Pixelworks Reports First Quarter 2015 Financial Results

SAN JOSE, Calif. — (BUSINESS WIRE) — April 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 first quarter ended March 31, 2015.

For the first quarter of 2015, revenue was $14.4 million, compared to $15.1 million in the prior quarter and $13.5 million in the first quarter of 2014. The year-over-year increase in revenue was primarily driven by 35 percent growth in chip revenue, reflecting market share gains in the projector market.

On a GAAP basis, gross profit margin in the first quarter of 2015 was 48.4%, compared to 50.0% in the fourth quarter of 2014 and 59.0% in the first quarter of 2014. First quarter 2015 GAAP operating expenses were $10.2 million, compared to $10.2 million in the previous quarter and $10.4 million in the first quarter of 2014.

For the first quarter of 2015, the Company recorded a GAAP net loss of $3.4 million, or $0.14 per share, compared to a GAAP net loss of $2.8 million, or $0.12 per share, in the fourth quarter of 2014 and GAAP net loss of $2.5 million, or $0.11 per share, in the first quarter of 2014.

On a non-GAAP basis, first quarter 2015 gross profit margin was 48.8%, compared to 50.3% in the fourth quarter of 2014 and 60.1% in the first quarter of 2014. First quarter 2015 gross margin was lower compared to the year-ago quarter as a result of a higher percentage of chip revenue. First quarter 2015 operating expenses on a non-GAAP basis were $9.2 million, compared to $8.8 million in the previous quarter and $8.8 million in the first quarter of 2014.

For the first quarter of 2015, the Company recorded a non-GAAP net loss of $2.3 million, or $0.10 per share, compared to a non-GAAP net loss of $1.4 million, or $0.06 per share, in the fourth quarter of 2014 and non-GAAP net loss of $0.8 million, or $0.04 per share, in the first quarter of 2014. Adjusted EBITDA in the first quarter of 2015 was a negative $1.1 million, compared to a negative $0.1 million in the previous quarter and a positive $0.5 million in the first quarter of 2014.

“First quarter revenue was higher year-over-year, led by significant growth in chip revenue, which increased 35% over Q1 2014,” said Bruce Walicek, President and CEO of Pixelworks. “Most notable during the quarter, we made significant progress with our mobile initiative and saw increasing traction with an expanding set of design wins. Additionally, we are currently on track to introduce and sample our second chip in the IRIS family later this quarter, and we expect to reach mass production on the IRIS family before year-end. I’m very pleased with our continued progress and remain confident that Pixelworks is well positioned to capitalize on the growing importance of video quality across all displays.”

The Company will discuss the details of its business outlook for the second quarter of 2015 during its conference call scheduled for today, April 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 21540819. 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, May 7, 2015, and can be accessed by calling 855-859-2056 and using passcode 21540819.

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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