UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of
the Securities Exchange Act of 1934
July 24, 2014
Date
of Report (date of earliest event reported)
GIGOPTIX,
INC.
(Exact name of Registrant as specified in its charter)
|
|
|
|
|
Delaware |
|
001-35520 |
|
26-2439072 |
(State or other jurisdiction
of incorporation or organization) |
|
(Commission
File Number) |
|
(I.R.S. Employer
Identification Number) |
130 Baytech Drive
San Jose, CA 95134
(Address of principal executive offices)
(408) 522-3100
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
The following information is intended to be furnished under Item 2.02 of Form 8-K, Results of Operations and Financial
Condition. This information shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the
Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On July 28, 2014, GigOptix, Inc. (the Company) issued a press release announcing its financial results for the three months
ended June 29, 2014. The full text of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
Item 8.01
Other Events
As part of the Companys ongoing efforts to improve its operational efficiencies, an enterprise-wide
change in its organizational structure was implemented on July 28, 2014. The Company will now operate under a functional organizational structure rather than its previous product line structure. In furtherance of these efforts, on
July 24, 2014 the Board of Directors of the Company promoted Dr. Raluca Dinu to Senior Vice President of Global Sales and Marketing effective July 28, 2014. On July 28, 2014, the Company issued a press release announcing the
financial results for the three months ended June 29, 2014, and the promotion of Dr. Dinu. The full text of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibit
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Exhibit 99.1 |
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Press Release dated July 28, 2014. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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GIGOPTIX, INC. |
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By: |
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/s/ Dr. Avi Katz |
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Name: Dr. Avi Katz |
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Title: Chief Executive Officer |
Date: July 28, 2014
EXHIBIT INDEX
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Exhibit No. |
|
Description |
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99.1 |
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Press Release dated July 28, 2014 |
Exhibit 99.1
GigOptix Reports Second Quarter Fiscal Year 2014 Financial Results
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Q2 FY14 revenue of $8.0 million, up 18 percent year-over-year and 9 percent sequentially |
|
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High-Speed Communications revenue up 23 percent year-over-year, with datacom related revenue up almost 70 percent, and E-Band sales tripling from Q2 FY13 |
|
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Q2 FY14 non-GAAP EPS of $0.01 per diluted share compares with non-GAAP net income of $0.00 in Q2 FY13 and a non-GAAP net loss of ($0.02) in Q1 FY14 |
|
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Positive Adjusted EBITDA of $1.0 million in Q2 FY14, compares with $0.7 million in Q2 FY13 and $47,000 in Q1 FY14 |
|
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Cash and cash equivalents at June 29, 2014 were $18.5 million with no debt |
|
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Successful completion of the Tahoe RF Semiconductor, Inc. acquisition and integration |
|
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Q3 FY14 revenue expected to be in the range of $8.2 million to $8.4 million, or up 12 percent to 15 percent from Q3 FY13 and 3 percent to 5 percent sequentially |
SAN JOSE, Calif. July 28, 2014 GigOptix, Inc. (NYSE MKT: GIG), a leading supplier of advanced high speed semiconductor components
for use in long-haul, metro, Cloud connectivity, data centers, consumer electronics links and interactive applications, through optical and wireless communications networks, today announced financial results for its second quarter fiscal year 2014,
which ended June 29, 2014.
Second Quarter Fiscal 2014 GAAP Results
Total revenue in the second quarter of fiscal 2014 was $8.0 million. This compares with revenue of $6.8 million in the second quarter of fiscal 2013, and $7.4
million in the first quarter of fiscal 2014.
Gross margin was 57 percent in the second quarter of fiscal 2014, compared with 62 percent in the second
quarter of fiscal 2013, and 58 percent in the first quarter of fiscal 2014.
Net loss in the second quarter of fiscal 2014 was $2.0 million, or a net loss
of ($0.06) per share. This compares with a net loss of $1.4 million, or a net loss of ($0.06) per share, in the second quarter of fiscal 2013, and a net loss of $1.9 million, or a net loss of ($0.06) per share, in the first quarter of fiscal 2014.
Cash and cash equivalents at June 29, 2014 were $18.5 million, and the Company had no debt outstanding. This compares with $19.9 million, at
March 30, 2014.
