Delaware
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25-1701361
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(State or Other Jurisdiction of Incorporation)
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(I.R.S. Employer Identification No.)
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£
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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£
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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£
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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£
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02. Results of Operations and Financial Condition
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Item 9.01. Financial Statements and Exhibits
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SIGNATURES
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EXHIBIT INDEX
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Exhibit No.
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Description
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99.1
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Press Release dated April 28, 2011 regarding financial results and certain other information related to the first fiscal quarter ended March 31, 2011.
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PDF SOLUTIONS, INC.
(Registrant)
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|||
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By:
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/s/ Joy E. Leo | |
Joy E. Leo
EVP, Chief Administrative Officer and Acting Chief Financial
Officer (Principal Financial Officer)
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|||
Exhibit No.
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Description
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99.1
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Press Release dated April 28, 2011 regarding financial results and certain other information related to the first fiscal quarter ended March 31, 2011.
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Company Contacts:
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Joy Leo, EVP, Chief Administration Officer and Acting CFO
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Sonia Segovia, IR Coordinator
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PDF Solutions, Inc.
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PDF Solutions, Inc.
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Tel: (408) 938-6477
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Tel: (408) 938-6491
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Email: joy.leo@pdf.com
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Email: sonia.segovia@pdf.com
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March 31,
2011
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December 31,
2010
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||||||
ASSETS
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||||||||
Current assets:
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||||||||
Cash and cash equivalents
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$ | 39,396 | $ | 38,154 | ||||
Accounts receivable, net
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22,925 | 23,442 | ||||||
Prepaid expenses and other current assets
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3,967 | 3,246 | ||||||
Total current assets
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66,288 | 64,842 | ||||||
Property and equipment, net
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844 | 797 | ||||||
Non-current investments
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718 | 718 | ||||||
Intangible assets, net
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1,162 | 1,369 | ||||||
Other non-current assets
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748 | 727 | ||||||
Total assets
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$ | 69,760 | $ | 68,453 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||
Current liabilities:
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||||||||
Current portion of long-term debt
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$ | 86 | $ | 108 | ||||
Accounts payable
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1,100 | 1,080 | ||||||
Accrued compensation and related benefits
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3,927 | 3,964 | ||||||
Accrued and other current liabilities
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2,849 | 2,400 | ||||||
Deferred revenues
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3,586 | 3,021 | ||||||
Billings in excess of recognized revenues
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1,351 | 1,802 | ||||||
Total current liabilities
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12,899 | 12,375 | ||||||
Long-term income taxes payable
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3,262 | 3,668 | ||||||
Other non-current liabilities
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1,406 | 1,495 | ||||||
Total liabilities
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17,567 | 17,538 | ||||||
Stockholders’ equity:
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||||||||
Common stock
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4 | 4 | ||||||
Additional paid-in-capital
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201,865 | 200,144 | ||||||
Treasury stock, at cost
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(19,554 | ) | (19,298 | ) | ||||
Accumulated deficit
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(130,461 | ) | (129,884 | ) | ||||
Accumulated other comprehensive income (loss)
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339 | (51 | ) | |||||
Total stockholders’ equity
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52,193 | 50,915 | ||||||
Total liabilities and stockholders’ equity
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$ | 69,760 | $ | 68,453 |
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Three months ended
March 31, 2011
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Three months ended
December 31, 2010
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Three months ended
March 31, 2010
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|||||||||
Revenues:
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||||||||||||
Design-to-silicon-yield solutions
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$ | 10,567 | $ | 11,352 | $ | 10,417 | ||||||
Gainshare performance incentives
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4,450 | 4,866 | 4,835 | |||||||||
Total revenues
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15,017 | 16,218 | 15,252 | |||||||||
Cost of design-to-silicon-yield solutions:
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||||||||||||
Direct costs of design-to-silicon-yield solutions
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5,793 | 6,348 | 6,322 | |||||||||
Amortization of acquired technology
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156 | 207 | 359 | |||||||||
Total cost of design-to-silicon-yield solutions
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5,949 | 6,555 | 6,681 | |||||||||
Gross profit
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9,068 | 9,663 | 8,571 | |||||||||
Operating expenses:
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||||||||||||
Research and development
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4,349 | 4,599 | 3,962 | |||||||||
Selling, general and administrative
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4,745 | 3,689 | 4,579 | |||||||||
Amortization of other acquired intangible assets
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51 | 57 | 86 | |||||||||
Restructuring charges (credits)
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(11 | ) | 543 | 1 | ||||||||
Total operating expenses
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9,134 | 8,888 | 8,628 | |||||||||
Income (loss) from operations
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(66 | ) | 775 | (57 | ) | |||||||
Interest and other income (expense), net
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(359 | ) | (30 | ) | 262 | |||||||
Income (loss) before income taxes
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(425 | ) | 745 | 205 | ||||||||
Income tax provision
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152 | 589 | 501 | |||||||||
Net income (loss)
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$ | (577 | ) | $ | 156 | $ | (296 | ) | ||||
Net income (loss) per share:
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||||||||||||
Basic
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$ | (0.02 | ) | $ | 0.01 | $ | (0.01 | ) | ||||
Diluted
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$ | (0.02 | ) | $ | 0.01 | $ | (0.01 | ) | ||||
Weighted average common shares:
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||||||||||||
Basic
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27,810 | 27,566 | 26,929 | |||||||||
Diluted
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27,810 | 27,767 | 26,929 |
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Three months ended
March 31, 2011
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Three months ended
December 31, 2010
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Three months ended
March 31, 2010
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|||||||||
GAAP net income (loss)
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$ | (577 | ) | $ | 156 | $ | (296 | ) | ||||
Stock-based compensation expense
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1,003 | 1,200 | 1,505 | |||||||||
Amortization of acquired technology
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156 | 207 | 359 | |||||||||
Amortization of other acquired intangible assets
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51 | 57 | 86 | |||||||||
Restructuring charges
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(11 | ) | 543 | 1 | ||||||||
Non-GAAP net income
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$ | 622 | $ | 2,163 | $ | 1,655 | ||||||
GAAP net income (loss) per basic and diluted share
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$ | (0.02 | ) | $ | 0.01 | $ | (0.01 | ) | ||||
Non-GAAP net income per diluted share
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$ | 0.02 | $ | 0.08 | $ | 0.06 | ||||||
Shares used in computing diluted non-GAAP measure of net income per share
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28,280 | 28,248 | 27,641 |