GigPeak Announces Record Fourth Quarter and Fiscal Year 2016 Preliminary Financial Results
17 Gennaio 2017 - 3:00PM
Business Wire
Continued strong demand across all served
markets driving record financial performance
- Record quarterly and fiscal
year preliminary financial results
- Preliminary fourth quarter revenue of
approximately $16.2 million, up approximately 46 percent from $11.1
million in the fourth quarter of fiscal 2015
- Revenue for fiscal year 2016 to be
approximately $58.7 million, up approximately 45 percent from $40.4
million in fiscal year 2015
- GAAP and non-GAAP1 gross margin to be
approximately 71 percent and 74 percent, respectively, in the
fourth quarter. This compares with GAAP and non-GAAP gross margin
of 65 percent and 67 percent, respectively, in the fourth quarter
of fiscal 2015
- GAAP and non-GAAP gross margin to be
approximately 68 percent and 72 percent, respectively, in fiscal
year 2016. This compares with GAAP and non-GAAP gross margin of 63
percent and 65 percent, respectively, in fiscal year 2015
- GAAP and non-GAAP net income per
diluted share to be approximately $0.02 and $0.05, respectively, in
the fourth quarter. These net income per diluted share expectations
are based on approximately 70.4 million shares. This compares with
GAAP and non-GAAP net income per diluted share of $0.01 and $0.05,
respectively, in the fourth quarter of fiscal 2015, based on
approximately 47.1 million shares
- GAAP and non-GAAP net income per
diluted share to be approximately $0.04 and $0.20, respectively, in
fiscal year 2016 based on 61.4 million shares. This compares with
GAAP and non-GAAP net income per diluted share of $0.03 and $0.19,
respectively, in fiscal year 2015, based on 38.1 million
shares
GigPeak, Inc. (NYSE MKT: GIG), a
leading innovator of semiconductor ICs and software solutions for
high-speed connectivity and high-quality video compression over the
network and the cloud, today announced selected preliminary
unaudited financial results for its fourth quarter of fiscal 2016,
and year ended December 31, 2016.
“We had another quarter of continuously improving financial
results, delivering the highest ever revenue, gross margin and net
income in the fourth quarter. These quarterly results capped the
most successful fiscal year in our history as we exceeded our
initial forecasts and generated record annual financial
performance,” said Dr. Avi Katz, Founder, Chairman and CEO of
GigPeak, Inc. “Strong demand across all served markets,
particularly with products serving the hyper scale data center and
enterprise networks, are driving our continued financial
improvement. We will discuss our recent financial performance in
more detail when we hold our earnings conference call next
month.”
GigPeak cautions that the anticipated fourth quarter and fiscal
year 2016 financial results are preliminary and are based on the
best information currently available to management, and subject to
the completion of the financial statements for these periods.
Financial Results Conference Call on February 13,
2017
GigPeak will host a conference call and webcast on Monday,
February 13, 2017 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern
Time) to discuss its fourth quarter and fiscal year 2016 financial
results and business outlook. Investors and other interested
parties may access the call by dialing (913) 312-1507. No passcode
is needed for the live call. The replay dial-in number is (412)
317-6671, and the passcode is 7009370. 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 Company’s website at http://ir.gigpeak.com/.
1 Non-GAAP Measures - GigPeak reports gross margin and
net income on a Generally Accepted Accounting Principles (GAAP) and
non-GAAP basis. Management believes that the non-GAAP financial
measures are important indicators of the ongoing operations of
GigPeak’s business and provide an additional metric for
comparability between reporting periods and provide an additional
baseline for analyzing trends in GigPeak’s operations because these
financial measures provide a view of our operations that excludes
items that management believes are not reflective of the operating
performance, such as stock-based compensation and acquisition
related costs. As a result, these non-GAAP measures are provided to
supplement investors’ overall understanding of, and an enhanced
level of transparency into, GigPeak’s financial performance. These
measures should be considered in addition to results prepared in
accordance with GAAP. A reconciliation of these GAAP to non-GAAP
measurements for the three months and fiscal
year ended December 31, 2016, can be found in the
“Reconciliation of GAAP to Non-GAAP Financial Information” table
attached to this press release. A reconciliation of these
measurements of the three and twelve months ended December 31,
2015, can be found in our Current Report on Form 8-K filed with the
Securities and Exchange Commission on February 8, 2016.
About GigPeak, Inc.
GigPeak, Inc. (NYSE MKT: GIG) is a leading innovator of
semiconductor ICs and software solutions for high-speed
connectivity and high-quality video compression over the network
and the cloud. The focus of the company is to develop and deliver
products that enable lower power consumption and faster data
connectivity, more efficient use of network infrastructure, broader
connectivity to the cloud, and reduce the total cost of ownership
of existing network pipes from the core to the end user. GigPeak
addresses both the speed of data transmission and the amount of
bandwidth the data consumes within the network, and provides
solutions that increase the efficiency of the Internet of Things,
leveraging its strength in high-speed connectivity and high-quality
video compression. The extended product portfolio provides more
flexibility to support changing market requirements from ICs and
MMICs through full software programmability and cost-efficient
custom ASICs.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Such statements contain words such as “will,” and “expect,” or the
negative thereof or comparable terminology, and include (without
limitation) statements regarding expected revenues and income, and
completion of its financial statements for the fiscal year and
quarter just ended. 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 recognize revenues, 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 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, and the ability to
maintain and continue relationships with government agencies.
Additional factors that could cause actual results to differ are
discussed under the heading “Risk Factors” and in other sections of
GigPeak’s filings with the SEC, and in GigPeak’s 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 GigPeak as of
the date hereof, and GigPeak assumes no obligation to update any
forward-looking statement.
GIGPEAK, INC. RECONCILIATION OF PRELIMINARY GAAP
TO NON-GAAP FINANCIAL INFORMATION (In millions)
(Unaudited)
Three months ended, Year ended, December 31,
December 31, 2016 2016 GAAP Gross profit $
11.5 $ 40.0 Stock-based compensation 0.1 0.3 Amortization of
intangible assets 0.4 1.9 Non-GAAP Gross profit $
12.0 $ 42.2 GAAP Net income $ 1.5 $ 2.2 Stock-based
compensation 1.1 4.6 Amortization of intangible assets 0.7 3.0
Acquisition and strategic activities related costs 0.3 1.6 Special
bonus - 0.7 Non-GAAP Net income $ 3.6 $ 12.1
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170117005562/en/
Darrow Associates, Inc.Jim Fanucchi,
408-404-5400ir@gigpeak.com
Grafico Azioni GigPeak, Inc. (AMEX:GIG)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni GigPeak, Inc. (AMEX:GIG)
Storico
Da Set 2023 a Set 2024