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))
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 9.01 |
Financial Statements and Exhibits.
|
(d) |
Exhibits.
|
99.1 |
Press release dated October 17, 2016.
|
GIGPEAK, INC.
|
||
By:
|
/s/ Dr. Avi Katz
|
|
Name: Dr. Avi Katz
|
||
Title: Chief Executive Officer
|
||
Date: October 17, 2016
|
Exhibit
No.
|
Description
|
|
Press Release dated October 17, 2016.
|
· |
Q3 FY16 record revenue of $15.8 million, increasing for the 13th consecutive quarter, up 3 percent from $15.4 million in Q2 FY16, and up 52 percent from $10.4 million in Q3 FY15
|
· |
Q3 FY16 GAAP and record non-GAAP gross margin of 67 percent and 72 percent, respectively, compared with 66 percent and 71 percent, respectively, in Q2 FY16, and 64 percent and 66 percent, respectively, in Q3 FY15
|
· |
Q3 FY16 GAAP and record non-GAAP net income of $0.7 million and $3.5 million, respectively. This compares with GAAP and non-GAAP net income of $0.1 million and $2.6 million, respectively, in Q2 FY16, and $1.0 million and $2.3 million, respectively, in Q3 FY15
|
· |
Q3 FY16 GAAP and non-GAAP earnings per diluted share of $0.01 and $0.05, respectively. This compares with $0.00 and $0.05, respectively, in Q2 FY16, and $0.03 and $0.06, respectively, in Q3 FY15
|
· |
Q3 FY16 Adjusted EBITDA was a record of $4.6 million, and compares with $3.9 million in Q2 FY16 and $3.0 million in Q3 FY15
|
· |
Cash and cash equivalents as of September 25, 2016 were $38.4 million, compared with $45.8 million at the end of Q2 FY16. In Q3 FY16 the Company used approximately $7.1 million of cash to pay off a revolving line of credit, and also in Q3 FY16 the Company used approximately $750,000 of cash to pay down a portion of its existing five year term debt
|
· |
Revenue in Q4 FY16 is expected to be in a range of approximately $16.0 million to $16.2 million, which would be a new record for the Company, and would represent an increase of approximately 45 percent from the same quarter a year ago
|
September 25,
|
December 31,
|
Net Change
|
||||||||||||||
2016
|
2015
|
$
|
%
|
|||||||||||||
ASSETS
|
||||||||||||||||
Current assets:
|
||||||||||||||||
Cash and cash equivalents
|
$
|
38,363
|
$
|
30,245
|
$
|
8,118
|
27
|
%
|
||||||||
Accounts receivable, net
|
14,205
|
10,596
|
3,609
|
34
|
%
|
|||||||||||
Inventories
|
11,199
|
6,880
|
4,319
|
63
|
%
|
|||||||||||
Prepaid and other current assets
|
1,003
|
580
|
423
|
73
|
%
|
|||||||||||
Total current assets
|
64,770
|
48,301
|
16,469
|
34
|
%
|
|||||||||||
Property and equipment, net
|
3,730
|
3,133
|
597
|
19
|
%
|
|||||||||||
Intangible assets, net
|
27,705
|
4,530
|
23,175
|
512
|
%
|
|||||||||||
Goodwill
|
45,853
|
12,565
|
33,288
|
265
|
%
|
|||||||||||
Restricted cash
|
197
|
330
|
(133
|
)
|
(40
|
%)
|
||||||||||
Other assets
|
1,464
|
251
|
1,213
|
483
|
%
|
|||||||||||
Total assets
|
$
|
143,719
|
$
|
69,110
|
$
|
74,609
|
108
|
%
|
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||
Current liabilities:
|
||||||||||||||||
Accounts payable
|
$
|
8,675
|
$
|
3,659
|
$
|
5,016
|
137
|
%
|
||||||||
Accrued compensation
