Silicon Image Announces Filing of Its Form 10-Q for Quarter Ended September 30, 2003 and Completion of Audit Committee Examinati
February 17 2004 - 8:30AM
PR Newswire (US)
Silicon Image Announces Filing of Its Form 10-Q for Quarter Ended
September 30, 2003 and Completion of Audit Committee Examination
SUNNYVALE, Calif., Feb. 17 /PRNewswire-FirstCall/ -- Silicon Image,
, a leader in multi-gigabit semiconductor solutions for the secure
transmission and storage of rich digital media, announced today it
has filed its Form 10-Q with the SEC for the quarter ended
September 30, 2003 and the completion of its previously announced
Audit Committee examination. As previously disclosed, the Company
announced that it would delay the filing of its quarterly report on
Form 10-Q for the quarter ended September 30, 2003 because an
examination had been commenced by the Audit Committee of the Board
of Directors. The Company's Audit Committee, with the assistance of
independent outside counsel and independent outside consultants,
was examining certain matters, principally the Company's
recognition of revenue associated with its licensing transactions
in 2002 and 2003. In February 2004, the Company's Audit Committee
completed its examination. During the course of the examination,
the Audit Committee and its outside advisors conducted a thorough
review of the Company's licensing transactions in 2002 and 2003, as
well as a reviewof certain other matters. As a result of its
examination, the Audit Committee concluded that no changes were
required to the results previously announced for the quarter ending
September 30, 2003, or any prior reporting period. In its review,
the Audit Committee concluded that there were no accounting
irregularities and that no member of the Company's management
engaged in misconduct in connection with the matters under
examination. The Audit Committee issued the following statement,
"The Audit Committee has worked closely with its outside advisors
to conduct a thorough and independent examination, which has been
completed, and the Company's Form 10-Q for the quarter ending on
September 30, 2003, is now on file. The Audit Committee was
principally examining the Company's recognition of revenue
associated with its licensing transactions in 2002 and 2003. With
this examination now completed and its results disclosed, we look
forward to the Company's continued successful execution of its
business strategy." The NASDAQ staff has informed the company that
its stock will continue to be listed on the NASDAQ National Market.
However, such listing will be conditioned on the timely filing with
the SEC of all periodic reports under the Securities Exchange Act
of 1934, such as the annual report on Form 10-K, quarterly reports
on Form 10-Q, and current reports on Form 8-K, for all reporting
periods ending on or before December 31, 2004. Should the Company
fail to timely make any such filing, the Company's stock may be
transferred to the NASDAQ SmallCap Market or immediately delisted
from the NASDAQ National Market. The NASDAQ staff has reserved the
right to reconsider the terms of the foregoing exception permitting
continued listing of the Company's stock. David Lee, Silicon
Image's CEO, commented, "We appreciate the diligence of the Audit
Committee in conducting a thorough and independent examination, we
respect their conclusions, and we are pleased that the examination
is now complete. We remain focused on the business and look forward
to continuing to provide our customers with market leading
solutions in 2004 and beyond." About Silicon Image Headquartered in
Sunnyvale, Calif., Silicon Image, Inc. designs, develops and
markets multi-gigabit semiconductor and system solutions for a
variety of communications applications demanding high-bandwidth
capability. With its proprietary Multi-layer Serial Link (MSL(TM))
architecture, Silicon Image is well positioned for leadership in
multiple mass markets including PCs, consumer electronics, storage
and networking. Currently, Silicon Image leads the global
PC/display arena with its innovative digital interconnect
technology, and is now emerging as a leading player in the storage
industry-- offering robust, high-bandwidth semiconductors and
systems. For more information on Silicon Image, visit
http://www.siliconimage.com/. This news release contains
forward-looking information within the meaning of federal
securities regulations. These forward-looking statements include
statements related to changes in Silicon Image's controls and
internal procedures and Silicon Image' future filings with the SEC.
These forward-looking statements involve risks and uncertainties,
including those described from time to time in Silicon Image's
periodic filings with the SEC, that could cause the actual results
to differ materially from those anticipated by these
forward-looking statements. Also see "Management's Discussion and
Analysis of Financial Condition and Results of Operations-Factors
Affecting Future Results" in the most recent Annual Report, Form
10-K or 10-Q filed by Silicon Image with the SEC. Silicon Image
assumes no obligation to update this forward-looking information.
NOTE: Silicon Image, MSL, PanelLink and
http://www.siliconimage.com/ are trademarks, registered trademarks
or service marks of Silicon Image, Inc. in the United States and
other countries. DATASOURCE: Silicon Image, Inc. CONTACT: Robert
Gargus, Chief Financial Officer, +1-408-616-4114, or Liz Casolari,
Investor Relations, +1-408-616-1543, both of Silicon Image, Inc.,
fax, +1-408-830-9531 Web site: http://www.siliconimage.com/
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