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 February 13, 2017.
|
GIGPEAK, INC.
|
||
By:
|
/s/ Dr. Avi Katz
|
|
Name: Dr. Avi Katz
|
||
Title: Chief Executive Officer
|
||
Date: February 13, 2017
|
Exhibit
No.
|
Description
|
|
Press Release dated February 13, 2017.
|
· |
In a separate announcement, it was announced today that GigPeak has entered into a definitive agreement to be acquired in an all cash transaction by Integrated Device Technology, Inc. (IDT®) (NASDAQ: IDTI), for total cash consideration of $3.08 per share, or approximately $250 million in cash, including various expenses and amounts paid to employees and directors
|
· |
Under the terms of the agreement, IDT will commence a cash tender offer for all outstanding shares of GigPeak for $3.08 per share in cash. This per share consideration would represent a premium of approximately 22% to GigPeak’s closing share price on February 10, 2017, and an approximately 30% premium to its last 9-month average trading price as of February 10, 2017
|
· |
The transaction has been unanimously approved by the board of directors of both companies, with closing expected during second quarter of calendar 2017, and the Board of Directors of GigPeak has resolved to recommend that stockholders accept the offer, once it is commenced
|
· |
Due to the announced definitive agreement with Integrated Device Technology, Inc., GigPeak will not be holding the previously announced conference call today to discuss its fourth quarter and fiscal year financial results
|
· |
FY16 record revenue of $58.7 million, an increase of 45 percent above the $40.4 million in FY15
|
· |
FY16 record GAAP net income of $2.2 million, or net income of $0.04 per diluted share, up from net income of $1.2 million, or $0.03 per diluted share in FY15
|
· |
FY16 record non-GAAP net income of $12.1 million, or net income of $0.20 per diluted share, up from net income $7.3 million, or $0.19 per diluted share in FY15. The earnings per diluted share results for FY16 and FY15 are based on an average diluted share count of 61.4 million and 38.1 million shares, respectively
|
· |
FY16 record Adjusted EBITDA of $16.5 million, up from $10.1 million in FY15
|
· |
Q4 FY16 record revenue of $16.2 million, up 3 percent from $15.8 million in Q3 FY16, and up 46 percent from $11.1 million in Q4 FY15
|
· |
Q4 FY16 record GAAP and non-GAAP gross margin of 71 percent and 74 percent, respectively. This compares with GAAP and non-GAAP gross margin of 67 percent and 72 percent, respectively, in Q3 FY16, and 65 percent and 67 percent, respectively, in Q4 FY15
|
· |
Q4 FY16 GAAP and record non-GAAP net income of $1.5 million and $3.6 million, respectively. This compares with GAAP and non-GAAP net income of $0.7 million and $3.5 million, respectively, in Q3 FY16, and $0.3 million and $2.2 million, respectively, in Q4 FY15
|
· |
Q4 FY16 GAAP and non-GAAP earnings per diluted share of $0.02 and $0.05, respectively. This compares with GAAP and non-GAAP earnings per diluted share $0.01 and $0.05, respectively, in Q3 FY16, and $0.01 and $0.05, respectively, in Q4 FY15. The earnings per diluted share results were based on share counts of 70.4 million, 69.4 million, and 47.1 million in Q4 FY16, Q3 FY16 and Q4 FY15, respectively
|
· |
Q4 FY16 Adjusted EBITDA was a record of $5.0 million, and compares with $4.6 million in Q3 FY16 and $2.9 million in Q4 FY15
|
· |
Cash and cash equivalents and restricted cash as of December 31, 2016, were $35.8 million, compared with $38.6 million at the end of Q3 FY16
|
· |
The Company will not be providing a financial outlook due to the announced definitive agreement with Integrated Device Technology, Inc.