|
3,457
|
1,782
|
1,675
|
94
|
%
|
|||||||||||
Notes payable
|
2,905
|
-
|
2,905
|
-
|
||||||||||||
Other current liabilities
|
3,083
|
2,219
|
864
|
39
|
%
|
|||||||||||
Total current liabilities
|
18,120
|
7,660
|
10,460
|
137
|
%
|
|||||||||||
Pension liabilities
|
357
|
349
|
8
|
2
|
%
|
|||||||||||
Long term debt
|
10,555
|
-
|
10,555
|
-
|
||||||||||||
Other long-term liabilities
|
4,018
|
912
|
3,106
|
341
|
%
|
|||||||||||
Total liabilities
|
33,050
|
8,921
|
24,129
|
270
|
%
|
|||||||||||
Stockholders' Equity
|
||||||||||||||||
Common stock
|
68
|
45
|
23
|
51
|
%
|
|||||||||||
Preferred stock
|
-
|
-
|
-
|
-
|
||||||||||||
Additional paid-in capital
|
212,735
|
163,036
|
49,699
|
30
|
%
|
|||||||||||
Treasury stock, at cost; 701,754 shares as of September 25, 2016 and December 31, 2015
|
(2,209
|
)
|
(2,209
|
)
|
-
|
0
|
%
|
|||||||||
Accumulated other comprehensive income
|
386
|
332
|
54
|
16
|
%
|
|||||||||||
Accumulated deficit
|
(100,311
|
)
|
(101,015
|
)
|
704
|
(1
|
%)
|
|||||||||
Total stockholders' equity
|
110,669
|
60,189
|
50,480
|
84
|
%
|
|||||||||||
Total liabilities and stockholders' equity
|
$
|
143,719
|
$
|
69,110
|
$
|
74,609
|
108
|
%
|
Three months ended
|
Nine months ended
|
||||||||||||||||||||||||||||||||||
September 25,
2016
|
%
|
June 26,
2016
|
%
|
September 27,
2015
|
%
|
September 25,
2016
|
September 27,
2015
|
||||||||||||||||||||||||||||
Total revenue
|
$
|
15,796
|
100
|
%
|
$
|
15,368
|
100
|
%
|
$
|
10,419
|
100
|
%
|
$
|
42,526
|
100
|
%
|
$
|
29,319
|
100
|
%
|
|||||||||||||||
Total cost of revenue
|
5,148
|
33
|
%
|
5,193
|
34
|
%
|
3,762
|
36
|
%
|
14,024
|
33
|
%
|
11,040
|
38
|
%
|
||||||||||||||||||||
Gross profit
|
10,648
|
67
|
%
|
10,175
|
66
|
%
|
6,657
|
64
|
%
|
28,502
|
67
|
%
|
18,279
|
62
|
%
|
||||||||||||||||||||
Research and development expense
|
5,395
|
34
|
%
|
5,690
|
37
|
%
|
3,100
|
30
|
%
|
14,610
|
34
|
%
|
9,572
|
33
|
%
|
||||||||||||||||||||
Selling, general and administrative expense
|
4,360
|
28
|
%
|
4,006
|
26
|
%
|
2,468
|
24
|
%
|
12,528
|
29
|
%
|
7,680
|
26
|
%
|
||||||||||||||||||||
Total operating expenses
|
9,755
|
62
|
%
|
9,696
|
63
|
%
|
5,568
|
53
|
%
|
27,138
|
64
|
%
|
17,252
|
59
|
%
|
||||||||||||||||||||
Income from operations
|
893
|
6
|
%
|
479
|
3
|
%
|
1,089
|
10
|
%
|
1,364
|
3
|
%
|
1,027
|
4
|
%
|
||||||||||||||||||||
Interest expense, net
|
(236
|
)
|
-1
|
%
|
(256
|
)
|
-2
|
%
|
(6
|
)
|
0
|
%
|
(492
|
)
|
-1
|
%
|
(12
|
)
|
0
|
%
|
|||||||||||||||
Other income (expense), net
|
14
|
0
|
%
|
(81
|
)
|
-1
|
%
|
(5
|
)
|
0
|
%
|
(71
|
)
|
0
|
%
|
(23
|
)
|
0
|
%
|
||||||||||||||||
Income before provision for income taxes
|
671
|
4
|
%
|
142
|
1
|
%
|
1,078
|
10
|
%
|
801
|
2
|
%
|
992
|
3
|
%
|
||||||||||||||||||||
Provision for income taxes
|
-
|
0
|
%
|
57
|
0
|
%
|
48
|
0
|
%
|
97
|
0
|
%
|
73
|
0
|
%
|
||||||||||||||||||||
Income from consolidated companies
|
671
|
4
|
%
|
85
|
1
|
%
|
1,030
|
10
|
%
|
704
|
2
|
%
|
919
|
3
|
%
|
||||||||||||||||||||
Loss on equity method investment
|
-
|
0
|
%
|
-
|
0
|
%
|
-
|
0
|
%
|
-
|
0
|
%
|
3
|
0
|
%
|
