Sigma Designs, Inc.® (NASDAQ:SIGM), a developer of technology for
use in the mobile Internet of Things (IoT) market, today reported
financial results for its fourth quarter and fiscal year 2018,
which ended February 3, 2018. Due to the previously announced
asset sale to Silicon Labs (NASDAQ:SLAB) the Company will not hold
an earnings conference call.
Fourth Quarter Fiscal 2018 Financial
Results
Net revenue for the fourth quarter of fiscal
2018 was $26.5 million. This compares with net revenue of $33.9
million reported in the previous quarter, and net revenue of $42.7
million in the same period in fiscal 2017.
GAAP gross margin in the fourth quarter of
fiscal 2018 was 42.1%. This compares with GAAP gross margin
of 50.5% in the previous quarter, and GAAP gross margin of 50.1%
for the same period in fiscal 2017.
Non-GAAP gross margin in the fourth quarter of
fiscal 2018 was 38.0%. This compares with non-GAAP gross
margin of 54.7% in the previous quarter, and non-GAAP gross margin
of 50.6% for the same period in fiscal 2017.
GAAP operating expenses in the fourth quarter of
fiscal 2018 were $80.0 million, which includes impairment charges
of $40.8 million and restructuring charges of $6.8 million. This
compares with GAAP operating expenses of $36.0 million in the
previous quarter, and GAAP operating expenses of $28.6 million for
the same period in fiscal 2017.
Non-GAAP operating expenses in the fourth
quarter of fiscal 2018 were $28.3 million. This compares with
non-GAAP operating expenses of $27.8 million in the previous
quarter, and non-GAAP operating expenses of $26.0 million for the
same period in fiscal 2017.
GAAP net loss in the fourth quarter of fiscal
2018 was ($73.4) million, or ($1.88) per share. This compares
with a GAAP net loss of ($19.1) million, or ($0.49) per share, in
the previous quarter, and a GAAP net loss of ($8.7) million, or
($0.23) per share, for the same period in fiscal 2017.
Non-GAAP net loss in the fourth quarter of
fiscal 2018 was ($21.6) million, or ($0.55) per share. This
compares with a non-GAAP net loss of ($9.6) million, or ($0.25) per
share, in the previous quarter, and a non-GAAP net loss of ($5.9)
million, or ($0.16) per diluted share, for the same period in
fiscal 2017.
Cash and cash equivalents at the end of the
fourth quarter of fiscal 2018 were $40.6 million.
Fiscal Year 2018 Financial
Results
Net revenue in fiscal 2018 was $139.5 million,
compared with $220.5 million in the previous fiscal year, prior to
Assets held for sale adjustments of ($73.6 million) in fiscal 2018
and ($86.1 million) in fiscal 2017. The Assets held for
sale adjustments consist of the financial results of Sigma’s Z-Wave
business and Media Connectivity business, each of which were deemed
to be held for sale as of February 3, 2018.
GAAP gross margin from continuing operations in
fiscal 2018 was 47.1%, compared with 48.1% in fiscal 2017, prior to
Assets held for sale adjustments.
Non-GAAP gross margin from continuing operations
in fiscal 2018 was 37.4%, compared with 41.5% in fiscal 2017, which
is after adjusting for Assets held for sale.
GAAP operating expenses from continuing
operations in fiscal 2018 were $179.0 million, compared with $117.3
million in fiscal 2017, prior to Assets held for sale adjustments
of $37.2 million in fiscal 2018 and $34.7 million in fiscal
2017.
Included in the fiscal 2018 results were
impairment charges of $50.4 million and restructuring charges of
$9.3 million.
Non-GAAP operating expenses from continuing
operations in fiscal 2018 were $73.1 million, compared with $74.9
million in fiscal 2017, which is after adjusting for Assets held
for sale.
GAAP net loss from continuing operations in
fiscal 2018 was ($120.0) million, or net loss of ($3.12) per basic
share, which is the same result after adjusting for Assets held for
sale. This compares with a GAAP net loss of ($18.3) million, or a
net loss of ($0.49) per diluted share, in fiscal 2017, which is the
same result after adjusting for Assets held for sale.