|
December 31,
|
December 31,
|
Net Change
|
||||||||||||||
2016
|
2015
|
$
|
|
%
|
||||||||||||
ASSETS
|
||||||||||||||||
Current assets:
|
||||||||||||||||
Cash and cash equivalents
|
$
|
35,757
|
$
|
30,245
|
$
|
5,512
|
18
|
%
|
||||||||
Accounts receivable, net
|
15,258
|
10,596
|
4,662
|
44
|
%
|
|||||||||||
Inventories
|
13,687
|
6,880
|
6,807
|
99
|
%
|
|||||||||||
Prepaid and other current assets
|
658
|
580
|
78
|
13
|
%
|
|||||||||||
Total current assets
|
65,360
|
48,301
|
17,059
|
35
|
%
|
|||||||||||
Property and equipment, net
|
3,840
|
3,133
|
707
|
23
|
%
|
|||||||||||
Intangible assets, net
|
26,717
|
4,530
|
22,187
|
490
|
%
|
|||||||||||
Goodwill
|
42,977
|
12,565
|
30,412
|
242
|
%
|
|||||||||||
Restricted cash
|
87
|
330
|
(243
|
)
|
(74
|
%)
|
||||||||||
Other assets
|
1,454
|
251
|
1,203
|
479
|
%
|
|||||||||||
Total assets
|
$
|
140,435
|
$
|
69,110
|
$
|
71,325
|
103
|
%
|
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||
Current liabilities:
|
||||||||||||||||
Accounts payable
|
$
|
7,093
|
$
|
3,659
|
$
|
3,434
|
94
|
%
|
||||||||
Accrued compensation
|
3,166
|
1,782
|
1,384
|
78
|
%
|
|||||||||||
Notes payable, current
|
2,898
|
-
|
2,898
|
-
|
||||||||||||
Other current liabilities
|
2,872
|
2,219
|
653
|
29
|
%
|
|||||||||||
Total current liabilities
|
16,029
|
7,660
|
8,369
|
109
|
%
|
|||||||||||
Pension liabilities
|
345
|
349
|
(4
|
)
|
(1
|
%)
|
||||||||||
Notes payable, net of current portion
|
9,853
|
-
|
9,853
|
-
|
||||||||||||
Other long-term liabilities
|
3,896
|
912
|
2,984
|
327
|
%
|
|||||||||||
Total liabilities
|
30,123
|
8,921
|
21,202
|
238
|
%
|
|||||||||||
Stockholders' Equity
|
||||||||||||||||
Common stock
|
69
|
45
|
24
|
53
|
%
|
|||||||||||
Additional paid-in capital
|
213,557
|
163,036
|
50,521
|
31
|
%
|
|||||||||||
Treasury stock, at cost; 1,781,142 shares and 701,754 as of December 31, 2016 and 2015, respectively
|
(4,972
|
)
|
(2,209
|
)
|
(2,763
|
)
|
125
|
%
|
||||||||
Accumulated other comprehensive income
|
440
|
332
|
108
|
33
|
%
|
|||||||||||
Accumulated deficit
|
(98,782
|
)
|
(101,015
|
)
|
2,233
|
(2
|
%)
|
|||||||||
Total stockholders' equity
|
110,312
|
60,189
|
50,123
|
83
|
%
|
|||||||||||
Total liabilities and stockholders' equity
|
$
|
140,435
|
$
|
69,110
|
$
|
71,325
|
103
|
%
|
Three months ended
|
Twelve months ended
|
|||||||||||||||||||||||||||||||||||||||
December 31,
2016 |
%
|
September 25,
2016 |
%
|
December 31,
2015 |
%
|
December 31,
2016 |
%
|
December 31,
2015 |
%
|
|||||||||||||||||||||||||||||||
Total revenue
|
$
|
16,217
|
100
|
%
|
$
|
15,796
|
100
|
%
|
$
|
11,075
|
100
|
%
|
$
|
58,743
|
100
|
%
|
$
|
40,394
|
100
|
%
|
||||||||||||||||||||
Total cost of revenue
