SAN DIEGO, July 31, 2013 (GLOBE NEWSWIRE) -- Entropic (Nasdaq:ENTR), a world leader in semiconductor solutions for the connected home, today reported its second quarter results for the period ended June 30, 2013. Entropic reported second quarter net revenues of $70.6 million. This compares to net revenues of $74.5 million in the first quarter of 2013, and $83.1 million in the second quarter of 2012.
In accordance with U.S. generally accepted accounting principles (GAAP), the Company's second quarter net loss was $39.9 million, or $(0.44) per share (basic and diluted). This compares with GAAP net loss of $2.4 million, or $(0.03) per share (basic and diluted) in the first quarter of 2013, and net income of $0.2 million, or $0.00 per share (diluted) in the second quarter of 2012. Included in the GAAP operating results for the second quarter of 2013 is a charge of $26.7 million, or $0.30 per share (diluted), associated with the establishment of a valuation allowance related to federal deferred tax assets.
Non-GAAP net income in the second quarter was $0.6 million, or $0.01 per share (diluted), compared to non-GAAP net income of $0.3 million, or $0.00 per share (diluted) in the first quarter of 2013, and $7.8 million, or $0.09 per share (diluted), in the second quarter of 2012."Despite some near term challenges in our business, we continue to build a healthy pipeline of design-wins for our set-top box system-on-a-chip and connectivity products," said Patrick Henry, president and CEO, Entropic. "We continue to focus on getting these new designs ramping into production, and believe the strategic investments and decisions made in Q2, from our asset acquisition, company realignment, reductions in operating expenses, and focus on new product development, put us in a stronger position for long-term revenue growth and enhanced operating leverage."
|Three Months Ended|
|(In millions, except per share data)||June 30, 2013||March 31, 2013||June 30, 2012|
|GAAP net (loss) income||$(39.9)||$(2.4)||$0.2|
|GAAP net (loss) income per share (basic and diluted)||$(0.44)||$(0.03)||$0.00|
|Non-GAAP net income 1||$0.6||$0.3||$7.8|
|Non-GAAP net income per share 1 (diluted)||$0.01||$0.00||$0.09|
|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.|
- Acquisition News: Entropic acquired the assets of Mobius Semiconductor, Inc. (Mobius), a leading product development company focused on low power, high performance analog mixed-signal semiconductor solutions. The Mobius asset acquisition adds advanced analog mixed-signal expertise and strengthens Entropic's competitive product offerings in both the cable and satellite markets.
- MoCA ® (Multimedia over Coax Alliance) 1.1 Band E Golden Node Certification: Entropic announced its MoCA 1.1 silicon received golden node certification by the MoCA Board of Directors for the Band E frequency, which is a mid-RF band used in DIRECTV homes.
- CSI Magazine Award Finalist: Entropic Entropic ® 1.1+ technology was acknowledged by CSI Magazine as a leading "cable distribution/transmission solution."
- EN2810 Launch: Entropic unveiled the EN2810, the Company's second-generation, single chip MoCA 2.0 system solution, built with the latest 28nm process technology.
- NETGEAR: Entropic announced its MoCA 2.0 silicon and software is featured in the NETGEAR WM2500RP MoCA-to-WiFi extender, which boosts whole-home video and data coverage.
- Hitron Technologies Americas: Entropic announced Hitron's CGNM, a DOCSIS 3.0-certified data gateway, HT-EM, a MoCA-to-Ethernet adapter and the HT-EMN, a MoCA-to-WiFi (802.11n 3x3 2.4GHz) extender will use Entropic's MoCA 2.0 solution, enabling Hitron to deliver an end-to-end high-speed networking backbone for whole-home data coverage.
- ARM ®: Entropic and ARM strengthened their alliance enabling Entropic to deliver more advanced media and connectivity processing to its customers across the connected home ecosystem.
- DLNA ® (Digital Living Network Alliance) CVP (Commercial Video Profile) Functionality: At the Cable Show 2013, Entropic and ACCESS showed how cable operators can meet the FCC mandate for cable set-top boxes (STBs) to include an industry-standard IP interface port, and provide DLNA CVP functionality.
- HTML5: At the Cable Show 2013, Entropic and Opera demonstrated a HTML5-compliant browser for advanced client STBs.