Non-GAAP net loss in fiscal 2018 was ($51.3)
million, or net loss of ($1.31) per share, after adjusting for
Assets held for sale. This compares with a non-GAAP net loss
of ($9.5) million, or a net loss of ($0.66) per share, in fiscal
2017, after adjusting for Assets held for sale.
The reconciliation between the GAAP and non-GAAP
financial results for all referenced periods is provided in a table
immediately following the GAAP financial tables below.
Use of Non-GAAP Financial
Information
In addition to reporting financial results in
accordance with generally accepted accounting principles (“GAAP”),
Sigma also reports non-GAAP financial measures, as Sigma believes
that evaluating its ongoing operating results may be difficult if
limited to reviewing only GAAP financial measures. Non-GAAP
financial measures are not a substitute for financial information
prepared in accordance with GAAP. Therefore, non-GAAP
financial measures should not be considered in isolation, but
should be considered together with the most directly comparable
GAAP financial measures and the reconciliation of the non-GAAP
financial measures to the most directly comparable GAAP financials
measures. The Company presents non-GAAP financial measures to
provide investors with an additional tool to evaluate its operating
results in a manner that focuses on what management believes to be
its core, ongoing business operations. Furthermore, non-GAAP
financial measures used by the Company may not be the same non-GAAP
financial measures as those utilized by other companies;
specifically, non-GAAP financial measures used by the Company may
be calculated differently than other companies. Investors should,
therefore, exercise caution when comparing non-GAAP financial
measures used by Sigma to similarly titled non-GAAP financial
measures of other companies.
Sigma’s non-GAAP financial measures exclude
amortization of acquired intangibles, stock-based compensation,
one-time legal and other professional fee expenses, net gain on the
sale of and impairment of privately-held investments, impairment of
purchased IP, mask sets used in production and one-time
restructuring charges. The tax amounts included in Sigma’s
non-GAAP results approximate its operating cash tax expense,
similar to the liability reported on Sigma’s tax returns. In
the GAAP to non-GAAP reconciliation at the end of this press
release, we have disclosed the impact of these income tax
adjustments in our calculation of our non-GAAP financial
results.
Sigma believes that its non-GAAP measures
provide useful information to management and investors regarding
financial and business trends relating to its financial condition
and results of operations. Sigma also believes the non-GAAP
measures provide useful supplemental information for investors to
evaluate Sigma’s operating results in the same manner as the
research analysts that follow Sigma’s progress, all of whom present
non-GAAP projections in their published reports.
Sigma uses non-GAAP measures to evaluate and
assess its performance and operating results on a consistent basis,
and to measure and compare its performance with the financial
projections published by analysts as well as its direct competitors
in the industry, many of whom report financial results on a
non-GAAP basis. The economic substance behind its decision to
use non-GAAP measures is that such measures approximate its
controllable operating performance more closely than the most
directly comparable GAAP financial results. For example,
Sigma’s management has no control over certain variables that have
a major influence in the determination of stock-based compensation.
These variables include the volatility of its stock price and
changing interest rates. Sigma believes that all of these
excluded expenses in its non-GAAP financial measures may not
accurately reflect the underlying performance of its continuing
operations for the period in which they are incurred, even though
some of these excluded items may be incurred and reflected in
Sigma’s GAAP financial results in the foreseeable future. Sigma
believes that the inclusion of these non-GAAP financial measures
provides consistency and comparability with past reports and
provides a better understanding of the overall performance of the
business and its ability to perform in subsequent periods.
Sigma Designs is a registered trademark of Sigma
Designs, Inc. in the United States and other countries.
About Sigma Designs, Inc.
Sigma Designs, Inc.® (NASDAQ:SIGM) is developing
technology for use in the mobile Internet of Things (IoT) market.
For more information about Sigma Designs, please visit
www.sigmadesigns.com.
Note to editors: Sigma Designs is a trademark of
Sigma Designs, Inc. All other product names noted herein may be
trademarks of their respective holders.