Second Quarter Fiscal 2014 Non-GAAP Results1
Non-GAAP net income in the second quarter of fiscal 2014 was $0.3 million, or $0.01 per diluted share, and excludes approximately $1.1 million in stock-based
compensation, $0.3 million in restructuring, $0.3 million in compensation expense related to the startup of BrPhotonics, a $0.3 million loss on the unconsolidated affiliate, BrPhotonics, and $0.2 million in amortization of intangible assets. This
compares with non-GAAP net income of $0.1 million, or $0.00 per diluted share in the second quarter of fiscal 2013 and a non-GAAP net loss of $0.7 million, or ($0.02) per share in the first quarter of fiscal 2014.
Non-GAAP gross margin was 59 percent, compared with 65 percent in the second quarter of fiscal 2013 and 60
percent in the first quarter of fiscal 2014.
Adjusted EBITDA for the second quarter of fiscal 2014 was $1.0 million. This compares with Adjusted EBITDA
of $0.7 million in the second quarter of fiscal 2013, and Adjusted EBITDA of $47,000 in the first quarter of fiscal 2014.
Our second quarter
financial performance, which included strong revenue growth and a return to non-GAAP profitability, further validates our long-term business plan to develop first mover advantage within the emerging high-speed communications markets. As we move into
the second half of fiscal 2014, we will continue to focus primarily on the datacom, wireless point-to-point backhaul radios for the LTE infrastructure small-cells, and high-speed links for the consumer markets that offer the largest TAM and highest
projected growth rates, said Dr. Avi Katz, Chairman and Chief Executive Officer of GigOptix, Inc. For the first time in the Companys history our datacom related revenue was higher than telecom related revenue, and we believe
this trend will continue. In addition, when you add together the two fastest growing markets we serve, datacom and the point-to-point wireless backhaul areas, they accounted for 45 percent of our total revenue in the second quarter, up from 28
percent in the same quarter last year.
In June, we announced the acquisition of Tahoe RF Semiconductor, which became effective on the first day of
our third quarter. The purchase adds leading-edge RF/analog RFIC technology to our expanding product portfolio. It is also consistent with our previously stated objective of adding engineering assets to enhance revenue generating products. This
acquisition brought to GigOptix a meaningful CMOS and SiGe RF device IP library for emerging and high-volume applications, such as wide-frequency point-to-point wireless backhaul, including 60GHz V-Band to augment our existing 70-90GHz E-Band
technology. In addition, we gained GPS-GNSS, low-power and low-noise transmitters and amplifiers, and specific consumer electronics and automotive systems. These capabilities have already been incorporated to the Companys working plans and
business development active engagements, said Dr. Katz. We currently believe that these new opportunities should be a catalyst for revenue growth starting in fiscal 2015. When combined with the previously announced inception of the
BrPhotonics joint venture, which is meeting our early expectations, along with the growth trends we see in our business, we are confident that by expanding our addressable markets we will continue to improve our higher-margin revenue growth and
enhance profitability for the benefit of our shareholders.
As part of our ongoing efforts to improve operational efficiencies, effective
today we are implementing an enterprise-wide change in our organizational structure. We will now operate under a functional structure rather than the product line structure we have used for several years. The need for change became more apparent in
recent months, more so after the recent acquisition and consolidation of Tahoe RF, as we diversified our revenue mix by expanding into parallel markets, such as new RF applications in the wireless and consumer markets, said Dr. Katz.
In support of these efforts, the Board of Directors has promoted Dr. Raluca Dinu to Senior Vice President of Global Sales and Marketing. Ms. Dinu has been a key member of our executive team since 2008, most recently serving at
GigOptixs Vice President and General Manager of our High Speed Communications Product Line. Her strong technical background in the industries we serve, and long-time relationships with our current and targeted customers, will play a vital role
as we expand our revenue channels. We have also assigned Mr. Anil Chaudhry to the newly created position of Vice President of Government Affairs and Strategic Accounts. Mr. Chaudhry has been an important part of our executive team since
2010, serving most recently as GigOptixs Vice President and General Manager of our Industrial Product Line. Anils lengthy service in the semiconductor industry makes him an ideal person to lead this group and grow our businesses and
revenues in these crucial venues.
Financial Outlook
With continued strong demand in our product lines, we believe third quarter revenue should increase and be in the range of $8.2 million to $8.4 million,
or up approximately 12 percent to 15 percent above the third quarter a year ago, said Curt Sacks, Senior Vice President and Chief Financial Officer of GigOptix, Inc. In addition, based on our third quarter forecast, and continued
confidence in our business over the remainder of the year, particularly in our datacom and wireless lines, we are increasing our revenue outlook in fiscal 2014. We now expect annual revenue to grow up to 12 percent above fiscal 2013. This compares
with the prior guidance range of up to 10 percent growth we provided earlier in the year.
