Delaware
|
001-35520
|
26-2439072
|
(State or other jurisdiction of
incorporation or organization)
|
(Commission File Number)
|
(I.R.S. Employer
Identification Number)
|
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item2.02
|
Results of Operations and Financial Condition.
|
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. |
99.1 | Press release dated July 25, 2016. |
GIGPEAK, INC.
|
||
By:
|
/s/ Dr. Avi Katz
|
|
Name: Dr. Avi Katz
|
||
Title: Chief Executive Officer
|
||
Date: July 25, 2016
|
Exhibit
No.
|
Description
|
|
Press Release dated July 25, 2016.
|
· | GigPeak’s financial results for Q2 FY16 include approximately 11 weeks of financial results of the products and operations that were acquired as part of the Magnum Semiconductor, Inc., acquisition, which was closed on April 5, 2016 |
· | Q2 FY16 record revenue of $15.4 million, increasing for the 12th consecutive quarter and up 35 percent from $11.4 million in Q1 FY16, and up 56 percent from $9.8 million in Q2 FY15 |
· | Q2 FY16 GAAP and record non-GAAP gross margin of 66 percent and 71 percent, respectively, compared with 68 percent and 69 percent, respectively, in Q1 FY16, and up from 63 percent and 66 percent, respectively, in Q2 FY15 |
· | Q2 FY16 GAAP and record non-GAAP net income of $0.1 million and $2.6 million, respectively. This compares with GAAP and non-GAAP net income (loss) of ($0.1) million and $2.4 million, respectively, in Q1 FY16, and $0.5 million and $2.1 million, respectively, in Q2 FY15 |
· | Q2 FY16 GAAP and non-GAAP earnings per diluted share of $0.00 and $0.05, respectively. This compares with ($0.00) and $0.05, respectively, in Q1 FY16, and $0.02 and $0.06, respectively, in Q2 FY15 |
· | Q2 FY16 Adjusted EBITDA was a record of $3.9 million, and compares with $3.0 million in Q1 FY16 and $2.8 million in Q2 FY15 |
· | Cash and cash equivalents as of June 26, 2016 were $45.8 million, compared with $36.8 million at the end of Q1 FY16 |
· | Revenue in Q3 FY16 is expected to be in a range of approximately $15.4 million to $15.6 million, which would be a record for the Company, and would represent an increase of approximately 48 percent to 50 percent from the same quarter a year ago |
June 26,
|
December 31,
|
Net Change
|
||||||||||||||
2016
|
2015
|
$
|
%
|
|||||||||||||
ASSETS
|
||||||||||||||||
Current assets:
|
||||||||||||||||
Cash and cash equivalents
|
$
|
45,798
|
$
|
30,245
|
$
|
15,553
|
51
|
%
|
||||||||
Accounts receivable, net
|
14,183
|
10,596
|
3,587
|
34
|
%
|
|||||||||||
Inventories
|
9,072
|
6,880
|
2,192
|
32
|
%
|
|||||||||||
Prepaid and other current assets
|
1,027
|
580
|
447
|
77
|
%
|
|||||||||||
Total current assets
|
70,080
|
48,301
|
21,779
|
45
|
%
|
|||||||||||
Property and equipment, net
|
3,628
|
3,133
|
495
|
16
|
%
|
|||||||||||
Intangible assets, net
|
28,717
|
4,530
|
24,187
|
534
|
%
|
|||||||||||
Goodwill
|
45,823
|
12,565
|
33,258
|
265
|
%
|
|||||||||||
Restricted cash
|
229
|
330
|
(101
|
)
|
(31
|
%)
|
||||||||||
Other assets
|
1,438
|
251
|
1,187
|
473
|
%
|
|||||||||||
Total assets
|
$
|
149,915
|
$
|
69,110
|
$
|
80,805
|
117
|
%
|
||||||||
LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS' EQUITY