Investor Relations Contacts:
Jim FanucchiDarrow Associates,
Inc.(408) 404-5400IR@sigmadesigns.com
Elias Nader, Interim President and Chief
Executive Officer, and Chief Financial OfficerSigma Designs,
Inc.(510) 897-0077IR@sigmadesigns.com
| |
| |
| SIGMA DESIGNS, INC. |
| UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
| PRO FORMA |
| |
| |
February
3, 2018 |
|
January
28, 2017 |
|
|
ConsolidatedBalanceSheets |
Heldfor Sale |
Other
Adjustments |
As Reported |
|
ConsolidatedBalanceSheets |
Heldfor Sale |
Other
Adjustments |
As Reported |
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
| Current
assets |
|
|
|
|
|
|
|
|
|
| Cash and
cash equivalents |
$ |
40,628 |
|
$ |
(2,000 |
) |
$ |
- |
$ |
38,628 |
|
|
$ |
66,425 |
|
$ |
(2,000 |
) |
$ |
- |
$ |
64,425 |
|
|
Short-term marketable securities |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
|
4,781 |
|
|
- |
|
|
- |
|
4,781 |
|
|
Restricted cash |
|
335 |
|
|
(335 |
) |
|
- |
|
- |
|
|
|
303 |
|
|
(303 |
) |
|
- |
|
- |
|
| Accounts
receivable, net |
|
17,120 |
|
|
(7,405 |
) |
|
- |
|
9,715 |
|
|
|
35,860 |
|
|
(15,874 |
) |
|
- |
|
19,986 |
|
|
Inventory |
|
14,064 |
|
|
(11,026 |
) |
|
- |
|
3,038 |
|
|
|
18,147 |
|
|
(8,684 |
) |
|
- |
|
9,463 |
|
| Prepaid
expenses and other current assets |
|
7,898 |
|
|
(1,127 |
) |
|
- |
|
6,771 |
|
|
|
8,017 |
|
|
(1,139 |
) |
|
- |
|
6,878 |
|
| Current
assets held for sale |
|
- |
|
|
- |
|
|
21,893 |
|
21,893 |
|
|
|
- |
|
|
- |
|
|
28,000 |
|
28,000 |
|
|
Total current assets |
|
80,045 |
|
|
(21,893 |
) |
|
21,893 |
|
80,045 |
|
|
|
133,533 |
|
|
(28,000 |
) |
|
28,000 |
|
133,533 |
|
| |
|
|
|
|
|
|
|
|
|
| Software, equipment and
leasehold improvements, net |
|
6,178 |
|
|
(1,839 |
) |
|
- |
|
4,339 |
|
|
|
18,523 |
|
|
(7,265 |
) |
|
- |
|
11,258 |
|
| Intangible assets,
net |
|
4,630 |
|
|
(2,079 |
) |
|
- |
|
2,551 |
|
|
|
30,744 |
|
|
(2,439 |
) |
|
- |
|
28,305 |
|
| Goodwill |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
|
10,594 |
|
|
- |
|
|
- |
|
10,594 |
|
| Deferred tax
assets |
|
770 |
|
|
(777 |
) |
|
7 |
|
- |
|
|
|
625 |
|
|
(658 |
) |
|
33 |
|
- |
|
| Long-term
investments |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
|
2,000 |
|
|
- |
|
|
- |
|
2,000 |
|
| Non-current assets held
for sale |
|
- |
|
|
- |
|
|
4,703 |
|
4,703 |
|
|
|
- |
|
|
- |
|
|
10,370 |
|
10,370 |
|
| Other non-current
assets |
|
4,467 |
|
|
(8 |
) |
|
- |
|
4,459 |
|
|
|
5,755 |
|
|
(8 |
) |
|
- |
|
5,747 |
|
|
Total assets |
$ |
96,090 |
|
$ |
(26,596 |
) |
$ |
26,603 |
$ |
96,097 |
|
|
$ |
201,774 |
|
$ |
(38,370 |
) |
$ |
38,403 |
$ |
201,807 |
|
| |
|
|
|
|
|
|
|
|
|
| LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