||||||||||||||||||||
Net income
|
$
|
671
|
4
|
%
|
$
|
85
|
1
|
%
|
$
|
1,030
|
10
|
%
|
$
|
704
|
2
|
%
|
$
|
916
|
3
|
%
|
|||||||||||||||
Basic net income per share
|
$
|
0.01
|
$
|
0.00
|
$
|
0.03
|
$
|
0.01
|
$
|
0.03
|
|||||||||||||||||||||||||
Diluted net income per share
|
$
|
0.01
|
$
|
0.00
|
$
|
0.03
|
$
|
0.01
|
$
|
0.03
|
|||||||||||||||||||||||||
Weighted average number of shares used in basic net income per share calculation
|
67,623
|
54,791
|
36,769
|
55,734
|
34,060
|
||||||||||||||||||||||||||||||
Weighted average number of shares used in diluted net income per share calculation
|
69,399
|
57,656
|
38,497
|
58,427
|
35,109
|
Three months ended
|
Nine months ended
|
||||||||||||||||||||||||||||||||||
September 25,
2016
|
%
|
June 26,
2016
|
%
|
September 27,
2015
|
%
|
September 25,
2016
|
%
|
September 27,
2015
|
%
|
||||||||||||||||||||||||||
Total revenue
|
$
|
15,796
|
100
|
%
|
$
|
15,368
|
100
|
%
|
$
|
10,419
|
100
|
%
|
$
|
42,526
|
100
|
%
|
$
|
29,319
|
100
|
%
|
|||||||||||||||
Total cost of revenue
|
4,423
|
28
|
%
|
4,419
|
29
|
%
|
3,565
|
34
|
%
|
12,336
|
29
|
%
|
10,415
|
36
|
%
|
||||||||||||||||||||
Gross profit
|
11,373
|
72
|
%
|
10,949
|
71
|
%
|
6,854
|
66
|
%
|
30,190
|
71
|
%
|
18,904
|
64
|
%
|
||||||||||||||||||||
Research and development expense
|
5,020
|
32
|
%
|
5,313
|
35
|
%
|
2,813
|
27
|
%
|
13,437
|
32
|
%
|
8,641
|
29
|
%
|
||||||||||||||||||||
Selling, general and administrative expense
|
2,665
|
17
|
%
|
2,602
|
17
|
%
|
1,677
|
16
|
%
|
7,631
|
18
|
%
|
5,067
|
17
|
%
|
||||||||||||||||||||
Total operating expenses
|
7,685
|
49
|
%
|
7,915
|
52
|
%
|
4,490
|
43
|
%
|
21,068
|
50
|
%
|
13,708
|
47
|
%
|
||||||||||||||||||||
Income from operations
|
3,688
|
23
|
%
|
3,034
|
20
|
%
|
2,364
|
23
|
%
|
9,122
|
21
|
%
|
5,196
|
18
|
%
|
||||||||||||||||||||
Interest expense, net
|
(236
|
)
|
-1
|
%
|
(256
|
)
|
-2
|
%
|
(6
|
)
|
0
|
%
|
(492
|
)
|
-1
|
%
|
(12
|
)
|
0
|
%
|
|||||||||||||||
Other income (expense), net
|
14
|
0
|
%
|
(81
|
)
|
-1
|
%
|
(5
|
)
|
0
|
%
|
(71
|
)
|
0
|
%
|
(23
|
)
|
0
|
%
|
||||||||||||||||
Income before provision for income taxes
|
3,466
|
22
|
%
|
2,697
|
18
|
%
|
2,353
|
23
|
%
|
8,559
|
20
|
%
|
5,161
|
18
|
%
|
||||||||||||||||||||
Provision for income taxes
|
-
|
0
|
%
|
57
|
0
|
%
|
48
|
0
|
%
|
97
|
0
|
%
|
73
|
0
|
%
|
||||||||||||||||||||
Net income
|
$
|
3,466
|
22
|
%
|
$
|
2,640
|
17
|
%
|
$
|
2,305
|
22
|
%
|
$
|
8,462
|
20
|
%
|
$
|
5,088
|
17
|
%
|
|||||||||||||||
Basic net income per share
|
$
|
0.05
|
$
|
0.05
|
$
|
0.06
|
$
|
0.15
|
$
|
0.15
|
|||||||||||||||||||||||||
Diluted net income per share
|
$
|
0.05
|
$
|
0.05
|
$
|
0.06
|
$
|
0.14
|
$
|
0.14
|
|||||||||||||||||||||||||
Weighted average number of shares used in basic net income per share calculation
|
67,623
|
54,791
|
36,769
|
55,734
|
34,060
|
||||||||||||||||||||||||||||||
Weighted average number of shares used in diluted net income per share calculation
|
69,399
|
57,656
|
38,497
|
58,427
|
35,109
|
Three months ended,
|
Nine months ended
|
|||||||||||||||||||
September 25,
2016
|
June 26,
2016
|
