Silicon Image, Inc.
(NASDAQ: SIMG), a leading provider of HD connectivity solutions, today reported financial results for its third quarter ended September 30, 2012.
Revenue for the third quarter of 2012 was $73.9 million, a 16% increase from $63.8 million in the second quarter of 2012 and a 24% increase from revenue of $59.7 million in the third quarter of 2011.
“We are proud of our execution this quarter,” said Camillo Martino, Chief Executive Officer of Silicon Image, Inc. “Earnings growth has been robust in our seasonally strongest quarter. Mobile continues to be our key growth driver as MHL® technology gains momentum across top tier phone and tablet manufacturers. We remain on track with our 60 GHz WirelessHD technology and expect to sample mobile-oriented ICs late this year.”
GAAP net income for the third quarter of 2012 was $7.1 million, or $0.08 per diluted share, compared with a net loss of $0.9 million, or $0.01 per share, for the second quarter of 2012 and a net income of $0.7 million, or $0.01 per diluted share, for the third quarter of 2011.
Non-GAAP net income for the third quarter of 2012 was $8.8 million, or $0.11 per diluted share, compared with a net income of $4.3 million, or $0.05 per diluted share, for the second quarter of 2012 and a net income of $5.0 million, or $0.06 per diluted share, for the third quarter of 2011. Non-GAAP net income for these periods excludes stock-based compensation expense, amortization of intangible assets, restructuring charges, business acquisition related expenses and reversal of a subsidiary’s foreign currency translation adjustment.
During the quarter, pursuant to the share repurchase plan announced in April 2012, Silicon Image repurchased approximately 271 thousand shares of its common stock for approximately $1.3 million. The company’s cash balance as of September 30, 2012 was $145.3 million.