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Silicon Image Announces Fourth Quarter And Fiscal Year 2012 Earnings

Silicon Image, Inc. (NASDAQ: SIMG), a leading provider of HD connectivity solutions, today reported financial results for its fourth quarter and fiscal year ended December 31, 2012.

Revenue for the fourth quarter of 2012 was $59.6 million, approximately a 2% increase from revenue of $58.7 million in the fourth quarter of 2011, and a 19% decrease from $73.9 million in the third quarter of 2012. Revenue for fiscal year 2012 was $252.4 million compared with $221.0 million for fiscal year 2011.

“During 2012, Silicon Image achieved a significant number of milestones,” said Camillo Martino, chief executive officer of Silicon Image, Inc. “We shipped nearly 200 million product units, including more than 140 million MHL transmitters for smartphones and tablets. We also successfully launched our UltraGig™ product line, a complete 60GHz WirelessHD® solution for mobile devices.”

GAAP net loss for the fourth quarter of 2012 was $0.3 million, or $0.00 per diluted share, compared with a net loss of $0.4 million, or $0.00 per diluted share, for the third quarter of 2012 and a net loss of $10.2 million, or $0.12 per diluted share, for the fourth quarter of 2011. GAAP net loss for fiscal year 2012 was $11.2 million, or $0.14 per diluted share, compared with a net loss for fiscal year 2011 of $11.6 million, or $0.14 per diluted share.

Non-GAAP net income for the fourth quarter of 2012 was $6.2 million, or $0.08 per diluted share, compared with a net income of $8.8 million, or $0.11 per diluted share, for the third quarter of 2012 and a net income of $4.8 million, or $0.06 per diluted share, for the fourth quarter of 2011. Non-GAAP net income for fiscal year 2012 was $18.5 million, or $0.22 per share, compared with a net income for fiscal year 2011 of $16.4 million, or $0.20 per diluted share. Non-GAAP net income for these periods excludes stock-based compensation expense, impairment of investment in an unconsolidated affiliate, impairment of intangible asset, write-off certain unsalable inventory, amortization of intangible assets, restructuring charges, business acquisition related expenses and reversal of a subsidiary’s foreign currency translation adjustment.

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