| Current
liabilities |
|
|
|
|
|
|
|
|
|
| Accounts
payable |
$ |
15,864 |
|
$ |
(6,531 |
) |
$ |
- |
$ |
9,333 |
|
|
$ |
14,230 |
|
$ |
(5,918 |
) |
$ |
- |
$ |
8,312 |
|
| Accrued
compensation and related benefits |
|
6,512 |
|
|
(2,464 |
) |
|
- |
|
4,048 |
|
|
|
8,127 |
|
|
(2,609 |
) |
|
- |
|
5,518 |
|
| Accrued
liabilities |
|
14,679 |
|
|
(4,812 |
) |
|
- |
|
9,867 |
|
|
|
13,607 |
|
|
(4,762 |
) |
|
- |
|
8,845 |
|
| Current
liabilities held for sale |
|
- |
|
|
- |
|
|
13,807 |
|
13,807 |
|
|
|
- |
|
|
- |
|
|
13,289 |
|
13,289 |
|
|
Total current
liabilities |
|
37,055 |
|
|
(13,807 |
) |
|
13,807 |
|
37,055 |
|
|
|
35,964 |
|
|
(13,289 |
) |
|
13,289 |
|
35,964 |
|
| |
|
|
|
|
|
|
|
|
|
| Income taxes
payable |
|
15,708 |
|
|
(4,128 |
) |
|
- |
|
11,580 |
|
|
|
15,752 |
|
|
(1,635 |
) |
|
- |
|
14,117 |
|
| Deferred tax
liabilities |
|
38 |
|
|
- |
|
|
7 |
|
45 |
|
|
|
287 |
|
|
- |
|
|
33 |
|
320 |
|
| Long-term liabilities
held for sale |
|
- |
|
|
- |
|
|
4,144 |
|
4,144 |
|
|
|
- |
|
|
- |
|
|
1,642 |
|
1,642 |
|
| Other long-term
liabilities |
|
3,169 |
|
|
(16 |
) |
|
- |
|
3,153 |
|
|
|
6,225 |
|
|
(7 |
) |
|
|
6,218 |
|
|
Total liabilities |
|
55,970 |
|
|
(17,951 |
) |
|
17,958 |
|
55,977 |
|
|
|
58,228 |
|
|
(14,931 |
) |
|
14,964 |
|
58,261 |
|
| |
|
|
|
|
|
|
|
|
|
| Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Shareholders'
equity |
|
|
|
|
|
|
|
|
|
| Common
stock and additional paid-in capital |
|
522,985 |
|
|
- |
|
|
- |
|
522,985 |
|
|
|
513,168 |
|
|
(56,373 |
) |
|
- |
|
456,795 |
|
| Treasury
stock |
|
(88,336 |
) |
|
(56,687 |
) |
|
- |
|
(145,023 |
) |
|
|
(88,336 |
) |
|
- |
|
|
- |
|
(88,336 |
) |
|
Accumulated other comprehensive loss |
|
18 |
|
|
- |
|
|
- |
|
18 |
|
|
|
(2,178 |
) |
|
- |
|
|
- |
|
(2,178 |
) |
|
Accumulated deficit |
|
(394,547 |
) |
|
48,042 |
|
|
8,645 |
|
(337,860 |
) |
|
|
(279,108 |
) |
|
32,934 |
|
|
23,439 |
|
(222,735 |
) |
|
Total shareholders'
equity |
|
40,120 |
|
|
(8,645 |
) |
|
8,645 |
|
40,120 |
|
|
|
143,546 |
|
|
(23,439 |
) |
|
23,439 |
|
143,546 |
|
| |
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders'
equity |
$ |
96,090 |
|
$ |
(26,596 |
) |
$ |
26,603 |
$ |
96,097 |
|
|
$ |
201,774 |
|
$ |
(38,370 |
) |
$ |
38,403 |
$ |
201,807 |
|
| |
|
|
|
|
|
|
|
|
|
| |
| SIGMA DESIGNS, INC. |
| UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
| PRO FORMA |
| (In thousands, except per share
data) |
| |
|
|
February
3, 2018 |
|
January
28, 2017 |
|
|
ConsolidatedStatements
ofOperations |
Held for Sale |
OtherAdjustments |
As Reported |
|
ConsolidatedStatements
ofOperations |
Held for Sale |
OtherAdjustments |
As Reported |
|
