SIRF » Topics » SiRF reports revenue of $62.0 million

This excerpt taken from the SIRF 8-K filed Apr 24, 2008.

SiRF reports revenue of $62.0 million

SAN JOSE, Calif.– April 24, 2008/PRNewswire/ — SiRF Technology Holdings, Inc. (NASDAQ: SIRF), a leading provider of GPS-enabled silicon and premium software location platforms, today reported unaudited financial results for its first quarter ended March 31, 2008.

Net revenue in the first quarter of 2008 was $62.0 million, a decrease of 7.9 percent from $67.3 million reported in the first quarter of 2007. Gross margin in the first quarter of 2008 was 42.6 percent, as compared to 53.9 percent in the first quarter of 2007.

Net loss for the first quarter of 2008 was $28.1 million, or ($0.47) per diluted share, based on 60.3 million diluted weighted average shares outstanding. This compares with net income of $2.8 million, or $0.05 per diluted share, based on 56.3 million diluted weighted average shares outstanding in the first quarter of 2007. SiRF reports net income (loss) and basic and diluted net income (loss) per share in accordance with GAAP and additionally on a non-GAAP basis. Non-GAAP gross profit, where applicable, excludes the effect of stock-based compensation expense and amortization of acquisition-related intangible assets. Non-GAAP gross profit for the first quarter of 2008 was $30.3 million or 48.9% of net revenue as compared to non-GAAP gross profit of $37.0 million or 55.0% of net revenue for the first quarter of 2007. Non-GAAP net income, where applicable, excludes the effect of stock-based compensation expense, amortization of acquisition-related intangible assets, expenses related to acquisition-related contingent payments, restructuring and asset impairment charges and adjustments to normalize the income tax provision. Non-GAAP net loss for the first quarter of 2008 was $8.4 million, or ($0.14) per diluted share, as compared to non-GAAP net income of $12.0 million, or $0.21 per diluted share for the first quarter of 2007. Non-GAAP net income for the first quarter of 2008 excludes $8.9 million in stock-based compensation expense, $6.2 million in amortization of acquisition-related intangible assets, $0.3 million of expenses related to acquisition-related contingent payments, $0.5 million of restructuring and asset impairment charges and $3.8 million of provision for income taxes. Non-GAAP net income for the first quarter of 2007 excludes $7.3 million in stock-based compensation expense, $1.1 million in amortization of acquisition-related intangible assets and $0.8 million of expenses related to acquisition-related contingent payments. Weighted average shares outstanding used in computing diluted non-GAAP net income per share for the first quarter of 2008 were 60.3 million, compared to 56.3 million for the first quarter of 2007. Refer to the itemized reconciliation between net income (loss) on a GAAP basis and non-GAAP basis for the first quarter of 2008 and 2007 as follows.

Total cash, cash equivalents and short-term investments were $120.6 million at March 31, 2008, compared with $139.4 million at December 31, 2007. The Company had no long term investments at March 31, 2008 and December 31, 2007.


“This was a difficult quarter for SiRF. The economic uncertainties and continuing weakness in consumer demand noted in our February 4 conference call and March 25 press release, and increased market competition, resulted in significant challenges for SiRF and many of its customers, and reduced revenue and gross margins,” said Diosdado Banatao, Executive Chairman and Interim President and CEO.

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