Financial Results Webcast / Conference Call
GigOptix will host a conference call and webcast with investors today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its second quarter fiscal
2014 financial results and business outlook. Investors and other interested parties may access the call by dialing (719) 325-2402. No passcode is needed for the live call. The replay dial-in number is (858) 384-5517, and the passcode is
3376392. Additionally, this conference call will be broadcast live over the Internet and can be accessed by all interested parties on the Investor Relations section of the Companys website at http://www.gigoptix.com.
1 Non-GAAP Measures GigOptix reports revenue, gross margin, operating expense, operating
income and net loss on a Generally Accepted Accounting Principles (GAAP) and non-GAAP basis. In addition, it reports Adjusted EBITDA. These non-GAAP measures are provided to enhance investors overall understanding of GigOptix financial
performance. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. A reconciliation of these GAAP to non-GAAP measurements and
Adjusted EBITDA for the six months ended June 29, 2014 and June 30, 2013 can be found in the Reconciliation of GAAP to Non-GAAP Financial Information table attached to this press release.
About GigOptix, Inc.
GigOptix is a leading
fabless supplier of high speed semiconductor components that enable end-to-end information streaming over optical and wireless networks. The products address long haul and metro telecom applications as well as emerging high-growth
opportunities for Cloud and data centers connectivity, and interactive applications for consumer electronics. GigOptix offers a unique broad portfolio of drivers and TIAs for 40Gbps, 100Gbps and 400Gbps fiber-optic telecommunications and
data-communications networks, and high performance MMIC solutions that enable next generation wireless microwave systems up to 90GHz.
GigOptix also
offers a wide range of digital and mixed-signal ASIC solutions in a wide range of technology geometries from 28nm to 0.6um, and enables a complete product life cycle support from swift introduction of new product through its ASIC SunriseTM program to extension of legacy products through its GigOptix Sunset RescueTM program.
Forward-Looking Statements
This press release contains forward-looking statements 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, including the bringing of products to market with full documentation. Such statements contain words such as will, and expect, or the negative thereof or comparable
terminology, and include (without limitation) statements regarding the plans for BrPhotonics and its relationship with the Company, growth, opportunities, continued traction, contracts, improvements and our statements under the heading
Financial Outlook. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These risks include, but are not limited to: the ability to
extend product offerings into new areas or products, the ability to commercialize licensed technology, unexpected occurrences that deter the full documentation and bring to market plan for products that were developed this year and last
year, trends and fluctuations in the industry, changes in demand and purchasing volume of customers, unpredictability of suppliers, our ability to control our costs of goods sold, our ability to attract and retain qualified personnel, the ability to
move product sales to production levels, the ability to compete for client design-in opportunities, the ability to cross-sell to new clients and to diversify, the success of product sales in new markets or of recently acquired or produced product
offerings, including bundled product solutions, the amount of cost savings, the ability to improve productivity, and to do so in an efficient manner, the ability to pursue and attract other merger and acquisition opportunities, our ability to
enforce intellectual property rights, the ability to maintain and continue relationships with government agencies, and the ability of the partners to BrPhotonics to work together in furtherance of its operational objectives. Additional factors that
could cause actual results to differ are discussed under the heading Risk Factors and in other sections of the Companys filings with the SEC, and in the Companys other current and periodic reports filed or furnished from time
to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking
statement.
Investors
Darrow Associates, Inc.