|
|
|
|
|
|
|
|
|
|
| Net revenue |
$ |
139,471 |
|
$ |
(73,566 |
) |
$ |
- |
|
$ |
65,905 |
|
|
$ |
220,544 |
|
$ |
(86,137 |
) |
$ |
- |
|
$ |
134,407 |
|
| Cost of revenue |
|
73,735 |
|
|
(32,289 |
) |
|
- |
|
|
41,446 |
|
|
|
114,565 |
|
|
(35,629 |
) |
|
|
78,936 |
|
| Gross profit |
|
65,736 |
|
|
(41,277 |
) |
|
- |
|
|
24,459 |
|
|
|
105,979 |
|
|
(50,508 |
) |
|
- |
|
|
55,471 |
|
| Gross margin
percent |
|
47.1 |
% |
|
56.1 |
% |
|
|
37.1 |
% |
|
|
48.1 |
% |
|
58.6 |
% |
|
|
41.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
|
| Research
and development |
|
72,309 |
|
|
(19,653 |
) |
|
- |
|
|
52,656 |
|
|
|
73,993 |
|
|
(16,716 |
) |
|
|
57,277 |
|
| Sales and
marketing |
|
23,806 |
|
|
(14,720 |
) |
|
|
9,086 |
|
|
|
23,300 |
|
|
(15,727 |
) |
|
|
7,573 |
|
| General
and administrative |
|
23,097 |
|
|
(2,710 |
) |
|
|
20,387 |
|
|
|
18,860 |
|
|
(2,292 |
) |
|
|
16,568 |
|
|
Restructuring charges |
|
9,327 |
|
|
- |
|
|
|
9,327 |
|
|
|
|
|
|
- |
|
|
Impairment of IP, mask sets and design tools |
|
50,431 |
|
|
(80 |
) |
|
|
50,351 |
|
|
|
1,148 |
|
|
|
|
1,148 |
|
| Total
operating expenses |
|
178,970 |
|
|
(37,163 |
) |
|
- |
|
|
141,807 |
|
|
|
117,301 |
|
|
(34,735 |
) |
|
- |
|
|
82,566 |
|
| Loss from
operations |
|
(113,234 |
) |
|
(4,114 |
) |
|
|
(117,348 |
) |
|
|
(11,322 |
) |
|
(15,773 |
) |
|
|
(27,095 |
) |
| Impairment of
privately-held investments, net of gain on sale |
|
|
|
|
|
|
(885 |
) |
|
|
|
(885 |
) |
| Interest and other
income, net |
|
(1,929 |
) |
|
(541 |
) |
|
|
(2,470 |
) |
|
|
539 |
|
|
(256 |
) |
|
|
283 |
|
| Loss before income
taxes |
|
(115,163 |
) |
|
(4,655 |
) |
|
|
(119,818 |
) |
|
|
(11,668 |
) |
|
(16,029 |
) |
|
|
(27,697 |
) |
| Provision for income
taxes |
|
4,878 |
|
|
(5,592 |
) |
|
|
(714 |
) |
|
|
6,647 |
|
|
(897 |
) |
|
|
5,750 |
|
|
Net (loss) income from continuing
operations |
|
(120,041 |
) |
|
937 |
|
|
- |
|
|
(119,104 |
) |
|
|
(18,315 |
) |
|
(15,132 |
) |
|
- |
|
|
(33,447 |
) |
| Income
from operations held for sale |
|
|
|
4,655 |
|
|
4,655 |
|
|
|
|
|
16,029 |
|
|
16,029 |
|
| Provision
for income taxes |
|
|
|
5,592 |
|
|
5,592 |
|
|
|
|
|
897 |
|
|
897 |
|
| (Loss)
income on operations held for sale |
|
- |
|
|
- |
|
|
(937 |
) |
|
(937 |
) |
|
|
- |
|
|
- |
|
|
15,132 |
|
|
15,132 |
|
| Net
(loss) income |
$ |
(120,041 |
) |
$ |
937 |
|
$ |
(937 |
) |
$ |
(120,041 |
) |
|
$ |
(18,315 |
) |
$ |
(15,132 |
) |
$ |
15,132 |
|
$ |
(18,315 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Net loss per
share: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(3.12 |
) |
|
|
$ |
(3.12 |
) |
|
$ |
(0.49 |
) |
|
|
$ |
(0.49 |
) |
|
Diluted |
$ |
(3.12 |