|
4,706
|
29
|
%
|
5,148
|
33
|
%
|
3,858
|
35
|
%
|
18,730
|
32
|
%
|
14,898
|
37
|
%
|
|||||||||||||||||||||||||
Gross profit
|
11,511
|
71
|
%
|
10,648
|
67
|
%
|
7,217
|
65
|
%
|
40,013
|
68
|
%
|
25,496
|
63
|
%
|
|||||||||||||||||||||||||
Research and development expense
|
5,704
|
35
|
%
|
5,395
|
34
|
%
|
3,383
|
31
|
%
|
20,314
|
35
|
%
|
12,955
|
32
|
%
|
|||||||||||||||||||||||||
Selling, general and administrative expense
|
3,808
|
23
|
%
|
4,360
|
28
|
%
|
3,447
|
31
|
%
|
16,336
|
28
|
%
|
11,127
|
28
|
%
|
|||||||||||||||||||||||||
Total operating expenses
|
9,512
|
59
|
%
|
9,755
|
62
|
%
|
6,830
|
62
|
%
|
36,650
|
62
|
%
|
24,082
|
60
|
%
|
|||||||||||||||||||||||||
Income from operations
|
1,999
|
12
|
%
|
893
|
6
|
%
|
387
|
3
|
%
|
3,363
|
6
|
%
|
1,414
|
4
|
%
|
|||||||||||||||||||||||||
Interest expense, net
|
(182
|
)
|
-1
|
%
|
(236
|
)
|
-1
|
%
|
(7
|
)
|
0
|
%
|
(674
|
)
|
-1
|
%
|
(19
|
)
|
0
|
%
|
||||||||||||||||||||
Other income (expense), net
|
(146
|
)
|
-1
|
%
|
14
|
0
|
%
|
(53
|
)
|
0
|
%
|
(217
|
)
|
0
|
%
|
(76
|
)
|
0
|
%
|
|||||||||||||||||||||
Income before provision for (benefit from) income taxes
|
1,671
|
10
|
%
|
671
|
4
|
%
|
327
|
3
|
%
|
2,472
|
4
|
%
|
1,319
|
3
|
%
|
|||||||||||||||||||||||||
Provision for (benefit from) income taxes
|
142
|
1
|
%
|
-
|
0
|
%
|
(6
|
)
|
0
|
%
|
239
|
0
|
%
|
67
|
0
|
%
|
||||||||||||||||||||||||
Income from consolidated companies
|
1,529
|
9
|
%
|
671
|
4
|
%
|
333
|
3
|
%
|
2,233
|
4
|
%
|
1,252
|
3
|
%
|
|||||||||||||||||||||||||
Loss on equity method investment
|
-
|
0
|
%
|
-
|
0
|
%
|
-
|
0
|
%
|
-
|
0
|
%
|
3
|
0
|
%
|
|||||||||||||||||||||||||
Net income
|
$
|
1,529
|
9
|
%
|
$
|
671
|
4
|
%
|
$
|
333
|
3
|
%
|
$
|
2,233
|
4
|
%
|
$
|
1,249
|
3
|
%
|
||||||||||||||||||||
Basic net income per share
|
$
|
0.02
|
$
|
0.01
|
$
|
0.01
|
$
|
0.04
|
$
|
0.03
|
||||||||||||||||||||||||||||||
Diluted net income per share
|
$
|
0.02
|
$
|
0.01
|
$
|
0.01
|
$
|
0.04
|
$
|
0.03
|
||||||||||||||||||||||||||||||
Weighted average number of shares used in basic net income per share calculation
|
67,647
|
67,623
|
44,317
|
58,713
|
36,624
|
|||||||||||||||||||||||||||||||||||
Weighted average number of shares used in diluted net income per share calculation
|
70,369
|
69,399
|
47,128
|
61,412
|
38,114
|
Three months ended
|
Twelve months ended
|
|||||||||||||||||||||||||||||||||||||||
December 31,
2016 |
%
|
September 25,
2016 |
%
|
December 31,
2015 |
%
|
December 31,
2016 |
%
|
December 31,
2015 |
%
|
|||||||||||||||||||||||||||||||
Total revenue
|
$
|
16,217
|
100
|
%
|
$
|
15,796
|
100
|
%
|
$
|
11,075
|
100
|
%
|
$
|
58,743
|
100
|
%
|
$
|
40,394
|
100
|
%
|
||||||||||||||||||||