Jim Fanucchi, (408) 404-5400
ir@gigoptix.com
(TABLES TO FOLLOW)
####
GIGOPTIX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 29, |
|
|
December 31, |
|
|
Net Change |
|
|
|
2014 |
|
|
2013 |
|
|
$ |
|
|
% |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
18,541 |
|
|
$ |
20,377 |
|
|
$ |
(1,836 |
) |
|
|
(9 |
%) |
Accounts receivable, net |
|
|
7,029 |
|
|
|
5,021 |
|
|
|
2,008 |
|
|
|
40 |
% |
Inventories |
|
|
4,287 |
|
|
|
4,617 |
|
|
|
(330 |
) |
|
|
(7 |
%) |
Prepaid and other current assets |
|
|
739 |
|
|
|
434 |
|
|
|
305 |
|
|
|
70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
30,596 |
|
|
|
30,449 |
|
|
|
147 |
|
|
|
0 |
% |
Property and equipment, net |
|
|
2,417 |
|
|
|
2,999 |
|
|
|
(582 |
) |
|
|
(19 |
%) |
Intangible assets, net |
|
|
2,840 |
|
|
|
3,287 |
|
|
|
(447 |
) |
|
|
(14 |
%) |
Goodwill |
|
|
9,860 |
|
|
|
9,860 |
|
|
|
|
|
|
|
0 |
% |
Investment in unconsolidated affiliate |
|
|
125 |
|
|
|
|
|
|
|
125 |
|
|
|
100 |
% |
Restricted cash |
|
|
133 |
|
|
|
284 |
|
|
|
(151 |
) |
|
|
(53 |
%) |
Other assets |
|
|
117 |
|
|
|
183 |
|
|
|
(66 |
) |
|
|
(36 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
46,088 |
|
|
$ |
47,062 |
|
|
$ |
(974 |
) |
|
|
(2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
2,652 |
|
|
$ |
831 |
|
|
$ |
1,821 |
|
|
|
219 |
% |
Accrued compensation |
|
|
903 |
|
|
|
1,170 |
|
|
|
(267 |
) |
|
|
(23 |
%) |
Other current liabilities |
|
|
2,281 |
|
|
|
2,746 |
|
|
|
(465 |
) |
|
|
(17 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
5,836 |
|
|
|
4,747 |
|
|
|
1,089 |
|
|
|
23 |
% |
Pension liabilities |
|
|
140 |
|
|
|
140 |
|
|
|
|
|
|
|
0 |
% |
Other long-term liabilities |
|
|
584 |
|
|
|
595 |
|
|
|
(11 |
) |
|
|
(2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
6,560 |
|
|
|
5,482 |
|
|
|
1,078 |
|
|
|
20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
32 |
|
|
|
32 |
|
|
|
|
|
|
|
0 |
% |
Additional paid-in capital |
|
|
141,611 |
|
|
|
139,710 |
|
|
|
1,901 |
|
|
|
1 |
% |
Treasury stock, at cost; 701,754 shares as of June 29, 2014 and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013, respectively |
|
|
(2,209 |
) |
|
|
(2,209 |
) |
|
|
|
|
|
|
0 |
% |
Accumulated other comprehensive income |
|
|
478 |
|
|
|
490 |
|
|
|
(12 |
) |
|
|
(2 |
%) |
Accumulated deficit |
|
|
(100,384 |
) |
|
|
(96,443 |
) |
|
|
(3,941 |
) |
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders equity |
|
|
39,528 |
|
|
|
41,580 |
|
|
|
(2,052 |
) |
|
|
(5 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders equity |
|
$ |
46,088 |
|
|
$ |
47,062 |
|
|
$ |
(974 |
) |
|
|
(2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GIGOPTIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Six months ended |
|
|
|
June 29, |
|
|
|
|
|
June 30, |
|
|
|
|
|
June 29, |
|
|
|
|
|