) |
|
|
$ |
(3.12 |
) |
|
$ |
(0.49 |
) |
|
|
$ |
(0.49 |
) |
| Shares used in
computing net loss per share: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
38,527 |
|
|
|
|
38,527 |
|
|
|
37,429 |
|
|
|
|
37,429 |
|
|
Diluted |
|
38,527 |
|
|
|
|
38,527 |
|
|
|
37,429 |
|
|
|
|
37,429 |
|
|
|
|
|
|
|
|
|
|
|
|
| Other
comprehensive (loss) income: |
|
|
|
|
|
|
|
|
|
| Change in
currency translation adjustments, net of tax |
$ |
(2,191 |
) |
$ |
(129 |
) |
$ |
129 |
|
$ |
(2,191 |
) |
|
$ |
(336 |
) |
$ |
63 |
|
$ |
(63 |
) |
$ |
(336 |
) |
| Change in
unrealized gains (losses) on marketable securities, net of tax |
|
(5 |
) |
|
|
|
(5 |
) |
|
|
33 |
|
|
|
|
33 |
|
| Other
comprehensive income (loss) |
|
(2,196 |
) |
|
(129 |
) |
|
129 |
|
|
(2,196 |
) |
|
|
(303 |
) |
|
63 |
|
|
(63 |
) |
|
(303 |
) |
| Comprehensive
(loss) income |
$ |
(122,237 |
) |
$ |
808 |
|
$ |
(808 |
) |
$ |
(122,237 |
) |
|
$ |
(18,618 |
) |
$ |
(15,069 |
) |
$ |
15,069 |
|
$ |
(18,618 |
) |
|
|
|
|
|
|
|
|
|
|
|
| |
| SIGMA DESIGNS, INC. |
| RECONCILIATION OF PRO FORMA NET LOSS TO NON-PRO
FORMA NET LOSS AS REPORTED |
| (Unaudited) |
| (In thousands, except per share data) |
| |
|
|
|
| |
Twelve months ended |
| |
February 3, 2018 |
|
January 28, 2017 |
| |
|
|
|
| Pro Forma Net
Revenue |
$ |
65,905 |
|
|
$ |
134,407 |
|
| |
|
|
|
| Non-Pro
Forma Net Revenue |
$ |
65,905 |
|
|
$ |
134,407 |
|
| |
|
|
|
| Pro Forma Cost of
Revenue |
$ |
41,446 |
|
|
$ |
78,936 |
|
| Items reconciling Pro
Forma Cost of Revenue to Non-Pro Forma: |
|
|
|
| Stock
based compensation expense |
|
(204 |
) |
|
|
(274 |
) |
|
Amortization of acquired intangibles |
|
- |
|
|
|
- |
|
|
Impairment of IP, mask sets and design tools |
|
- |
|
|
|
- |
|
|
Restructuring charges, net |
|
- |
|
|
|
- |
|
| Pro Forma
to Non-Pro Forma adjustments |
|
(204 |
) |
|
|
(274 |
) |
| Non-Pro
Forma Cost of Revenue |
$ |
41,242 |
|
|
$ |
78,662 |
|
| |
|
|
|
| Pro Forma
Gross Profit |
$ |
24,459 |
|
|
$ |
55,471 |
|
| Pro Forma
Gross Margin % |
|
37.1 |
% |
|
|
41.3 |
% |
| Non-Pro
Forma Gross Profit |
$ |
24,663 |
|
|
$ |
55,745 |
|
| Non-Pro
Forma Gross Margin % |
|
37.4 |
% |
|
|
41.5 |
% |
| |
|
|
|
| Pro Forma Operating
Expenses |
$ |
141,807 |
|
|
$ |
82,566 |
|
| Items reconciling Pro
Forma Operating Expenses to Non-Pro Forma: |
|
|
|
| Stock
based compensation expense |
|
(3,966 |
) |
|
|
(4,942 |
) |
|
Amortization of acquired intangibles |
|
(1,603 |
) |
|
|
(1,603 |
) |
|
Impairment of IP, mask sets and design tools |
|
(50,431 |
) |
|
|
(1,148 |
) |
| Legal and
other professional expenses |
|
(3,332 |
) |
|
|
- |
|
|
Restructuring charges |
|
(9,327 |
) |
|
|
- |
|
| Pro Forma
