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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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UNITED STATES FORM 8-K
CURRENT REPORT
Date of Report (Date of earliest event reported):
Sigma Designs, Inc.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
May 24, 2005
(Exact name of registrant as specified in its charter)
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1221 California Circle
Milpitas, California 95035
(408) 262-9003
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o 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
On May 24, 2005, Sigma Designs, Inc. issued a press release reporting first quarter results. The press release is attached as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. |
Description |
99.1 |
Press Release of Sigma Designs, Inc., dated as of May 24, 2005, entitled "Sigma Designs, Inc. Reports First Quarter Results." |
SIGNATURES
Pursuant to the requirements of the Security Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: May 24, 2005
Sigma Designs, Inc. |
By: | /s/ KIT TSUI |
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Kit Tsui | |
Chief Financial Officer and Secretary (Principal Financial Officer and Accounting Officer) |
Exhibit Index
Exhibit No. |
Description |
99.1 |
Press Release of Sigma Designs, Inc., dated as of May 24, 2005, entitled "Sigma Designs, Inc. Reports First Quarter Results." PDF |
PDF Also provided in PDF format as a courtesy.
Exhibit 99.1
Investor Relations Contact: Ken Lowe |
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For Immediate Release
SIGMA DESIGNS, INC. REPORTS FIRST QUARTER RESULTS
MILPITAS, Calif.-May 24, 2005-Sigma Designs®, Inc. (Nasdaq: SIGM), a leader in digital media processors for consumer appliances, announced results for its first fiscal quarter ended April 30, 2005.
Net revenues for the first quarter were $6,375,000, down 19% from $7,888,000 for the previous quarter and down 18% from $7,784,000 reported for the same period last year. Sigma reported a net loss of $717,000 or $0.03 per basic and diluted share in the first quarter. This compares to net loss of $17,000, or $0.00 per basic and diluted share for the previous quarter, and net income of $163,000 or $0.01 per basic and diluted share during the same period one year ago. The decrease in revenue is primarily attributable to decreased sales of the company's EM8620 media processors.
"We are disappointed with this first quarter drop in revenues, however we are confident in our ability to rebound. Based on existing design wins, we anticipate revenue growth in the second quarter. We are also currently engaged in several IPTV opportunities, high-definition DVD players, and other new consumer products which, combined have the potential to generate increased revenues by the end of this year. Our flagship SMP8630 series continues to open doors at top-tier accounts where time-to-market for next generation products is imperative," stated Thinh Tran, chairman and chief executive officer, Sigma Designs.
Recent business developments include:
The conference call relating to first quarter results will take place following this announcement at 5:00 PM EDT today, May 24. The dial-in number is 866-761-0748 (international callers dial 617-614-2706) and the passcode is 75036241. Investors will have the opportunity to listen live to the conference call via the Internet through www.sigmadesigns.com/investors/overview or over CCBN's Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN's individual investor center at www.fulldisclosure.com or by visiting any of the investor sites in CCBN's Individual Investor Network. Institutional investors can access the call via CCBN's password-protected event management site, StreetEvents (www.streetevents.com). To listen to the live call, please go to the Web site at least 15 minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call by dialing into 1-888-286-8010 (international callers dial 617-801-6888) and use passcode 63523885. The audio replay will be available for one week after the call. For further information, please see the link on our website at www.sigmadesigns.com/.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding our expected ability to rebound in the second quarter, the anticipation of revenue growth starting in the second quarter and our expectation that our engagement in several IPTV opportunities, high-definition DVD players, and other new consumer products have the potential to generate increased revenues by the end of this year. Actual results may vary materially due to a number of factors including, but not limited to, general economic conditions, including continuance of the current economic conditions specific to the semiconductor industry, the rate of growth of the set-top box market in general, our ability to deploy and achieve market acceptance for Sigma products in these markets, the ability of our REALmagic MPEG silicon to compete with other technologies or products in these emerging markets, the risk that such products will not gain widespread acceptance, or will be rendered obsolete, by product offerings of competitors or by alternative technologies, the risk that anticipated design wins will not materialize and that actual design wins will not translate into launched product offerings, and other risks including delays in the manufacturer's deployment of set-top boxes. Other risk factors are detailed from time to time in our SEC reports, including the report on Form 10-K for the year ended January 31, 2005. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Sigma undertakes no obligation to publicly release or otherwise disclose the result of any revision to these forward-looking statements that may be made as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
About Sigma Designs, Inc.
