These excerpts taken from the SIRF 10-K filed Apr 24, 2009.
In evaluating SiRF and SiRFs business, you should carefully consider the risks described below in addition to the cautionary statements and other risks described elsewhere herein and in the Original Report, as well as other information in this Amended Report and in SiRFs other filings with the SEC. Any one of the following risks could seriously harm SiRFs business, financial condition, and results of operations, causing the price of SiRFs stock to decline. Additional risks and uncertainties not presently known to SiRF or that SiRF currently deems immaterial may also impair SiRFs business operations.
In evaluating SiRF and SiRFs
(a) Evaluation of disclosure controls and procedures. SiRF maintains disclosure controls and procedures, as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, or the Exchange Act, that are designed to ensure that information required to be disclosed by SiRF in reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to SiRFs management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating SiRFs disclosure controls and procedures, management recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. SiRFs disclosure controls and procedures have been designed to meet reasonable assurance standards. Additionally, in designing disclosure controls and procedures, SiRFs management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.
Based on their evaluation as of the end of the period covered by this Annual Report on Form 10-K, SiRFs Chief Executive Officer and Chief Financial Officer have concluded that, as of such date, SiRFs disclosure controls and procedures were effective at the reasonable assurance level.
After the completion of SiRFs third fiscal quarter of 2008 and in connection with the audit of SiRFs consolidated financial statements for the year ended December 27, 2008, SiRF identified a material weakness in the tax accounting process, under the standards established by the Public Company Accounting Oversight Board. Specifically, controls relating to the oversight and review of tax provisions by no qualified personnel experienced in the appreciation of the rules, regulations and related accounting and timely consultation with experts were ineffective. The material weakness caused errors in SiRFs income tax expense, however, did not materially impact its consolidated financial statements.
(a) Evaluation of
Based on their evaluation as
After the completion of SiRFs third fiscal quarter of 2008 and in connection with the audit of
SIZE="2">Managements Report on Internal Control over Financial Reporting
SiRFs management is responsible for
(b) Changes in internal control over financial reporting. To remediate the material weakness
These excerpts taken from the SIRF 10-K filed Mar 2, 2009.
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%">SiRF is a leading supplier of Global Positioning System, or GPS, based location technology solutions designed to provide location awareness capabilities
in high-volume mobile consumer and commercial applications. Location awareness capabilities allow a user to determine and use location information to gain access to applications and services, such as navigation or roadside assistance, and may be
combined with wireless connectivity to enable a range of tracking and location applications, such as child and asset locators. SiRFs products use GPS, which is a system of satellites designed to provide longitude, latitude and time information
to GPS-enabled devices virtually anywhere in the world. SiRF offers a broad range of GPS chip sets, standalone and System on Chip, or SoC, chip sets and premium software products for high-volume GPS markets. SiRFs chip set product lines
typically consist of two integrated circuits, a radio frequency, or RF, integrated circuit and a digital signal processing circuit, and standard embedded GPS software. The radio frequency integrated circuit is an analog semiconductor that detects
and processes radio frequency signals from GPS satellites. The digital signal processing circuit is a semiconductor that helps process those signals to create data. The standard embedded GPS software searches satellite signals and uses satellite
data to calculate location. In some of SiRFs products these integrated circuits are combined into a single package and, in others, into a single die. SiRFs SoC product line is designed to expand the function of the digital integrated
circuit beyond GPS signal processing to perform additional host processing functions required by the device. In addition to chip sets and standard embedded software, SiRF also provides premium software products, which are designed for specific
customer platforms, such as mobile phones, consumer devices and automotive applications. SiRF markets and sells its products in four major markets: wireless handheld devices such as mobile phones; automotive electronic systems, including navigation
and telematics systems; consumer electronics products such as recreational GPS handhelds, mobile gaming machines, digital cameras and wearable devices; and mobile computing systems, including personal digital assistants, notebook computers,
universal mobile personal computers and mobile internet devices.
SIZE="2">SiRF is the holding company for SiRF Technology, Inc., or SiRF Technology, which develops and markets semiconductor products designed to enable location awareness in high-volume mobile consumer devices and commercial applications. SiRF
Market Information for Common Stock
SiRF Technology Holdings, Inc. is quoted on the Nasdaq Global Select Market under the symbol SIRF. Public trading of its common stock began on April 22, 2004. Prior to that time, there was no public market for its common stock. The following table sets forth, for the periods indicated, the range of high and low sales price per share of its common stock as quoted on the Nasdaq Global Select Market in 2008 and 2007:
The following graph shows a comparison of the 57 month cumulative total shareholder return for SiRFs common stock with the NASDAQ Composite Index and the Philadelphia Semiconductor Index. The reference to 57 months is associated with the time in which SiRF has been a public company. The graph assumes a $100 investment on March 31, 2004 in each of the NASDAQ Composite Index and the Philadelphia Semiconductor Index and a $100 investment on April 22, 2004 in its common stock, with dividends reinvested on the date of payment without payment of any commissions. The performance shown in the graph represents past performance and should not be considered an indication of future performance.
These excerpts taken from the SIRF 10-K filed Feb 28, 2008.
STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%" ALIGN="center">VALUATION AND QUALIFYING ACCOUNTS
FACE="Times New Roman" SIZE="2">For the Years Ended December 31, 2007, 2006 and 2005
This excerpt taken from the SIRF 10-K filed Feb 27, 2007.
This excerpt taken from the SIRF 10-K filed Mar 22, 2005.
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