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Entropic Reports Fourth Quarter And Fiscal Year 2012 Results

Fourth Quarter Revenue of $89.7 Million, Record Annual Revenue of $321.7 Million

Conference Call to be Webcast Today at 1:30 p.m. Pacific Time

SAN DIEGO, Feb. 5, 2013 (GLOBE NEWSWIRE) -- Entropic (Nasdaq:ENTR), a world leader in semiconductor solutions for the connected home, today reported its fourth quarter and fiscal year results for the period ended December 31, 2012. Entropic reported fourth quarter net revenues of $89.7 million, a slight decrease compared with $89.8 million in the third quarter of 2012.

In accordance with U.S. generally accepted accounting principles (GAAP), the Company's fourth quarter net income was $0.0 million, or $0.00 per share (diluted). This compares with GAAP net income of $0.4 million, or $0.00 per share (diluted) in the third quarter of 2012.

Non-GAAP net income in the fourth quarter was $7.6 million, or $0.08 per share (diluted), compared to non-GAAP net income of $7.8 million, or $0.09 per share (diluted) in the third quarter of 2012.

Net revenues for the year ended December 31, 2012 were $321.7 million, an increase of 34 percent from the $240.6 million reported for the year ended December 31, 2011. Net income computed in accordance with GAAP for the year ended December 31, 2012 was $4.5 million, or $0.05 per share (diluted), compared with GAAP net income of $26.6 million, or $0.30 per share (diluted), for the year ended December 31, 2011.

Non-GAAP net income for the year ended December 31, 2012 was $33.8 million, or $0.37 per share (diluted), compared to non-GAAP net income of $55.3 million, or $0.62 per share (diluted) for the year ended December 31, 2011.

"Our transformation into a broad-based platform silicon company in connected home entertainment is well underway following last year's acquisitions," said Patrick Henry, president and CEO, Entropic. "We've already won significant design-wins with Tier-1 operators which is an early sign our strategy is playing out. We expect 2013 to be a key transitional year for the Company, as we now have a strengthened product portfolio, clear integration roadmap, and the right team focused on winning new designs globally."

  Three Months ended  Years ended Dec. 31,
(In millions, except per share data)  Dec. 31, 2012 Sept. 30, 2012 Dec. 31, 2011 2012 2011
Net revenues $89.7 $89.8 $56.2 $321.7 $240.6
GAAP net income  $0.0 $0.4 $2.3 $4.5 $26.6
GAAP net income per share (basic)  $0.00 $0.00 $0.03 $0.05 $0.31
GAAP net income per share (diluted)  $0.00 $0.00 $0.03 $0.05 $0.30
Non-GAAP net income 1 $7.6 $7.8 $10.2 $33.8 $55.3
Non-GAAP net income per share 1 (diluted) $0.08 $0.09 $0.12 $0.37 $0.62

1. Please refer to "Non-GAAP Financial Measures" below and the financial statements portion of this press release for an explanation of the non-GAAP financial measures contained in the table above and a reconciliation of such measures to the comparable GAAP financial measures. 

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