Pixelworks Reports Second Quarter 2015 Financial Results

SAN JOSE, Calif. — (BUSINESS WIRE) — July 30, 2015 — Pixelworks, Inc. (NASDAQ: PXLW), an innovative provider of video display processing technology enabling the highest quality viewing experience for displays of all sizes, today announced financial results for the second quarter ended June 30, 2015.

For the second quarter of 2015, revenue was $15.1 million, compared to $14.4 million in the prior quarter and $15.2 million in the second quarter of 2014. Revenue during the quarter reflected continued market share gains in the projector market, partially offset by lower shipments of chips into the TV and panel market.

On a GAAP basis, gross profit margin in the second quarter of 2015 was 48.0%, compared to 48.4% in the first quarter of 2015 and 50.5% in the year-ago quarter. Second quarter 2015 GAAP operating expenses were $9.7 million, compared to $10.2 million in the previous quarter and $9.6 million in the second quarter of 2014.

For the second quarter of 2015, the Company recorded a GAAP net loss of $2.8 million, or $0.12 per share, compared to a GAAP net loss of $3.4 million, or $0.14 per share, in the first quarter of 2015 and GAAP net loss of $2.4 million, or $0.11 per share, in the second quarter of 2014.

On a non-GAAP basis, second quarter 2015 gross profit margin was 48.3%, compared to 48.8% in the first quarter of 2015 and 51.0% in the year-ago quarter. Second quarter 2015 operating expenses on a non-GAAP basis were $8.8 million, compared to $9.2 million in the previous quarter and $8.7 million in the second quarter of 2014.

For the second quarter of 2015, non-GAAP net loss was $1.9 million, or $0.08 per share, compared to a non-GAAP net loss of $2.3 million, or $0.10 per share, in the first quarter of 2015 and non-GAAP net loss of $1.5 million, or $0.06 per share, in the second quarter of 2014. Adjusted EBITDA in the second quarter of 2015 was a negative $0.5 million, compared to a negative $1.1 million in the previous quarter and a positive $0.2 million in the second quarter of 2014.

"First half 2015 product revenue increased 15% over 2014, driven by continued growth in our chip business. Highlighting the quarter was the announcement of ASUS selecting Pixelworks’ Iris mobile display processor for its innovative Hero ZenPad tablet," said Bruce Walicek, President and CEO of Pixelworks. “The adoption of Iris by a recognized market leader such as ASUS for its flagship platform serves as important validation of Pixelworks’ mobile technology as well as Iris' value proposition to mobile OEMs. Also during the quarter, we formally introduced our second chip for the mobile market, and we expect to begin initial volume production of the Iris family during the third quarter.”

The Company will discuss the details of its business outlook for the third quarter of 2015 during its conference call scheduled for today, July 30, 2015, at 2:00 p.m. Pacific Time.

Conference Call Information

Pixelworks will host a conference call today at 2:00 p.m. Pacific Time, which can be accessed by calling 877-359-9508 and using passcode 92049777. A Web broadcast of the call can be accessed by visiting the Company's investor page at www.pixelworks.com. For those unable to listen to the live Web broadcast, it will be archived for approximately 30 days. A replay of the conference call will also be available through Thursday, August 6, 2015, and can be accessed by calling 855-859-2056 and using passcode 92049777.

About Pixelworks, Inc.

Pixelworks creates, develops and markets video display processing technology for digital video applications that demand the very highest quality images. At design centers around the world, Pixelworks engineers constantly push video performance to keep manufacturers of consumer electronics and professional displays worldwide on the leading edge. The company is headquartered in San Jose, CA.

For more information, please visit the company’s Web site at www.pixelworks.com.

Note: Pixelworks and the Pixelworks logo are registered trademarks of Pixelworks, Inc.

Non-GAAP Financial Measures

This earnings release makes reference to non-GAAP gross profit margins, non-GAAP operating expenses, non-GAAP net loss and non-GAAP net loss per share, which excludes stock-based compensation expense and additional amortization of a non-cancelable prepaid royalty, which are required under GAAP. The press release also reconciles GAAP net loss and adjusted EBITDA, which Pixelworks defines as GAAP net loss before interest expense and other, net, income tax provision, depreciation and amortization, as well as the specific items listed above. The Company believes these non-GAAP measures provide a meaningful perspective on the Company's core operating results and underlying cash flow dynamics, but cautions investors to consider these measures in addition to, not as a substitute for, its consolidated financial results as presented in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial measures is included in this earnings release which is available in the investor relations section of the Company's website.

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