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PDF Solutions(R) Reports Second Fiscal Quarter 2010 Results

About PDF Solutions

PDF Solutions, Inc. (Nasdaq:PDFS) is the leading provider of yield improvement technologies and services for the IC manufacturing process life cycle.  PDF Solutions offers solutions that are designed to enable clients to lower costs of IC design and manufacture, enhance time to market, and improve profitability by addressing design and manufacturing interactions from product design to initial process ramps to mature manufacturing operations.  PDF Solutions' Characterization Vehicle® (CV®) test chips provide the core modeling capabilities, and are used by more leading manufacturers than any other test chips in the industry.  PDF Solutions' industry leading yield management system software, dataPOWER®, and fault detection and classification software, maestria®, enhance yield improvement and production control activities at leading fabs around the world. Headquartered in San Jose, Calif., PDF Solutions operates worldwide with additional offices in China, Europe, Japan, Korea, Singapore, and Taiwan. For the company's latest news and information, visit http://www.pdf.com/ .

The PDF Solutions, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3199

Characterization Vehicle, CV, dataPOWER, maestria, PDF Solutions, and the PDF Solutions logo are registered trademarks of PDF Solutions, Inc. or its subsidiaries.

     
PDF SOLUTIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands)    
     
     June 30,  2010   December 31,  2009 
     
ASSETS    
Current assets:    
Cash and cash equivalents $ 32,092 $ 34,899
Accounts receivable, net  23,378  19,809
Prepaid expenses and other current assets  2,826  3,029
Total current assets  58,296  57,737
Property and equipment, net  1,059  1,573
Non-current investments  718  718
Intangible assets, net  2,061  2,954
Other non-current assets  805  495
Total assets $ 62,939 $ 63,477
     
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Current portion of long-term debt $ 98 $ 115
Accounts payable  1,202  959
Accrued compensation and related benefits  3,704  4,438
Taxes payable and other accrued liabilities  2,575  3,502
Deferred revenues  1,680  1,584
Billings in excess of recognized revenues  690  1,953
Total current liabilities  9,949  12,551
Long-term debt  50  117
Long-term income taxes payable  3,181  3,218
Other non-current liabilities  1,547  1,704
Total liabilities  14,727  17,590
     
Stockholders' equity:     
Common stock  4  4
Additional paid-in-capital  197,517  194,081
Treasury stock at cost  (19,071)  (18,715)
Accumulated deficit  (130,089)  (130,111)
Accumulated other comprehensive income (loss)  (149)  628
Total stockholders' equity  48,212  45,887
Total liabilities and stockholders' equity $ 62,939 $ 63,477
     
PDF SOLUTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In thousands, except per share amounts)    
     
  Three Months Ended June 30,  Six Months Ended June 30, 
   2010   2009   2010   2009 
  (In thousands, except per share amounts)
         
Revenues:        
Design-to-silicon-yield solutions  $ 10,814  $ 7,292  $ 21,231  $ 15,086
Gainshare performance incentives   4,538   2,291   9,373   4,687
Total revenues   15,352   9,583   30,604   19,773
         
Cost of design-to-silicon-yield solutions:        
Direct costs of design-to-silicon-yield solutions  5,928  4,863  12,250  11,153
Amortization of acquired technology   360   360   719   719
Total cost of design-to-silicon-yield solutions   6,288   5,223   12,969   11,872
Gross profit  9,064  4,360  17,635  7,901
         
Operating expenses:        
Research and development  4,335  5,069  8,297  10,858
Selling, general and administrative  4,492  4,108  9,071  8,521
Amortization of other acquired intangible assets  82  87  168  174
Restructuring charges   (33)   1,202   (32)   1,835
Total operating expenses   8,876   10,466   17,504   21,388
         
Income (loss) from operations  188  (6,106)  131  (13,487)
Interest and other income (expense), net    404    (210)   666   114
Income (loss) before income taxes  592  (6,316)  797  (13,373)
Income tax provision   275   322   776   586
Net income (loss)  $ 317  $ (6,638)  $ 21  $ (13,959)
         
Net Income (loss) per share:        
Basic  $ 0.01  $ (0.25)  $ 0.00  $ (0.53)
Diluted  $ 0.01  $ (0.25)  $ 0.00  $ (0.53)
         
Weighted average common shares:        
Basic   27,118   26,328    27,024   26,210
Diluted   27,357   26,328    27,282   26,210
     
PDF SOLUTIONS, INC. RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS) (UNAUDITED) (In thousands, except per share amounts)    
     
  Three Months Ended June 30,  Six Months Ended June 30, 
   2010   2009   2010   2009 
         
GAAP net income (loss) $ 317  $ (6,638) $ 21  $ (13,959)
Stock-based compensation expense – cost of design-to-silicon-yield solutions  439  444  1,041  833
Stock-based compensation expense – research and development  349  404  696  752
Stock-based compensation expense – selling, general and administrative  682  477  1,238  876
Amortization of acquired technology  360  360  719  719
Amortization of other acquired intangible assets  82  87  168  174
Restructuring charges  (33)   1,202  (32)   1,835
Non-GAAP net income (loss) $ 2,196  $ (3,664) $ 3,851 $ (8,770)
         
GAAP net income (loss) per diluted share $ 0.01  $ (0.25) $ 0.00  $ (0.53)
Non-GAAP net income (loss) per diluted share $ 0.08  $  (0.14) $ 0.14  $  (0.33)
Shares used in computing diluted non-GAAP measure of net income (loss) per share  27,910   26,328  27,776   26,210
CONTACT:  PDF Solutions, Inc.
          Joy Leo, Chief Administration Officer and Acting CFO
            (408) 938-6477
            joy.leo@pdf.com
          Sonia Segovia, IR Coordinator
            (408) 938-6491
            sonia.segovia@pdf.com

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