June 30, |
|
|
|
|
|
|
2014 |
|
|
% |
|
|
2013 |
|
|
% |
|
|
2014 |
|
|
% |
|
|
2013 |
|
|
% |
|
Total revenue |
|
$ |
8,037 |
|
|
|
100 |
% |
|
$ |
6,831 |
|
|
|
100 |
% |
|
$ |
15,423 |
|
|
|
100 |
% |
|
$ |
13,752 |
|
|
|
100 |
% |
Total cost of revenue |
|
|
3,487 |
|
|
|
43 |
% |
|
|
2,578 |
|
|
|
38 |
% |
|
|
6,613 |
|
|
|
43 |
% |
|
|
5,214 |
|
|
|
38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
4,550 |
|
|
|
57 |
% |
|
|
4,253 |
|
|
|
62 |
% |
|
|
8,810 |
|
|
|
57 |
% |
|
|
8,538 |
|
|
|
62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expense |
|
|
3,358 |
|
|
|
42 |
% |
|
|
3,177 |
|
|
|
47 |
% |
|
|
7,100 |
|
|
|
46 |
% |
|
|
6,413 |
|
|
|
47 |
% |
Selling, general and administrative expense |
|
|
2,567 |
|
|
|
32 |
% |
|
|
2,041 |
|
|
|
30 |
% |
|
|
4,965 |
|
|
|
32 |
% |
|
|
4,394 |
|
|
|
32 |
% |
Restructuring expense, net |
|
|
307 |
|
|
|
4 |
% |
|
|
|
|
|
|
0 |
% |
|
|
307 |
|
|
|
2 |
% |
|
|
950 |
|
|
|
7 |
% |
Special litigation-related expense |
|
|
|
|
|
|
0 |
% |
|
|
472 |
|
|
|
7 |
% |
|
|
|
|
|
|
0 |
% |
|
|
887 |
|
|
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
6,232 |
|
|
|
78 |
% |
|
|
5,690 |
|
|
|
83 |
% |
|
|
12,372 |
|
|
|
80 |
% |
|
|
12,644 |
|
|
|
92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(1,682 |
) |
|
|
-21 |
% |
|
|
(1,437 |
) |
|
|
-21 |
% |
|
|
(3,562 |
) |
|
|
-23 |
% |
|
|
(4,106 |
) |
|
|
-30 |
% |
Interest expense, net |
|
|
(10 |
) |
|
|
0 |
% |
|
|
(25 |
) |
|
|
0 |
% |
|
|
(27 |
) |
|
|
0 |
% |
|
|
(79 |
) |
|
|
-1 |
% |
Other income, net |
|
|
|
|
|
|
0 |
% |
|
|
88 |
|
|
|
1 |
% |
|
|
10 |
|
|
|
0 |
% |
|
|
256 |
|
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before provision for income taxes |
|
|
(1,692 |
) |
|
|
-21 |
% |
|
|
(1,374 |
) |
|
|
-20 |
% |
|
|
(3,579 |
) |
|
|
-23 |
% |
|
|
(3,929 |
) |
|
|
-29 |
% |
Provision for income taxes |
|
|
21 |
|
|
|
0 |
% |
|
|
14 |
|
|
|
0 |
% |
|
|
31 |
|
|
|
0 |
% |
|
|
27 |
|
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from consolidated companies |
|
|
(1,713 |
) |
|
|
-21 |
% |
|
|
(1,388 |
) |
|
|
-20 |
% |
|
|
(3,610 |
) |
|
|
-23 |
% |
|
|
(3,956 |
) |
|
|
-29 |
% |
Equity in earnings of unconsolidated affiliate |
|
|
331 |
|
|
|
4 |
% |
|
|
|
|
|
|
0 |
% |
|
|
331 |
|
|
|
2 |
% |
|
|
|
|
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,044 |
) |
|
|
-25 |
% |
|
$ |
(1,388 |
) |
|
|
-20 |
% |
|
$ |
(3,941 |
) |
|
|
-26 |
% |
|
$ |
(3,956 |
) |
|
|
-29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per share |
|
$ |
(0.06 |
) |
|
|
|
|
|
$ |
(0.06 |
) |
|
|
|
|
|
$ |
(0.13 |
) |
|
|
|
|
|
$ |
(0.18 |
) |
|
|
|
|
Weighted average number of shares used in per share calculations - basic and diluted |
|
|
31,607 |
|
|
|
|
|
|
|
21,628 |
|
|
|
|
|
|
|
31,521 |
|
|
|
|
|
|
|
21,588 |
|
|
|
|
|
GIGOPTIX, INC.
NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Six months ended |
|
|
|
June 29, |
|
|
|
|
|
June 30, |
|
|
|
|
|
June 29, |
|
|
|
|
|
June 30, |
|
|
|
|
|
|
2014 |
|
|
% |
|
|
2013 |
|
|
% |
|
|
2014 |
|
|
% |
|
|
2013 |
|
|
% |
|
Total revenue |
|
$ |
8,037 |
|
|
|
100 |
% |
|
$ |
6,831 |
|
|
|
100 |
% |
|
$ |
15,423 |
|
|
|
100 |
% |
|
$ |
13,752 |
|
|
|
100 |
% |
Total cost of revenue |
|
|
3,296 |
|
|
|
41 |
% |
|
|
2,397 |
|
|
|
35 |
% |
|
|
6,243 |
|
|
|
40 |
% |
|
|
4,831 |
|
|
|
35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
4,741 |
|
|
|
59 |
% |
|
|
4,434 |
|
|
|
65 |
% |
|
|
9,180 |
|
|
|
60 |
% |
|
|
8,921 |
|
|
|
65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expense |
|
|
2,986 |
|
|
|
37 |
% |
|
|
2,946 |
|
|
|
43 |
% |
|
|
6,453 |
|
|
|
42 |
% |
|
|
5,859 |
|
|
|
43 |
% |
Selling, general and administrative expense |
|
|
1,455 |
|
|
|
18 |
% |
|
|
1,464 |
|
|
|
21 |
% |
|
|
3,074 |
|
|
|
20 |
% |
|
|
2,981 |
|
|
|
22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
4,441 |
|
|
|
55 |
% |
|
|
4,410 |
|
|
|
65 |
% |
|
|
9,527 |
|
|
|
62 |
% |
|
|
8,840 |
|
|
|
64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
|
300 |
|
|
|
4 |
% |
|
|
24 |
|
|
|
0 |
% |
|
|
(347 |
) |
|
|
-2 |
% |
|
|
81 |
|
|
|
1 |
% |
Interest expense, net |
|
|
(10 |
) |
|
|
0 |
% |
|
|
(25 |
) |
|
|
0 |
% |
|
|
(27 |
) |
|
|
0 |
% |
|
|
(79 |
) |
|
|
-1 |
% |
Other income (expense), net |
|
|
|
|
|
|
0 |
% |
|
|
88 |
|
|
|
1 |
% |
|
|
10 |
|
|
|
0 |
% |
|
|
256 |
|
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before provision for income taxes |
|
|
290 |
|
|
|
4 |
% |
|
|
87 |
|
|
|
1 |
% |
|
|
(364 |
) |
|
|
-2 |
% |
|
|
258 |
|
|
|
2 |
% |
Provision for income taxes |
|
|
21 |
|
|
|
0 |
% |
|
|
14 |
|
|
|
0 |
% |
|
|
31 |
|
|
|
0 |
% |
|
|
27 |
|
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
269 |
|
|
|
3 |
% |
|
$ |
73 |
|
|
|
1 |
% |
|
$ |
(395 |
) |
|
|
-3 |
% |
|
$ |
231 |
|
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share |
|
$ |
0.01 |
|
|
|
|
|
|
$ |
0.00 |
|
|
|
|
|
|
$ |
(0.01 |
) |
|
|
|
|
|
$ |
0.01 |
|
|
|
|
|
Diluted net income (loss) per share |
|
$ |
0.01 |
|
|
|
|
|
|
$ |
0.00 |
|
|
|
|
|
|
$ |
(0.01 |
) |
|
|
|
|
|
$ |
0.01 |
|
|
|
|
|
Weighted average number of shares used in basic per share calculation |
|
|
31,607 |
|
|
|
|
|
|
|
21,628 |
|
|
|
|
|
|
|
31,521 |
|
|
|
|
|
|
|
21,588 |
|
|
|
|
|
Weighted average number of shares used in diluted per share calculation |
|
|
32,562 |
|
|
|
|
|
|
|
22,101 |
|
|
|
|
|
|
|
31,521 |
|
|
|
|
|
|
|
22,115 |
|
|
|
|
|
GIGOPTIX, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended, |
|
|
Six months ended, |
|
|
|
June 29, |
|
|
June 30, |
|
|
June 29, |
|
|
June 30, |
|
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
GAAP Total cost of revenue |
|
$ |
3,487 |
|
|
$ |
2,578 |
|
|
$ |
6,613 |
|
|
$ |
5,214 |
|
Stock-based compensation |
|
|
(88 |
) |
|
|
(59 |
) |
|
|
(164 |
) |
|
|
(139 |
) |
Amortization of intangible assets |
|
|
(103 |
) |
|
|
(122 |
) |
|
|
(206 |
) |
|
|
(244 |
) |
Special bonus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Total cost of revenue |
|
$ |
3,296 |
|
|
$ |
2,397 |
|
|
$ |
6,243 |
|
|
$ |
4,831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross profit |
|
$ |
4,550 |
|
|
$ |
4,253 |
|