September 27,
2015
|
September 25,
2016
|
September 27,
2015
|
||||||||||||||||
GAAP Total cost of revenue
|
$
|
5,148
|
$
|
5,193
|
$
|
3,762
|
$
|
14,024
|
$
|
11,040
|
||||||||||
Stock-based compensation
|
(74
|
)
|
(72
|
)
|
(94
|
)
|
(232
|
)
|
(315
|
)
|
||||||||||
Amortization of intangible assets
|
(641
|
)
|
(702
|
)
|
(103
|
)
|
(1,446
|
)
|
(310
|
)
|
||||||||||
Special bonus
|
(10
|
)
|
-
|
-
|
(10
|
)
|
-
|
|||||||||||||
Non-GAAP Total cost of revenue
|
$
|
4,423
|
$
|
4,419
|
$
|
3,565
|
$
|
12,336
|
$
|
10,415
|
||||||||||
GAAP Gross profit
|
$
|
10,648
|
$
|
10,175
|
$
|
6,657
|
$
|
28,502
|
$
|
18,279
|
||||||||||
Stock-based compensation
|
74
|
72
|
94
|
232
|
315
|
|||||||||||||||
Amortization of intangible assets
|
641
|
702
|
103
|
1,446
|
310
|
|||||||||||||||
Special bonus
|
10
|
-
|
-
|
10
|
-
|
|||||||||||||||
Non-GAAP Gross profit
|
$
|
11,373
|
$
|
10,949
|
$
|
6,854
|
$
|
30,190
|
$
|
18,904
|
||||||||||
GAAP Operating expenses
|
9,755
|
9,696
|
5,568
|
27,138
|
17,252
|
|||||||||||||||
Stock-based compensation
|
(1,023
|
)
|
(1,000
|
)
|
(844
|
)
|
(3,222
|
)
|
(2,812
|
)
|
||||||||||
Amortization of intangible assets
|
(312
|
)
|
(312
|
)
|
(120
|
)
|
(841
|
)
|
(360
|
)
|
||||||||||
Acquisition and strategic activities related costs
|
(50
|
)
|
(469
|
)
|
(114
|
)
|
(1,322
|
)
|
(372
|
)
|
||||||||||
Special bonus
|
(685
|
)
|
-
|
-
|
(685
|
)
|
-
|
|||||||||||||
Non-GAAP Operating expenses
|
$
|
7,685
|
$
|
7,915
|
$
|
4,490
|
$
|
21,068
|
$
|
13,708
|
||||||||||
GAAP Income from operations
|
893
|
479
|
1,089
|
1,364
|
1,027
|
|||||||||||||||
Stock-based compensation
|
1,097
|
1,072
|
938
|
3,454
|
3,127
|
|||||||||||||||
Amortization of intangible assets
|
953
|
1,014
|
223
|
2,287
|
670
|
|||||||||||||||
Acquisition and strategic activities related costs
|
50
|
469
|
114
|
1,322
|
372
|
|||||||||||||||
Special bonus
|
695
|
-
|
-
|
695
|
-
|
|||||||||||||||
Non-GAAP Income from operations
|
$
|
3,688
|
$
|
3,034
|
$
|
2,364
|
$
|
9,122
|
$
|
5,196
|
||||||||||
GAAP Net income
|
671
|
85
|
1,030
|
704
|
916
|
|||||||||||||||
Stock-based compensation
|
1,097
|
1,072
|
938
|
3,454
|
3,127
|
|||||||||||||||
Amortization of intangible assets
|
953
|
1,014
|
223
|
2,287
|
670
|
|||||||||||||||
Acquisition and strategic activities related costs
|
50
|
469
|
114
|
1,322
|
372
|
|||||||||||||||
Special bonus
|
695
|
-
|
-
|
695
|
-
|
|||||||||||||||
Loss on equity method investment
|
-
|
-
|
-
|
-
|
3
|
|||||||||||||||
Non-GAAP Net income
|
$
|
3,466
|
$
|
2,640
|
$
|
2,305
|
$
|
8,462
|
$
|
5,088
|
||||||||||
Adjusted EBITDA reconciliation:
|
||||||||||||||||||||
GAAP Income from operations
|
893
|
479
|
1,089
|
1,364
|
1,027
|
|||||||||||||||
Depreciation and amortization
|
1,866
|
1,878
|
868
|
4,707
|
2,643
|
|||||||||||||||
Stock-based compensation
|
1,097
|
1,072
|
938
|
3,454
|
3,127
|
|||||||||||||||
Acquisition and strategic activities related costs
|
50
|
469
|
114
|
1,322
|
372
|
|||||||||||||||
Special bonus
|
695
|
-
|
-
|
695
|
-
|
|||||||||||||||
Adjusted EBITDA
|
$
|
4,601
|
$
|
3,898
|
$
|
3,009
|
$
|
11,542
|
$
|
7,169
|