from operations in the fourth quarter and
anticipates a quarter-end cash balance of approximately $19.6
million, net of any borrowing, which is approximately $3 million
greater than at the end of the third quarter.
Pixelworks will be presenting at Needham & Company's Growth
Conference on Wednesday, January 11, 2017 at 4:10pm EST.
About Pixelworks, Inc.
Pixelworks creates, develops and markets video display
processing technology for digital video applications that demand
the very highest quality images. At design centers around the
world, Pixelworks engineers constantly push video performance to
keep manufacturers of consumer electronics and professional
displays worldwide on the leading edge. The company is
headquartered in San Jose, CA.
For more information, please visit the Company's Web site at
www.pixelworks.com.
Note: Pixelworks and the Pixelworks logo are registered
trademarks of Pixelworks, Inc.
Safe Harbor Statement
This release contains forward-looking statements, including,
without limitation, statements with respect to the Company’s
expected revenue, profit on a fully diluted GAAP basis and
anticipated cash balance net of any borrowing, each for or as of
the end of the fourth quarter of 2016, within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements may be identified by use of terms such as “begin,”
“continue,” “will,” “believe,” “expect” and similar terms or the
negative of such terms. All statements other than statements of
historical fact are forward-looking statements for purposes of this
release, including all projections of revenue and other financial
items. Such statements are based on management's current
expectations, estimates and projections about the Company's
business. These statements are not guarantees of future performance
and involve numerous risks, uncertainties and assumptions that are
difficult to predict. Actual results could vary materially from
those contained in forward looking statements due to many factors,
including, without limitation, risk that, upon completion of
further quarterly financial review procedures, the financial
results for the fourth quarter of 2016 are different than those set
forth in this release, as well as risks affecting our business
which in turn could affect the Company's financial results and
could cause actual results to differ materially, which are included
from time to time in the Company's Securities and Exchange
Commission filings, including our Annual Report on Form 10-K for
the year ended December 31, 2015 as well as subsequent SEC
filings.
The financial estimates presented in this release are
preliminary, speak only as of the date of this release and may
change. This preliminary financial information includes
calculations or figures that have been prepared internally by
management and have not been reviewed or audited by our independent
registered public accounting firm. Additional items that may
require material adjustments to the preliminary financial
information may be identified prior to the finalization of the
Company’s fourth quarter 2016 earnings results. There can be no
assurance that the Company’s actual results for the fourth quarter
of 2016 will not differ from the preliminary financial data
presented herein and such changes could be material. This
preliminary financial data should not be viewed as a substitute for
full financial statements prepared in accordance with GAAP and is
not necessarily indicative of the results to be achieved for any
future periods. Estimates of results are inherently uncertain and
subject to change, and we do not undertake any obligation to update
any such statements, whether as a result of new information, future
events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170110005400/en/
Investor Contact:Shelton GroupBrett L Perry,
214-272-0070bperry@sheltongroup.comorCompany
Contact:Pixelworks, Inc.Steven Moore,
+1-408-200-9221smoore@pixelworks.com
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