|
$ |
8,810 |
|
|
$ |
8,538 |
|
Stock-based compensation |
|
|
88 |
|
|
|
59 |
|
|
|
164 |
|
|
|
139 |
|
Amortization of intangible assets |
|
|
103 |
|
|
|
122 |
|
|
|
206 |
|
|
|
244 |
|
Special bonus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Gross profit |
|
$ |
4,741 |
|
|
$ |
4,434 |
|
|
$ |
9,180 |
|
|
$ |
8,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP - Operating expenses |
|
$ |
6,232 |
|
|
$ |
5,690 |
|
|
$ |
12,372 |
|
|
$ |
12,644 |
|
Stock-based compensation |
|
|
(1,020 |
) |
|
|
(679 |
) |
|
|
(1,954 |
) |
|
|
(1,707 |
) |
Amortization of intangible assets |
|
|
(121 |
) |
|
|
(129 |
) |
|
|
(241 |
) |
|
|
(260 |
) |
Restructuring expense, net |
|
|
(307 |
) |
|
|
|
|
|
|
(307 |
) |
|
|
(950 |
) |
Special litigation-related expense |
|
|
|
|
|
|
(472 |
) |
|
|
|
|
|
|
(887 |
) |
Special bonus |
|
|
(343 |
) |
|
|
|
|
|
|
(343 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating expenses |
|
$ |
4,441 |
|
|
$ |
4,410 |
|
|
$ |
9,527 |
|
|
$ |
8,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Loss from operations |
|
$ |
(1,682 |
) |
|
$ |
(1,437 |
) |
|
$ |
(3,562 |
) |
|
$ |
(4,106 |
) |
Stock-based compensation |
|
|
1,108 |
|
|
|
738 |
|
|
|
2,118 |
|
|
|
1,846 |
|
Amortization of intangible assets |
|
|
224 |
|
|
|
251 |
|
|
|
447 |
|
|
|
504 |
|
Restructuring expense, net |
|
|
307 |
|
|
|
|
|
|
|
307 |
|
|
|
950 |
|
Special litigation-related expense |
|
|
|
|
|
|
472 |
|
|
|
|
|
|
|
887 |
|
Special bonus |
|
|
343 |
|
|
|
|
|
|
|
343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Income (loss) from operations |
|
$ |
300 |
|
|
$ |
24 |
|
|
$ |
(347 |
) |
|
$ |
81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP - Net loss |
|
$ |
(2,044 |
) |
|
$ |
(1,388 |
) |
|
$ |
(3,941 |
) |
|
$ |
(3,956 |
) |
Stock-based compensation |
|
|
1,108 |
|
|
|
738 |
|
|
|
2,118 |
|
|
|
1,846 |
|
Amortization of intangible assets |
|
|
224 |
|
|
|
251 |
|
|
|
447 |
|
|
|
504 |
|
Restructuring expense, net |
|
|
307 |
|
|
|
|
|
|
|
307 |
|
|
|
950 |
|
Special litigation-related expense |
|
|
|
|
|
|
472 |
|
|
|
|
|
|
|
887 |
|
Special bonus |
|
|
343 |
|
|
|
|
|
|
|
343 |
|
|
|
|
|
Equity in net loss of unconsolidated affiliate |
|
|
331 |
|
|
|
|
|
|
|
331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net Income (loss) |
|
$ |
269 |
|
|
$ |
73 |
|
|
$ |
(395 |
) |
|
$ |
231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
$ |
(1,682 |
) |
|
$ |
(1,437 |
) |
|
$ |
(3,562 |
) |
|
$ |
(4,106 |
) |
Restructuring expense, net |
|
|
307 |
|
|
|
|
|
|
|
307 |
|
|
|
950 |
|
Depreciation and amortization |
|
|
896 |
|
|
|
967 |
|
|
|
1,813 |
|
|
|
1,881 |
|
Stock-based compensation |
|
|
1,108 |
|
|
|
738 |
|
|
|
2,118 |
|
|
|
1,846 |
|
Special litigation-related expense |
|
|
|
|
|
|
472 |
|
|
|
|
|
|
|
887 |
|
Compensation expense related to the startup of BrPhotonics |
|
|
343 |
|
|
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|
|
343 |
|
|
|
|
|
|
|
|
|
|
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|
|
Adjusted EBITDA |
|
$ |
972 |
|
|
$ |
740 |
|
|
$ |
1,019 |
|
|
$ |
1,458 |
|
|
|
|
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GigPeak, Inc. (AMEX:GIG)
Historical Stock Chart
From May 2024 to Jun 2024
GigPeak, Inc. (AMEX:GIG)
Historical Stock Chart
From Jun 2023 to Jun 2024