|
||||||||||||||||
Current liabilities:
|
||||||||||||||||
Accounts payable
|
$
|
7,137
|
$
|
3,659
|
$
|
3,478
|
95
|
%
|
||||||||
Accrued compensation
|
2,886
|
1,782
|
1,104
|
62
|
%
|
|||||||||||
Notes payable, current
|
2,960
|
-
|
2,960
|
100
|
% | |||||||||||
Other current liabilities
|
4,789
|
2,219
|
2,570
|
116
|
%
|
|||||||||||
Total current liabilities
|
17,772
|
7,660
|
10,112
|
132
|
%
|
|||||||||||
Pension liabilities
|
356
|
349
|
7
|
2
|
%
|
|||||||||||
Notes payable |
18,450
|
-
|
18,450
|
100
|
% | |||||||||||
Other long-term liabilities
|
4,297
|
912
|
3,385
|
371
|
%
|
|||||||||||
Total liabilities
|
40,875
|
8,921
|
31,954
|
358
|
%
|
|||||||||||
Redeemable common stock
|
4,700
|
-
|
4,700
|
100
|
%
|
|||||||||||
Stockholders' Equity
|
||||||||||||||||
Common stock
|
68
|
45
|
23
|
51
|
%
|
|||||||||||
Additional paid-in capital
|
207,104
|
163,036
|
44,068
|
27
|
%
|
|||||||||||
Treasury stock, at cost; 701,754 shares as of June 26, 2016 and December 31, 2015
|
(2,209
|
)
|
(2,209
|
)
|
-
|
0
|
%
|
|||||||||
Accumulated other comprehensive income
|
359
|
332
|
27
|
8
|
%
|
|||||||||||
Accumulated deficit
|
(100,982
|
)
|
(101,015
|
)
|
33
|
(0
|
%)
|
|||||||||
Total stockholders' equity
|
104,340
|
60,189
|
44,151
|
73
|
%
|
|||||||||||
Total liabilities, redeemable common stock and stockholders' equity
|
$
|
149,915
|
$
|
69,110
|
$
|
80,805
|
117
|
%
|
Three months ended
|
Six months ended
|
|||||||||||||||||||||||||||||||||||||||
June 26,
2016
|
%
of revenue
|
March 27,
2016
|
%
of revenue
|
June 28,
2015
|
%
of revenue
|
June 26,
2016
|
%
of revenue
|
June 28,
2015
|
%
of revenue
|
|||||||||||||||||||||||||||||||
Total revenue
|
$
|
15,368
|
100
|
%
|
$
|
11,362
|
100
|
%
|
$
|
9,840
|
100
|
%
|
$
|
26,730
|
100
|
%
|
$
|
18,900
|
100
|
%
|
||||||||||||||||||||
Total cost of revenue
|
5,193
|
34
|
%
|
3,683
|
32
|
%
|
3,611
|
37
|
%
|
8,876
|
33
|
%
|
7,278
|
39
|
%
|
|||||||||||||||||||||||||
Gross profit
|
10,175
|
66
|
%
|
7,679
|
68
|
%
|
6,229
|
63
|
%
|
17,854
|
67
|
%
|
11,622
|
61
|
%
|
|||||||||||||||||||||||||
Research and development expense
|
5,690
|
37
|
%
|
3,525
|
31
|
%
|
3,224
|
33
|
%
|
9,215
|
34
|
%
|
6,472
|
34
|
%
|
|||||||||||||||||||||||||
Selling, general and administrative expense
|
4,006
|
26
|
%
|
4,162
|
37
|
%
|
2,442
|
25
|
%
|
8,168
|
31
|
%
|
5,212
|
28
|
%
|
|||||||||||||||||||||||||
Total operating expenses
|
9,696
|
63
|
%
|
7,687
|
68
|
%
|
5,666
|
58
|
%
|
17,383
|
65
|
%
|
11,684
|
62
|
%
|
|||||||||||||||||||||||||
Income (loss) from operations
|
479
|
3
|
%
|
(8
|
)
|
0
|
%
|
563
|
6
|
%
|
471
|
2
|
%
|
(62
|
)
|
0
|
%
|
|||||||||||||||||||||||
Interest expense, net
|
(256
|
)
|
-2
|
%
|
-
|
0
|
%
|
(3
|
)
|
0
|
%
|
(256
|
)
|
-1
|
%
|
(6
|
)
|
0
|
%
|
|||||||||||||||||||||
Other expense, net
|
(81
|
)
|
-1
|
%
|
(4
|
)
|
0
|
%
|
(19
|
)
|
0
|
%
|
(85
|
)
|
0
|
%
|
(18
|
)
|
0
|
%
|
||||||||||||||||||||
Income (loss) before provision for income taxes
|
142
|
1
|
%
|
(12
|
)
|
0
|
%
|
541
|
5
|
%
|
130
|
0
|
%
|
(86
|
)
|
0
|
%
|
|||||||||||||||||||||||
Provision for income taxes
|
57
|
0
|
%
|
40
|
0
|
%
|
16
|
0
|
%
|
97
|
0
|
%
|
25
|
0
|
%
|
|||||||||||||||||||||||||