to Non-Pro Forma adjustments |
|
(68,659 |
) |
|
|
(7,693 |
) |
| Non-Pro
Forma Operating Expenses |
$ |
73,148 |
|
|
$ |
74,873 |
|
| |
|
|
|
| Pro Forma Other Income
(Expense) and Tax |
$ |
(1,756 |
) |
|
$ |
(6,352 |
) |
| |
|
|
|
| Items reconciling Pro
Forma Other Income (Expense) and Tax to Non-Pro Forma: |
|
|
|
| (Gain on
sale) impairment of privately held instruments, net |
|
(110 |
) |
|
|
885 |
|
| Pro Forma
to Non-Pro Forma adjustments |
|
(110 |
) |
|
|
885 |
|
| |
|
|
|
| Non-Pro
Forma Other Income (Expense) and Tax |
|
(1,866 |
) |
|
|
(5,467 |
) |
| |
|
|
|
| Non-Pro Forma loss from
continuing operations |
|
(50,351 |
) |
|
|
(24,595 |
) |
| Income
(loss) from operations held for sale |
|
4,655 |
|
|
|
16,029 |
|
| Provision
for income taxes |
|
5,592 |
|
|
|
897 |
|
| Income
(loss) on operations held for sale |
|
(937 |
) |
|
|
15,132 |
|
| |
|
|
|
| Non-Pro Forma Net
loss |
$ |
(51,288 |
) |
|
$ |
(9,463 |
) |
| |
|
|
|
| Non-Pro Forma Net loss
per share: |
|
|
|
|
Basic |
$ |
(1.31 |
) |
|
$ |
(0.66 |
) |
|
Diluted |
$ |
(1.31 |
) |
|
$ |
(0.66 |
) |
| Shares used in
computing Non-Pro Forma net loss per share: |
|
|
|
|
Basic |
|
38,527 |
|
|
|
37,429 |
|
|
Diluted |
|
38,527 |
|
|
|
37,429 |
|
|
|
|
| |
| SIGMA DESIGNS, INC. |
| QUARTERLY FINANCIAL INFORMATION |
| UNAUDITED, PRESENTED WITHOUT EFFECT TO ASSETS
HELD FOR SALE |
| |
|
|
|
|
|
|
|
|
| |
Fiscal Quarters Ended |
|
|
February 3,2018 |
October 28,2017 |
July 29,2017 |
April 29,2017 |
January 28,2017 |
October 29,2016 |
July 30,2016 |
April 30,2016 |
| |
|
|
|
|
|
|
|
|
| Net
revenue |
$ |
26,537 |
|
$ |
33,862 |
|
$ |
39,508 |
|
$ |
39,564 |
|
$ |
42,724 |
|
$ |
62,729 |
$ |
61,316 |
|
$ |
53,775 |
|
| Gross
profit |
|
11,176 |
|
|
17,116 |
|
|
18,820 |
|
|
18,624 |
|
|
21,401 |
|
|
30,995 |
|
29,582 |
|
|
24,001 |
|
| (Loss)
income from operations |
|
(70,019 |
) |
|
(18,884 |
) |
|
(10,954 |
) |
|
(13,377 |
) |
|
(7,163 |
) |
|
2,169 |
|
(313 |
) |
|
(6,015 |
) |
| Net
(loss) income |
|
(73,421 |
) |
|
(19,084 |
) |
|
(12,677 |
) |
|
(14,859 |
) |
|
(8,716 |
) |
|
221 |
|
(1,722 |
) |
|
(8,098 |
) |
| Basic
net (loss) income per share |
$ |
(1.91 |
) |
$ |
(0.49 |
) |
$ |
(0.33 |
) |
$ |
(0.39 |
) |
$ |
(0.23 |
) |
$ |
0.01 |
$ |
(0.05 |
) |
$ |
(0.22 |
) |
| Diluted
net (loss) income per share |
$ |
(1.91 |
) |
$ |
(0.49 |
) |
$ |
(0.33 |
) |
$ |
(0.39 |
) |
$ |
(0.23 |
) |
$ |
0.01 |
$ |
(0.05 |
) |
$ |
(0.22 |
) |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| This table, differing from financial statement presentation
herein, presents condensed financial information without effect to
the reclassifications resulting from discontinued operations. |