Total cost of revenue
|
4,219
|
26
|
%
|
4,423
|
28
|
%
|
3,680
|
33
|
%
|
16,555
|
28
|
%
|
14,095
|
35
|
%
|
|||||||||||||||||||||||||
Gross profit
|
11,998
|
74
|
%
|
11,373
|
72
|
%
|
7,395
|
67
|
%
|
42,188
|
72
|
%
|
26,299
|
65
|
%
|
|||||||||||||||||||||||||
Research and development expense
|
5,291
|
33
|
%
|
5,020
|
32
|
%
|
2,991
|
27
|
%
|
18,728
|
32
|
%
|
11,454
|
28
|
%
|
|||||||||||||||||||||||||
Selling, general and administrative expense
|
2,646
|
16
|
%
|
2,665
|
17
|
%
|
2,134
|
19
|
%
|
10,277
|
17
|
%
|
7,374
|
18
|
%
|
|||||||||||||||||||||||||
Total operating expenses
|
7,937
|
49
|
%
|
7,685
|
49
|
%
|
5,125
|
46
|
%
|
29,005
|
49
|
%
|
18,828
|
47
|
%
|
|||||||||||||||||||||||||
Income from operations
|
4,061
|
25
|
%
|
3,688
|
23
|
%
|
2,270
|
20
|
%
|
13,183
|
22
|
%
|
7,471
|
18
|
%
|
|||||||||||||||||||||||||
Interest expense, net
|
(182
|
)
|
-1
|
%
|
(236
|
)
|
-1
|
%
|
(7
|
)
|
0
|
%
|
(674
|
)
|
-1
|
%
|
(19
|
)
|
0
|
%
|
||||||||||||||||||||
Other income (expense), net
|
(146
|
)
|
-1
|
%
|
14
|
0
|
%
|
(53
|
)
|
0
|
%
|
(217
|
)
|
0
|
%
|
(76
|
)
|
0
|
%
|
|||||||||||||||||||||
Income before provision for (benefit from) income taxes
|
3,733
|
23
|
%
|
3,466
|
22
|
%
|
2,210
|
20
|
%
|
12,292
|
21
|
%
|
7,376
|
18
|
%
|
|||||||||||||||||||||||||
Provision for (benefit from) income taxes
|
142
|
1
|
%
|
-
|
0
|
%
|
(6
|
)
|
0
|
%
|
239
|
0
|
%
|
67
|
0
|
%
|
||||||||||||||||||||||||
Net income
|
$
|
3,591
|
22
|
%
|
$
|
3,466
|
22
|
%
|
$
|
2,216
|
20
|
%
|
$
|
12,053
|
21
|
%
|
$
|
7,309
|
18
|
%
|
||||||||||||||||||||
Basic net income per share
|
$
|
0.05
|
$
|
0.05
|
$
|
0.05
|
$
|
0.21
|
$
|
0.20
|
||||||||||||||||||||||||||||||
Diluted net income per share
|
$
|
0.05
|
$
|
0.05
|
$
|
0.05
|
$
|
0.20
|
$
|
0.19
|
||||||||||||||||||||||||||||||
Weighted average number of shares used in basic net income per share calculation
|
67,647
|
67,623
|
44,317
|
58,713
|
36,624
|
|||||||||||||||||||||||||||||||||||
Weighted average number of shares used in diluted net income per share calculation
|
70,369
|
69,399
|
47,128
|
61,412
|
38,114
|
Three months ended,
|
Twelve months ended
|
|||||||||||||||||||
December 31,
2016 |
September 25,
2016 |
December 31,
2015 |
December 31,
2016 |
December 31,
2015 |
||||||||||||||||
GAAP Total cost of revenue
|
$
|
4,706
|
$
|
5,148
|
$
|
3,858
|
$
|
18,730
|
$
|
14,898
|
||||||||||
Stock-based compensation
|
(61
|
)
|
(74
|
)
|
(72
|
)
|
(293
|
)
|
(387
|
)
|
||||||||||
Amortization of intangible assets
|
(426
|
)
|
(641
|
)
|
(103
|
)
|
(1,872
|
)
|
(413
|
)
|
||||||||||
Special bonus
|
-
|
(10
|
)
|
(3
|
)
|
(10
|
)
|
(3
|
)
|
|||||||||||
Non-GAAP Total cost of revenue
|
$
|
4,219
|
$
|
4,423
|
$
|