Income (loss) from consolidated companies
|
85
|
1
|
%
|
(52
|
)
|
0
|
%
|
525
|
5
|
%
|
33
|
0
|
%
|
(111
|
)
|
-1
|
%
|
|||||||||||||||||||||||
Loss on equity method investment
|
-
|
0
|
%
|
-
|
0
|
%
|
3
|
0
|
%
|
-
|
0
|
%
|
3
|
0
|
%
|
|||||||||||||||||||||||||
Net income (loss)
|
$
|
85
|
1
|
%
|
$
|
(52
|
)
|
0
|
%
|
$
|
522
|
5
|
%
|
$
|
33
|
0
|
%
|
$
|
(114
|
)
|
-1
|
%
|
||||||||||||||||||
Basic net income (loss) per share
|
$
|
0.00
|
$
|
(0.00
|
)
|
$
|
0.02
|
$
|
0.00
|
$
|
(0.00
|
)
|
||||||||||||||||||||||||||||
Diluted net income (loss) per share
|
$
|
0.00
|
$
|
(0.00
|
)
|
$
|
0.02
|
$
|
0.00
|
$
|
(0.00
|
)
|
||||||||||||||||||||||||||||
Weighted average number of shares used in basic net income (loss) per share calculation
|
54,791
|
44,789
|
32,885
|
49,790
|
32,705
|
|||||||||||||||||||||||||||||||||||
Weighted average number of shares used in diluted net income (loss) per share calculation
|
57,656
|
44,789
|
33,922
|
52,941
|
32,705
|
Three months ended
|
Six months ended
|
|||||||||||||||||||||||||||||||||||||||
June 26,
2016
|
%
of revenue
|
March 27,
2016
|
%
of revenue
|
June 28,
2015
|
%
of revenue
|
June 26,
2016
|
%
of revenue
|
June 28,
2015
|
%
of revenue
|
|||||||||||||||||||||||||||||||
Total revenue
|
$
|
15,368
|
100
|
%
|
$
|
11,362
|
100
|
%
|
$
|
9,840
|
100
|
%
|
$
|
26,730
|
100
|
%
|
$
|
18,900
|
100
|
%
|
||||||||||||||||||||
Total cost of revenue
|
4,419
|
29
|
%
|
3,494
|
31
|
%
|
3,368
|
34
|
%
|
7,913
|
30
|
%
|
6,850
|
36
|
%
|
|||||||||||||||||||||||||
Gross profit
|
10,949
|
71
|
%
|
7,868
|
69
|
%
|
6,472
|
66
|
%
|
18,817
|
70
|
%
|
12,050
|
64
|
%
|
|||||||||||||||||||||||||
Research and development expense
|
5,313
|
35
|
%
|
3,104
|
27
|
%
|
2,835
|
29
|
%
|
8,417
|
31
|
%
|
5,828
|
31
|
%
|
|||||||||||||||||||||||||
Selling, general and administrative expense
|
2,602
|
17
|
%
|
2,364
|
21
|
%
|
1,531
|
16
|
%
|
4,966
|
19
|
%
|
3,390
|
18
|
%
|
|||||||||||||||||||||||||
Total operating expenses
|
7,915
|
52
|
%
|
5,468
|
48
|
%
|
4,366
|
44
|
%
|
13,383
|
50
|
%
|
9,218
|
49
|
%
|
|||||||||||||||||||||||||
Income from operations
|
3,034
|
20
|
%
|
2,400
|
21
|
%
|
2,106
|
21
|
%
|
5,434
|
20
|
%
|
2,832
|
15
|
%
|
|||||||||||||||||||||||||
Interest expense, net
|
(256
|
)
|
-2
|
%
|
-
|
0
|
%
|
(3
|
)
|
0
|
%
|
(256
|
)
|
-1
|
%
|
(6
|
)
|
0
|
%
|
|||||||||||||||||||||
Other expense, net
|
(81
|
)
|
-1
|
%
|
(4
|
)
|
0
|
%
|
(19
|
)
|
0
|
%
|
(85
|
)
|
0
|
%
|
(18
|
)
|
0
|
%
|
||||||||||||||||||||
Income before provision for income taxes
|
2,697
|
18
|
%
|
2,396
|
21
|
%
|
2,084
|
21
|
%
|
5,093
|
19
|
%
|
2,808
|
15
|
%
|
|||||||||||||||||||||||||
Provision for income taxes
|
57
|
0
|
%
|
40
|
0
|
%
|
16
|
0
|
%
|
97
|
0
|
%
|
25
|
0
|
%
|
|||||||||||||||||||||||||
Net income
|
$
|
2,640
|
17
|
%
|
$
|
2,356
|
21
|
%
|
$
|
2,068
|
21
|
%
|
$
|
4,996
|
19
|
%
|
$
|
2,783
|
15
|
%
|
||||||||||||||||||||
Basic net income per share
|
$
|
0.05
|
$
|
0.05
|
$
|
0.06
|
$
|
0.10
|
$
|
0.09
|
||||||||||||||||||||||||||||||
Diluted net income per share
|
$
|
0.05
|
$
|
0.05
|
$
|
0.06
|
$
|
0.09
|
$
|
0.08
|
||||||||||||||||||||||||||||||
