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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

PDF Solutions(R) Reports Second Fiscal Quarter 2013 Results

Stocks in this article: PDFS

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®) electrical test chip infrastructure provides the core modeling capabilities, and is used by more leading manufacturers than any other test chips in the industry. Proprietary Template™ layout patterns provide optimum area, performance, and manufacturability for designing IC products. The proprietary Exensio™ solution for YieldAware™ FDC enables world-class variability control in manufacturing, in part by leveraging PDF Solutions' industry-leading dataPOWER® yield management system (YMS) and mæstria® fault detection and classification (FDC) software. Headquartered in San Jose, Calif., PDF Solutions operates worldwide with additional offices in Canada, China, France, Germany, Italy, Japan, Korea, Singapore, and Taiwan. For the company's latest news and information, visit http://www.pdf.com/ .

Characterization Vehicle, CV, data POWER®, mæstria®, 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, 2013 December 31, 2012
     
ASSETS    
Current assets:    
Cash and cash equivalents  $ 76,767  $ 61,637
Accounts receivable, net  26,602  33,959
Deferred tax assets - current portion  6,217  3,589
Prepaid expenses and other current assets  4,246  3,413
Total current assets  113,832  102,598
Property and equipment, net  5,799  3,898
Deferred tax assets - long-term portion  11,349  16,471
Other non-current assets  2,100  1,293
Total assets $ 133,080 $ 124,260
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  $ 1,049  $ 2,054
Accrued compensation and related benefits  7,138  10,723
Accrued and other current liabilities  1,784  2,882
Deferred revenues  2,890  3,232
Billings in excess of recognized revenues  516  807
Total current liabilities  13,377  19,698
Non-current liabilities  3,256  3,502
Total liabilities  16,633  23,200
     
Stockholders' equity:    
Common stock and additional paid-in-capital  226,686  220,365
Treasury stock at cost  (28,008)  (27,778)
Accumulated deficit  (82,295)  (91,578)
Accumulated other comprehensive income (loss)  64  51
Total stockholders' equity  116,447  101,060
Total liabilities and stockholders' equity  $ 133,080  $ 124,260
 
 
PDF SOLUTIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share amounts)
           
  Three months ended Six months ended
  June 30, 2013 March 31, 2013 June 30, 2012 June 30, 2013 June 30, 2012
           
Revenues:          
Design-to-silicon-yield solutions   $ 14,950  $ 14,848  $ 13,793  $ 29,798  $ 27,179
Gainshare performance incentives   9,826  9,262  8,738  19,088  15,995
Total revenues  24,776 24,110 22,531 48,886 43,174
           
Cost of design-to-silicon-yield solutions:          
Direct costs of design-to-silicon-yield solutions  9,741 9,657 8,801 19,398 17,373
Amortization of acquired technology   --   --   105  --   261
Total cost of design-to-silicon-yield solutions  9,741 9,657 8,906 19,398 17,634
Gross profit  15,035 14,453 13,625 29,488 25,540
           
Operating expenses:          
Research and development  3,184 3,364 3,291 6,548 6,448
Selling, general and administrative  4,404 4,794 4,719 9,198 9,624
Amortization of other acquired intangible assets  19 18 51 37 102
Restructuring charges (credits) 9 (52) 91 (43) 83
Total operating expenses  7,616 8,124 8,152 15,740 16,257
           
Income from operations  7,419 6,329 5,473 13,748 9,283
Interest and other income (expense), net  (76) 250 155 174 13
Income before income taxes  7,343 6,579 5,628 13,922 9,296
Income tax provision  2,791  1,848  808  4,639  977
Net income  $ 4,552  $ 4,731  $ 4,820  $ 9,283  $ 8,319
           
Net income per share:           
Basic   $ 0.15  $ 0.16  $ 0.17  $ 0.31  $ 0.29
Diluted   $ 0.15  $ 0.15  $ 0.16  $ 0.30  $ 0.28
           
Weighted average common shares:          
Basic  29,650 29,353 28,560 29,501 28,472
Diluted  31,154 30,815 29,560 30,985 29,303
 
 
PDF SOLUTIONS, INC.
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME (UNAUDITED)
(In thousands, except per share amounts)
           
  Three months ended Six months ended
  June 30, 2013 March 31, 2013 June 30, 2012 June 30, 2013 June 30, 2012
GAAP net income  $ 4,552  $ 4,731  $ 4,820  $ 9,283  $ 8,319
Adjustments to reconcile GAAP net income to non-GAAP net income:          
Stock-based compensation expense  1,709  1,309  1,319  3,018  2,224
Amortization of acquired technology  --   --  105  --  261
Amortization of other acquired intangible assets 19 18 51 37 102
Restructuring charges (credits)  9  (52)  91  (43)  83
Non-cash portion of income tax expense (benefit)  1,416  730  17  2,146  (6)
Non-GAAP net income  $ 7,705  $ 6,736  $ 6,403  $ 14,441  $ 10,983
           
GAAP net income per diluted share  $ 0.15  $ 0.15  $ 0.16  $ 0.30  $ 0.28
Non-GAAP net income per diluted share  $ 0.25  $ 0.22  $ 0.22  $ 0.47  $ 0.37
           
Shares used in diluted shares calculation 31,154 30,815 29,560 30,985 29,303
           
           
PDF SOLUTIONS, INC.
RECONCILIATION OF GAAP NET INCOME TO EBITDAR (UNAUDITED)
(In thousands, except per share amounts)
           
  Three months ended Six months ended
  June 30, 2013 March 31, 2013 June 30, 2012 June 30, 2013 June 30, 2012
           
GAAP net income $ 4,552 $ 4,731 $ 4,820 $ 9,283 $ 8,319
Adjustments to reconcile GAAP net income to EBITDAR:          
Stock-based compensation expense 1,709 1,309 1,319  3,018 2,224
Amortization of acquired technology  --   --  105  --  261
Amortization of other acquired intangible assets 19 18 51  37 102
Restructuring charges (credits) 9 (52) 91  (43) 83
Depreciation expense  318  256 101  574 190
Income tax provision (benefit)  2,791  1,848  808  4,639  977
EBITDAR  $ 9,398  $ 8,110  $ 7,295  $ 17,508  $ 12,156
           
EBITDAR per diluted share  $ 0.30  $ 0.26  $ 0.25  $ 0.57  $ 0.41
           
Shares used in diluted shares calculation 31,154 30,815 29,560 30,985 29,303
CONTACT: Gregory Walker,
         VP, Finance and CFO
         Tel: (408) 938-6457
         gregory.walker@pdf.com
         
         Sonia Segovia,
         IR Coordinator
         Tel: (408) 938-6491
         sonia.segovia@pdf.com

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