3,680
|
$
|
16,555
|
$
|
14,095
|
||||||||||
GAAP Gross profit
|
$
|
11,511
|
$
|
10,648
|
$
|
7,217
|
$
|
40,013
|
$
|
25,496
|
||||||||||
Stock-based compensation
|
61
|
74
|
72
|
293
|
387
|
|||||||||||||||
Amortization of intangible assets
|
426
|
641
|
103
|
1,872
|
413
|
|||||||||||||||
Special bonus
|
-
|
10
|
3
|
10
|
3
|
|||||||||||||||
Non-GAAP Gross profit
|
$
|
11,998
|
$
|
11,373
|
$
|
7,395
|
$
|
42,188
|
$
|
26,299
|
||||||||||
GAAP Operating expenses
|
$ |
9,512
|
$ |
9,755
|
$ |
6,830
|
$ |
36,650
|
$ |
24,082
|
||||||||||
Stock-based compensation
|
(1,072
|
)
|
(1,023
|
)
|
(644
|
)
|
(4,294
|
)
|
(3,461
|
)
|
||||||||||
Amortization of intangible assets
|
(314
|
)
|
(312
|
)
|
(218
|
)
|
(1,155
|
)
|
(578
|
)
|
||||||||||
Acquisition and strategic activities related costs
|
(189
|
)
|
(50
|
)
|
(296
|
)
|
(1,511
|
)
|
(668
|
)
|
||||||||||
Special bonus
|
-
|
(685
|
)
|
(547
|
)
|
(685
|
)
|
(547
|
)
|
|||||||||||
Non-GAAP Operating expenses
|
$
|
7,937
|
$
|
7,685
|
$
|
5,125
|
$
|
29,005
|
$
|
18,828
|
||||||||||
GAAP Income from operations
|
$ |
1,999
|
$ |
893
|
$ |
387
|
$ |
3,363
|
$ |
1,414
|
||||||||||
Stock-based compensation
|
1,133
|
1,097
|
716
|
4,587
|
3,848
|
|||||||||||||||
Amortization of intangible assets
|
740
|
953
|
321
|
3,027
|
991
|
|||||||||||||||
Acquisition and strategic activities related costs
|
189
|
50
|
296
|
1,511
|
668
|
|||||||||||||||
Special bonus
|
-
|
695
|
550
|
695
|
550
|
|||||||||||||||
Non-GAAP Income from operations
|
$
|
4,061
|
$
|
3,688
|
$
|
2,270
|
$
|
13,183
|
$
|
7,471
|
||||||||||
GAAP Net income
|
$ |
1,529
|
$ |
671
|
$ |
333
|
$ |
2,233
|
$ |
1,249
|
||||||||||
Stock-based compensation
|
1,133
|
1,097
|
716
|
4,587
|
3,848
|
|||||||||||||||
Amortization of intangible assets
|
740
|
953
|
321
|
3,027
|
991
|
|||||||||||||||
Acquisition and strategic activities related costs
|
189
|
50
|
296
|
1,511
|
668
|
|||||||||||||||
Special bonus
|
-
|
695
|
550
|
695
|
550
|
|||||||||||||||
Loss on equity method investment
|
-
|
-
|
-
|
-
|
3
|
|||||||||||||||
Non-GAAP Net income
|
$
|
3,591
|
$
|
3,466
|
$
|
2,216
|
$
|
12,053
|
$
|
7,309
|
||||||||||
Adjusted EBITDA reconciliation:
|
||||||||||||||||||||
GAAP Income from operations
|
$ |
1,999
|
$ |
893
|
$ |
387
|
$ |
3,363
|
$ |
1,414
|
||||||||||
Depreciation and amortization
|
1,636
|
1,866
|
951
|
6,343
|
3,595
|
|||||||||||||||
Stock-based compensation
|
1,133
|
1,097
|
716
|
4,587
|
3,848
|
|||||||||||||||
Acquisition and strategic activities related costs
|
189
|
50
|
296
|
1,511
|
668
|
|||||||||||||||
Special bonus
|
-
|
695
|
550
|
695
|
550
|
|||||||||||||||
Adjusted EBITDA
|
$
|
4,957
|
$
|
4,601
|
$
|
2,900
|
$
|
16,499
|
$
|
10,075
|