PDF Solutions Reports First Quarter 2008 Results
PrimeNewswire, April 29, 2008 Tuesday 2:00 PM EST
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SAN JOSE, Calif., April 29, 2008 (PRIME NEWSWIRE) -- PDF Solutions, Inc. (Nasdaq:PDFS) the leading provider of yield improvement technologies and services for the integrated circuit (IC) manufacturing process life cycle, today announced financial results for its first fiscal quarter ended March 31, 2008.
Total revenue for the first fiscal quarter of 2008 totaled $20.3 million, a decrease of 8% compared with total revenue of $22.1 million for the first fiscal quarter of 2007. Gain share revenue for the first fiscal quarter of 2008 totaled $5.3 million, an increase of 9% compared to $4.9 million for the first fiscal quarter of 2007. The net loss for the first fiscal quarter of 2008 totaled $2.5 million, or $0.09 per basic and diluted share, compared with a net loss of $2.4 million, or $0.08 per basic and diluted share, for the first fiscal quarter of 2007.
In addition to using GAAP results in evaluating PDF Solutions' business, management also believes it is useful to measure results using a non-GAAP measure of net income (loss), which excludes stock-based compensation expense, amortization of acquired intangible assets, and their related income tax effects, as applicable. Using this non-GAAP measure, the net loss for the first fiscal quarter of 2008 totaled $429,000, or $0.02 per diluted share, compared with non-GAAP net income of $3.9 million, or $0.14 per diluted share, for the first fiscal quarter of 2007.
Additionally, during the first quarter ended March 31, 2008, PDF Solutions utilized a portion of the $10 million share repurchase plan previously authorized by its Board of Directors to repurchase 197,000 of its shares on the open market at a weighted average cost of $5.71, for a total repurchase value of $1.1 million.
As previously announced, PDF Solutions will discuss these results on a live conference call beginning at 3:00 p.m. Pacific Time/6:00 p.m. Eastern Time today. The call will be simultaneously web cast on PDF Solutions' website at http://ir.pdf.com/medialist.cfm. A replay of the web cast will be available at the same website address beginning approximately two hours after completion of the live call. Further, a copy of this press release, including the disclosure and reconciliation of certain non-GAAP financial measures to the comparable GAAP measures, which non-GAAP measures may be used periodically by PDF Solutions' management when discussing financial results with investors and analysts, will be available on PDF Solutions' website at http://www.pdf.com/news_archive.phtml following the date of this release.
Information Regarding Use of Non-GAAP Financial Measures
In addition to providing results that are determined in accordance with Generally Accepted Accounting Principles in the United States of America (GAAP), PDF Solutions also provides certain non-GAAP financial measures that exclude the effects of stock-based compensation expense, amortization of acquired intangible assets, and their related income tax effects, as applicable. PDF Solutions' management believes that the presentation of these measures provides useful supplemental information to investors regarding PDF's operating results. These non-GAAP financial measures are used by management internally to measure the company's profitability and performance. PDF's management believes that excluding e effects of stock-based compensation expense, amortization of acquired intangible assets, and their related income tax effects, as applicable, provides a useful supplemental measure of the company's ongoing operations in light of the fact that none of these categories of expense has a current effect on the future uses of cash, nor do they have use with regards to the generation of current or future revenues. These non-GAAP results should not be considered an alternative to, or a substitute for, GAAP financial information and may be different from similarly titled non-GAAP measures used by other companies. In particular, these non-GAAP financial measures are not a substitute for GAAP measures of income as a measure of performance, or to cash flows from operating, investing and financing activities as a measure of liquidity. Since management uses these non-GAAP financial measures internally to measure profitability and performance, PDF has included these non-GAAP measures to give investors an opportunity to see the company's financial results as viewed by management. A reconciliation of the non-GAAP financial measures to the comparable GAAP financial measure is provided at the end of the company's financial statements presented below.
About PDF Solutions
PDF Solutions, Inc. (Nasdaq:PDFS) is the leading provider of yield improvement technologies and services for the IC manufacturing process life cycle. PDF Solutions offers solutions that are designed to enable clients to lower costs of IC design and manufacture, enhance time to market, and improve profitability by addressing design and manufacturing interactions from product design to initial process ramps to mature manufacturing operations. PDF Solutions' Characterization Vehicle(r) (CV(r)) test chips provide the core modeling capabilities and are used by more leading manufacturers than any other test chips in the industry. PDF Solutions' industry leading yield management system software, dataPOWER(r), and fault detection and classification software, maestria (r), enhance yield improvement and production control activities at leading fabs around the world. Headquartered in San Jose, Calif., PDF Solutions operates worldwide with additional offices in China, Europe, Japan and Korea. For the company's latest news and information, visit http://www.pdf.com/.
