Pixelworks, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Provides Earnings Guidance for the First Quarter of 2013
January 31, 2013 at 05:00 pm EST
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Pixelworks, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported, total revenue was $13.6 million compared to $16.3 million in the third quarter and $16.8 million in the year ago quarter. Adjusted EBITDA was a negative $1.3 million in fourth quarter compared to a positive $1.4 million in the third quarter of 2012. On a non-GAAP basis, the company recorded a net loss of $2.8 million or $0.15 per share in the fourth quarter. This compares with a non-GAAP net income in the third quarter of $320,000 or $0.02 income per diluted share, and a net loss of $1.3 million or $0.07 loss per share in the fourth quarter of 2011. Loss from operations was $3.23 million against $1.58 million a year ago. Loss before income taxes was $3.33 million against $1.67 million a year ago. Net loss was $3.55 million or $0.19 per basic and diluted share against $1.95 million or $0.11 per basic and diluted share a year ago.
For the year, the company reported revenue, net of $59.7 million against $64.6 million a year ago. Loss from operations was $5.8 million against $7.8 million a year ago. Loss before income taxes was $6.26 million against $6.42 million a year ago. Net loss was $5.6 million or $0.31 per basic and diluted share against $6.56 million or $0.40 per basic and diluted share a year ago. Non-GAAP net loss was $2.96 million or $0.16 per basic and diluted share against $5.97 million or $0.37 per basic and diluted share a year ago. Adjusted EBITDA was $1.6 million.
The company provided earnings guidance for the first quarter of 2013. For the period, the company expects revenue to be lower than typical seasonality, in the range of $9.5 to $10.5 million. Going forward, the company expects first quarter to be the trough with a return to sequential revenue growth in second quarter of 2013 based on a return to normal order patterns and second half growth driven by Topaz and PA168 products. The company expects gross profit margin for the quarter to range between 50% to 52% on a non-GAAP basis and 48% to 50% on a GAAP basis. And finally, the company expects to record a non-GAAP net loss of between 18 cents and 28 cents per share and on a GAAP basis the company expects a net loss per share of between 22 cents and 32 cents. Loss from operations was $5.85 million against $7.80 million a year ago. Loss before income taxes was $6.26 million against $6.42 million a year ago. Net loss was $5.6 million or $0.31 per basic and diluted share against $6.5 million or $0.40 per basic and diluted share a year ago.
Pixelworks, Inc. is a provider of visual processing semiconductor and software solutions that enables viewing experiences in a variety of applications. Its primary target markets are Mobile, including smartphones and tablets, home, and enterprise, including projectors, personal video recorders, and over-the-air (OTA) streaming devices, and Cinema, including creation, remastering, and delivery of digital video content. The Companyâs products categories include Semiconductor Hardware and Software and Platform Licensing. Its Semiconductor Hardware products include Visual Processor integrated circuits (ICs) for mobile devices, ImageProcessor SoCs for digital projectors and Transcoder ICs for media players, set-top-box recorders. Its Software and Platform Licensing products include Pixelworks Pro Software and TrueCut Motion Platform. Its core visual processing technologies include MotionEngine, artificial intelligence Based Display Processing, Advanced Scaling, and others.
Pixelworks, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Provides Earnings Guidance for the First Quarter of 2013