Sigma Designs (Nasdaq: SIGM) specializes in silicon-based MPEG decoding for streaming video, progressive DVD playback, and advanced digital set-top boxes. Sigma's award-winning REALmagic® Video Technology is used in both commercial and consumer applications providing highly integrated solutions for high-quality decoding of MPEG-1, MPEG-2 and MPEG-4. Headquartered in Milpitas, Calif., Sigma also has sales offices in China, Europe, Hong Kong, Japan, Korea and Taiwan. For more information, please visit our web site at www.sigmadesigns.com/.
REALmagic and Sigma Designs are registered trademarks of Sigma Designs. All other products and companies referred to herein are trademarks or registered trademarks of their respective companies.
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Following are comparative highlights of the first quarter of fiscal 2006 and 2005: | ||||
Quarter ended April 30, | 2005 | 2004 | ||
Net revenues | $ 6,375,000 | $ 7,784,000 | ||
Net income (loss) | $ (717,000) | $ 163,000 | ||
Basic net income (loss) per share | $ (0.03) | $ 0.01 | ||
Basic weighted average shares | 21,188,000 | 20,674,000 | ||
Diluted net income (loss) per share | $ (0.03) | $ 0.01 | ||
Diluted weighted average shares | 21,188,000 | 23,326,000 |
SIGMA DESIGNS, INC. | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(In thousands) | |||
(Unaudited) | |||
April 30, | January 31, | ||
2005
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2005*
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Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 14,824 | $ 10,250 | |
Short-term investments | 5,289 | 8,529 | |
Accounts receivable - net | 4,220 | 6,417 | |
Inventories | 3,373 | 3,675 | |
Prepaid expenses and other current assets |
613
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764
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Total current assets | 28,319 | 29,635 | |
Equipment and leasehold improvements, net | 1,873 | 1,756 | |
Long-term investments | 3,313 | 3,313 | |
Other assets |
171
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233
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Total |
$ 33,676
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$ 34,937
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Liabilities and shareholders' equity | |||
Current liabilities: | |||
Accounts payable | $ 1,795 | $ 3,540 | |
Accrued liabilities | 2,207 | 2,097 | |
Current portion of bank line of credit |
189
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Total current liabilities | 4,191 | 5,637 | |
Bank line of credit | 397 | - | |
Other long-term liabilities | 168 | 188 | |
Shareholders' equity: | |||
Common stock | 88,737 | 88,207 | |
Accumulated other comprehensive income | 24 | 28 | |
Accumulated deficit |
(59,841)
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(59,123)
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Total shareholders' equity |
28,920
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29,112
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Total |
$ 33,676
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$ 34,937
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*Derived from audited balance sheet included in the Company's annual report on Form 10-K for the year | |||
ended January 31, 2005. |
SIGMA DESIGNS, INC. | ||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
(In thousands, except per share data) | ||||
(Unaudited) | ||||
Three months ended | ||||
April 30,
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2005 | 2004 | |||
Net revenues | $ 6,375 | $ 7,784 | ||
Costs and expenses: | ||||
Costs of revenues | 2,262 | 2,635 | ||
Research and development | 3,565 | 3,104 | ||
Sales and marketing | 1,212 | 1,204 | ||
General and administrative |
1,235
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714
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Total costs and expenses |
8,274
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7,657
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Income (loss) from operations | (1,899) | 127 | ||
Interest and other income (expense), net |
1,185
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37
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Income (loss) before income taxes | (714) | 164 | ||
Provision for income taxes |
3
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1
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Net income (loss) |
$ (717)
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$ 163
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Basic net income (loss) per share | $ (0.03) | $ 0.01 | ||
Shares used in computing per share amount | 21,188 | 20,674 | ||
Diluted net income (loss) per share | $ (0.03) | $ 0.01 | ||
Shares used in computing per share amount | 21,188 | 23,326 |
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