Characterization Vehicle, CV, dataPOWER, maestria, PDF Solutions, and the PDF Solutions logo are registered trademarks of PDF Solutions, Inc.
The PDF Solutions, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3199
PDF SOLUTIONS, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
(In thousands) |
March 31, December 31, |
2008 2007 |
---------- ------------ |
ASSETS |
Current assets: |
Cash and cash equivalents $ 33,009 $ 35,315 |
Short-term investments 9,806 9,949 |
Accounts receivable 38,507 38,526 |
Prepaid expenses and other |
current assets 3,863 3,354 |
Deferred tax assets 1,991 1,676 |
---------- ---------- |
Total current assets 87,176 88,820 |
Property and equipment, net 3,487 3,621 |
Non-current investments 1,416 -- |
Goodwill 67,132 65,170 |
Intangible assets, net 12,009 12,818 |
Deferred tax assets and other assets 8,814 8,922 |
---------- ---------- |
Total assets $ 180,034 $ 179,351 |
========== ========== |
LIABILITIES AND STOCKHOLDERS' EQUITY |
Current liabilities: |
Current portion of long-term debt $ 431 $ 421 |
Accounts payable 2,209 3,469 |
Accrued compensation and related |
benefits 5,516 5,950 |
Other accrued liabilities 2,755 2,604 |
Taxes payable 576 208 |
Deferred revenue 4,504 3,159 |
Billings in excess of |
recognized revenue 354 553 |
---------- ---------- |
Total current liabilities 16,345 16,364 |
Long-term debt 948 907 |
Long-term taxes payable 5,698 5,581 |
Other liabilities 298 29 |
---------- ---------- |
Total liabilities 23,289 22,881 |
---------- ---------- |
Stockholders' equity: |
Preferred stock -- -- |
Common stock 4 4 |
Additional paid-in-capital 183,578 181,566 |
Treasury stock at cost (12,648) (11,524) |
Accumulated deficit (19,405) (16,892) |
Accumulated other comprehensive income 5,216 3,316 |
---------- ---------- |
Total stockholders' equity 156,745 156,470 |
---------- ---------- |
Total liabilities and |
stockholders' equity $ 180,034 $ 179,351 |
========== ========== |
PDF SOLUTIONS, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
(In thousands, except per share amounts) |
Three Months Ended March 31, |
---------------------------- |
2008 2007 |
------------- ------------- |
Revenues: |
Design-to-silicon-yield solutions: |
Services $ 13,328 $ 13,764 |
Software licenses 1,696 3,485 |
Gain share performance incentives 5,323 4,893 |
--------- --------- |
Total revenues 20,347 22,142 |
--------- --------- |
Cost of design-to-silicon-yield |
solutions: |
Services 7,682 7,708 |
Software licenses 84 59 |
Amortization of acquired technology 631 1,575 |
--------- --------- |
Total cost of design-to- |
silicon-yield solutions 8,397 9,342 |
--------- --------- |
Gross margin 11,950 12,800 |
Operating expenses: |
Research and development 9,076 8,370 |
Selling, general and administrative 6,299 5,844 |
Amortization of other acquired |
intangible assets 194 1,013 |
--------- --------- |
Total operating expenses 15,569 15,227 |
--------- --------- |
Loss from operations (3,619) (2,427) |
Interest and other income, net 489 496 |
--------- --------- |
Loss before taxes. (3,130) (1,931) |
Income tax provision (benefit) (617) 424 |
--------- --------- |
Net loss $ (2,513) $ (2,355) |
========= ========= |
Net loss per share - basic and diluted $ (0.09) $ (0.08) |
========= ========= |
Weighted average common shares - |
basic and diluted 27,840 27,980 |
========= ========= |
PDF SOLUTIONS, INC. |
NON-GAAP RESULTS |
(In thousands, except per share amounts) |
Three Months Ended |
March 31, |
2008 2007 |
--------- --------- |
GAAP net loss $ (2,513) $ (2,355) |
Stock-based compensation expense - |
cost of design-to-silicon-yield solutions 530 493 |
Stock-based compensation expense - |
research and development 595 563 |
Stock-based compensation expense - |
selling, general and administrative 858 782 |
Amortization of acquired core technology 631 1,575 |
Amortization of other acquired |
intangible assets 194 1,013 |
Tax impact on reversal of stock-based |
compensation and amortization of |
intangible assets (724) 1,809 |
--------- --------- |
Non-GAAP net income (loss) $ (429) $ 3,880 |
========= ========= |
Net loss per diluted share $ (0.09) $ (0.08) |
========= ========= |
Non-GAAP net income (loss) |
per diluted share $ (0.02) $ 0.14 |
========= ========= |
Shares used in computing diluted |
non-GAAP measure of net income |
(loss) per share 27,840 28,590 |
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