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SST Reports First Quarter 2009 Financial Results
News Release
Silicon Storage Technology, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except per share data)
Three Months
Ended March 31,
----------------
2008 2009
---- ----
Net revenues:
Product revenues $69,698 $38,787
Technology licensing 11,387 11,342
------ ------
Total net revenues 81,085 50,129
Cost of revenues 55,376 34,535
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Gross profit 25,709 15,594
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Operating expenses:
Research and development 15,612 11,414
Sales and marketing 7,483 4,960
General and administrative 7,183 5,160
Other - 329
- ---
Total operating expenses 30,278 21,863
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Loss from operations (4,569) (6,269)
Other income, net 874 497
--- ---
Loss before provision for
(benefit from) income taxes
and pro rata share of loss from
equity investments (3,695) (5,772)
Provision for (benefit from)
income taxes (7,050) 2,874
------ -----
Income (loss) before pro rata
share of loss from equity
investments 3,355 (8,646)
Pro rata share of loss from
equity investments 1,896 595
----- ---
Net income (loss) $1,459 $(9,241)
====== =======
Net income (loss) per share -
basic $0.01 $(0.10)
===== ======
Shares used in per share
calculation - basic 103,602 95,706
======= ======
Net income (loss) per share -
diluted $0.01 $(0.10)
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Shares used in per share
calculation - diluted 104,014 95,706
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Silicon Storage Technology, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
December 31, March 31,
2008 2009
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ASSETS
Current assets:
Cash and cash equivalents $50,880 $34,361
Short-term investments 48,997 55,438
Trade accounts receivable, net 20,117 26,371
Inventories 54,159 42,400
Other current assets 4,153 4,487
----- -----
Total current assets 178,306 163,057
Property and equipment, net 18,913 17,014
Long-term marketable equity investments 18,196 21,608
Long-term marketable debt securities 31,848 35,876
Goodwill and intangible assets, net 14,794 13,934
Other assets 26,426 26,184
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Total assets $288,483 $277,673
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LIABILITIES
Current liabilities:
Trade accounts payable $19,146 $16,499
Accrued expenses and other liabilities 14,200 10,254
Deferred revenue 3,841 2,998
----- -----
Total current liabilities 37,187 29,751
Other liabilities 8,082 9,608
----- -----
Total liabilities 45,269 39,359
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SHAREHOLDERS' EQUITY
Common stock 412,312 413,583
Accumulated other comprehensive income 14,308 17,378
Accumulated deficit (183,406) (192,647)
-------- --------
Total shareholders' equity 243,214 238,314
------- -------
Total liabilities and shareholders'
equity $288,483 $277,673
======== ========
Silicon Storage Technology, Inc. and Subsidiaries
Supplemental Data
Percentage of
Gross Product Change in
Revenue Revenue
------------- -------
1Q08 to 4Q08 to
1Q08 4Q08 1Q09 1Q09 1Q09
---- ---- ---- ---- ----
Product Revenue By Ship-To
Location
North America 8% 8% 6% (61%) (41%)
Total International 92% 92% 94% (44%) (16%)
Europe 8% 7% 7% (51%) (14%)
Japan 8% 13% 7% (51%) (53%)
Korea 8% 8% 3% (78%) (70%)
China and Taiwan 58% 54% 68% (37%) 3%
Other Far East 10% 10% 9% (52%) (24%)
Product Revenue by
Application
Digital Consumer 27% 26% 29% (47%) (12%)
Internet Computing 23% 24% 22% (46%) (21%)
Networking 12% 11% 17% (18%) 26%
Wireless
Communications 38% 39% 32% (58%) (36%)
Total 100% 100% 100% (46%) (18%)
Licensing Revenue as a
% of Total Revenue 14% 21% 23% (1%) (6%)
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