EX-99.1 3 f89514exv99w1.txt EXHIBIT 99.1 Exhibit 99.1 NEWS RELEASE Investor Relations Contact: Corporate Communications Contact: Rochelle Krause Mana Uchino PDF Solutions, Inc. PDF Solutions, Inc. Tel: (408) 938-6437 Tel: (408) 938-6483 Email: rochelle.krause@pdf.com Email: mana.uchino@pdf.com PDF SOLUTIONS, INC. REPORTS FIRST QUARTER 2003 FINANCIAL RESULTS SAN JOSE, Calif. -- April 24, 2003 -- PDF Solutions, Inc. (Nasdaq: PDFS), the leading provider of semiconductor process-design integration technologies and services, today announced financial results for its first fiscal quarter ended March 31, 2003. Revenue for the first fiscal quarter of 2003 totaled $9.1 million, a decrease of 21% compared with revenue of $11.5 million for the first fiscal quarter of 2002. Pro forma net loss for the first fiscal quarter of 2003, excluding amortization of stock-based compensation and intangibles, totaled $658,000, or $0.03 per diluted share, compared with pro forma net income of $1.4 million, or $0.06 per diluted share, for the first fiscal quarter of 2002. Reported net loss for the first fiscal quarter of 2003 totaled $1.3 million, or $0.06 per diluted share, compared with a reported net income of $580,000, or $0.02 per diluted share, for the first fiscal quarter of 2002. "We are satisfied with financial results that exceeded prior revenue and pro forma earnings per share guidance," said John Kibarian, PDF's President and Chief Executive Officer. "More importantly, in the first quarter we continued our efforts to expand our customer base. We entered into a multi-million dollar assessment with a new strategic customer that is a top-10 semiconductor manufacturer headquartered in the United States. I'm pleased to say that in an environment that is still challenging, we continue to execute against our business objectives." As previously announced, the company will hold a live conference call beginning at 3:00 p.m. PDT/6:00 p.m. EDT today to discuss these quarterly results. A live webcast of this teleconference will be available on the company's website at http://ir.pdf.com/medialist.cfm. A replay of the call will be available at the same website address following the call. Further, a copy of this press release, including the disclosure and reconciliation of certain non-GAAP financial measures to the most directly comparable GAAP measure, which non-GAAP measures may be used periodically by the company's management when discussing financial results with investors and analysts, will be available on the company's website at http://www.pdf.com/news_archive.phtml following the date of this release. -more- ABOUT PDF SOLUTIONS PDF Solutions, Inc. (Nasdaq: PDFS) is the leading provider of process-design integration technologies for integrated circuits (ICs). PDF's software, methodologies and services enable semiconductor companies to create more manufacturable IC designs and more capable manufacturing processes. By simulating deep sub-micron product and process interactions, the PDF solution offers clients reduced time to market, increased IC yield and performance, and enhanced product reliability and profitability. Headquartered in San Jose, California, PDF operates worldwide with additional offices in Europe and Japan. For more information, visit www.pdf.com. PDF Solutions(R) is a registered trademark of PDF Solutions, Inc. -more- PDF SOLUTIONS, INC. CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
MARCH 31, DECEMBER 31, 2003 2002 --------- ------------ ASSETS Current assets: Cash and cash equivalents................................. $ 71,866 $ 71,490 Accounts receivable, net of allowances.................... 7,461 7,924 Prepaid expenses and other current assets................. 4,463 4,406 --------- --------- Total current assets...................................... 83,790 83,820 Property and equipment, net.................................. 3,321 3,533 Goodwill..................................................... 662 662 Intangible assets, net....................................... 179 220 Other assets................................................. 1,776 1,564 --------- --------- Total assets.......................................... $ 89,728 $ 89,799 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable.......................................... $ 441 $ 499 Accrued compensation and related benefits................. 2,007 1,143 Other accrued liabilities................................. 1,802 1,652 Taxes payable............................................. 971 1,838 Deferred revenues......................................... 4,403 4,496 Billings in excess of recognized revenue.................. 1,102 606 Current portion of long-term debt......................... 17 17 --------- --------- Total current liabilities............................. 10,743 10,251 Long-term debt............................................... 10 15 Deferred tax liability....................................... 722 752 Deferred rent................................................ 20 39 Stockholders' equity: Common stock............................................ 3 3 Additional paid-in-capital.............................. 100,080 99,884 Deferred stock-based compensation....................... (893) (1,340) Notes receivable from stockholders...................... (4,830) (4,998) Accumulated deficit..................................... (16,179) (14,845) Cumulative other comprehensive income................... 52 38 --------- --------- Total stockholders' equity............................ 78,233 78,742 --------- --------- Total liabilities and stockholders' equity........ $ 89,728 $ 89,799 ========= =========
-more- PDF SOLUTIONS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED -------------------------- MARCH 31, MARCH 31, 2003 2002 --------- --------- Revenue: Design-to-silicon yield solutions........... $ 8,108 $ 8,380 Gain share.................................. 959 3,077 -------- -------- Total revenue............................. $ 9,067 $ 11,457 -------- -------- Cost and expenses: Cost of design-to-silicon yield solutions... 3,444 3,864 Research and development.................... 4,332 3,190 Selling, general and administrative......... 2,703 2,554 Stock-based compensation amortization*...... 649 788 -------- -------- Total costs and expenses.................. 11,128 10,396 ======== ======== Income (loss) from operations.................. (2,061) 1,061 Interest and other income...................... 375 359 -------- -------- Income (loss) before taxes..................... (1,686) 1,420 Tax (benefit) provision........................ (352) 840 -------- -------- Net income (loss).............................. $ (1,334) $ 580 ======== ======== Net income (loss) per share: Basic....................................... $ (.06) $ 0.03 Diluted..................................... $ (.06) $ 0.02 Weighted average common shares: Basic....................................... 22,488 21,638 Diluted..................................... 22,488 23,441 * Stock-based compensation amortization: Cost of design-to-silicon yield solutions.. $ 130 $ 263 Research and development................... 408 438 Selling, general and administrative........ 111 87 -------- -------- $ 649 $ 788 ======== ========
-more- PDF SOLUTIONS, INC. RECONCILIATION OF REPORTED GAAP NET INCOME (LOSS) TO PRO FORMA NET INCOME (LOSS) (IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED ------------------------- MARCH 31, MARCH 31, 2003 2002 --------- --------- Net income (loss) $ (1,334) $ 580 Stock-based compensation amortization............ 649 788 Amortization of intangibles, net................. 27 26 -------- -------- Pro forma net income (loss)...................... $ (658) $ 1,394 ======== ======== Pro forma net income (loss) per share - diluted.. $ (0.03) $ 0.06 ======== ======== Weighted average common shares - diluted......... 22,488 23,441 ======== ========
###