Weighted average number of shares used in basic net income per share calculation
|
54,791
|
44,789
|
32,885
|
49,790
|
32,705
|
|||||||||||||||||||||||||||||||||||
Weighted average number of shares used in diluted net income per share calculation
|
57,656
|
48,226
|
33,922
|
52,941
|
33,416
|
Three months ended,
|
Six months ended
|
|||||||||||||||||||
June 26,
2016
|
March 27,
2016
|
June 28,
2015
|
June 26,
2016
|
June 28,
2015
|
||||||||||||||||
GAAP Total cost of revenue
|
$
|
5,193
|
$
|
3,683
|
$
|
3,611
|
$
|
8,876
|
$
|
7,278
|
||||||||||
Stock-based compensation
|
(72
|
)
|
(86
|
)
|
(139
|
)
|
(158
|
)
|
(221
|
)
|
||||||||||
Amortization of intangible assets
|
(702
|
)
|
(103
|
)
|
(104
|
)
|
(805
|
)
|
(207
|
)
|
||||||||||
Non-GAAP Total cost of revenue
|
$
|
4,419
|
$
|
3,494
|
$
|
3,368
|
$
|
7,913
|
$
|
6,850
|
||||||||||
GAAP Gross profit
|
$
|
10,175
|
$
|
7,679
|
$
|
6,229
|
$
|
17,854
|
$
|
11,622
|
||||||||||
Stock-based compensation
|
72
|
86
|
139
|
158
|
221
|
|||||||||||||||
Amortization of intangible assets
|
702
|
103
|
104
|
805
|
207
|
|||||||||||||||
Non-GAAP Gross profit
|
$
|
10,949
|
$
|
7,868
|
$
|
6,472
|
$
|
18,817
|
$
|
12,050
|
||||||||||
GAAP Operating expenses
|
$
|
9,696
|
$
|
7,687
|
$
|
5,666
|
$
|
17,383
|
$
|
11,684
|
||||||||||
Stock-based compensation
|
(1,000
|
)
|
(1,199
|
)
|
(1,161
|
)
|
(2,199
|
)
|
(1,968
|
)
|
||||||||||
Amortization of intangible assets
|
(312
|
)
|
(217
|
)
|
(120
|
)
|
(529
|
)
|
(240
|
)
|
||||||||||
Acquisition and strategic activities related costs
|
(469
|
)
|
(803
|
)
|
(19
|
)
|
(1,272
|
)
|
(258
|
)
|
||||||||||
Non-GAAP Operating expenses
|
$
|
7,915
|
$
|
5,468
|
$
|
4,366
|
$
|
13,383
|
$
|
9,218
|
||||||||||
GAAP Income (loss) from operations
|
$
|
479
|
$
|
(8
|
)
|
$
|
563
|
$
|
471
|
$
|
(62
|
)
|
||||||||
Stock-based compensation
|
1,072
|
1,285
|
1,300
|
2,357
|
2,189
|
|||||||||||||||
Amortization of intangible assets
|
1,014
|
320
|
224
|
1,334
|
447
|
|||||||||||||||
Acquisition and strategic activities related costs
|
469
|
803
|
19
|
1,272
|
258
|
|||||||||||||||
Non-GAAP Income from operations
|
$
|
3,034
|
$
|
2,400
|
$
|
2,106
|
$
|
5,434
|
$
|
2,832
|
||||||||||
GAAP Net income (loss)
|
$
|
85
|
$
|
(52
|
)
|
$
|
522
|
$
|
33
|
$
|
(114
|
)
|
||||||||
Stock-based compensation
|
1,072
|
1,285
|
1,300
|
2,357
|
2,189
|
|||||||||||||||
Amortization of intangible assets
|
1,014
|
320
|
224
|
1,334
|
447
|
|||||||||||||||
Acquisition and strategic activities related costs
|
469
|
803
|
19
|
1,272
|
258
|
|||||||||||||||
Loss on equity method investment
|
-
|
-
|
3
|
-
|
3
|
|||||||||||||||
Non-GAAP Net income
|
$
|
2,640
|
$
|
2,356
|
$
|
2,068
|
$
|
4,996
|
$
|
2,783
|
||||||||||
Adjusted EBITDA reconciliation:
|
||||||||||||||||||||
GAAP Income (loss) from operations
|
$
|
479
|
$
|
(8
|
)
|
$
|
563
|
$
|
471
|
$
|
(62
|
)
|
||||||||
Depreciation and amortization
|
1,878
|
963
|
885
|
2,841
|
1,775
|
|||||||||||||||
Stock-based compensation
|
1,072
|
1,285
|
1,300
|
2,357
|
2,189
|
|||||||||||||||
Acquisition and strategic activities related costs
|
469
|
803
|
19
|
1,272
|
258
|
|||||||||||||||
Adjusted EBITDA
|
$
|
3,898
|
$
|
3,043
|
$
|
2,767
|
$
|
6,941
|
$
|
4,160
|