Silicon Image Inc., a leading semiconductor and intellectual property company focused on the secure distribution, presentation and storage of high-definition content, recently posted solid financial results for the second quarter ended June 30, 2010, and offered guidance for the third quarter of 2010.
The company reported revenue for the second quarter at $44.6 million, a significant increase to the $34.3 million reported for the first quarter of 2010 and $37.3 million reported for the second quarter of 2009.
Silicon Image’s GAAP net income for the second quarter of 2010 was $1.8 million, or $0.02 per diluted share, compared to a net loss of $7.2 million, or $0.10 per diluted share, for the first quarter of 2010 and net loss of $13.3 million, or $0.18 per diluted share, for the second quarter of 2009. The company’s second quarter 2009 GAAP net loss includes pre-tax restructuring expenses of $7.1 million.
Non-GAAP net income for the company’s second quarter 2010 was posted at $2.0 million, or $0.03 per diluted share, compared to a non-GAAP net loss of $3.6 million, or $0.05 per diluted share, for the first quarter of 2010 and non-GAAP net loss of $4.3 million, or $0.06 per diluted share, for the second quarter of the year prior.
Camillo Martino, Silicon Image CEO, said the company’s expanded market share and upcoming product introduction will boost the company’s results in the upcoming year.
“Silicon Image grew revenue and returned to profitability in the second quarter,” Martino stated in the press release. “We continue to expand our market share in the growing DTV market by offering our customers differentiated technology solutions based on our standards-plus business model. In addition, with the recent publication of the MHL 1.0 specification in June, we plan to launch new products targeted for the mobile market and we expect them to contribute to our revenue growth in 2011.”
The company projects revenue for the third quarter of 2010 between $48 million and $50 million; gross margin between 54%-55%; GAAP operating expenses in the range of $25 million and $26 million; non-GAAP operating expenses of $23 million – $24 million; interest income of approximately $0.6 million; and diluted shares outstanding of approximately 78 million.
For more information visit http://www.SiliconImage.com.