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PDF Solutions(R) Reports First Quarter 2013 Results(GlobeNewswire Via Acquire Media NewsEdge) SAN JOSE, Calif., April 24, 2013 (GLOBE NEWSWIRE) -- PDF Solutions, Inc. ("PDF Solutions" or the "Company") (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, 2013. Total revenues for the first fiscal quarter of 2013 totaled $24.1 million, up 1% from $23.8 million for the fourth fiscal quarter of 2012 and up 17% when compared with total revenues of $20.6 million for the first fiscal quarter of 2012. Gainshare performance incentives revenues totaled $9.3 million, up 28% from $7.2 million for the fourth fiscal quarter of 2012 and up 28% when compared to gainshare performance incentives revenues of $7.3 million for the first fiscal quarter of 2012. On a GAAP basis, net income for the first fiscal quarter of 2013 was $4.7 million, or $0.16 per basic share and $0.15 per diluted share, compared to net income of $23.9 million, or $0.82 per basic and $0.78 per diluted share, for the fourth fiscal quarter of 2012, which results include the reversal of $19.9 million of the Company's deferred tax asset valuation allowance in such quarter, and net income of $3.5 million, or $0.12 per basic and diluted share, for the first fiscal quarter of 2012. Cash and cash equivalents were $63.2 million at March 31, 2013 compared to cash and cash equivalents of $61.6 million at December 31, 2012. Non-GAAP net income for the first fiscal quarter of 2013 was $6.7 million, or $0.22 per diluted share, compared to non-GAAP net income of $7.1 million, or $0.23 per diluted share, for the fourth fiscal quarter of 2012, and non-GAAP net income of $4.6 million, or $0.16 per diluted share for the first fiscal quarter of 2012. EBITDAR for the first fiscal quarter of 2013 was $8.1 million, or $0.26 per diluted share, compared to EBITDAR of $7.9 million, or $0.26 per diluted share, for the fourth fiscal quarter of 2012, and EBITDAR of $4.9 million, or $0.17 per diluted share for the first fiscal quarter of 2012. As previously announced, PDF Solutions will discuss these results on a live conference call beginning at 2:00 p.m. Pacific Time/5:00 p.m. Eastern Time today. The call will be simultaneously web cast on PDF Solutions' website at http://www.pdf.com/events. A replay of the web cast will be available at the same website address beginning approximately two hours after completion of the live call. 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 also be available on PDF Solutions' website at http://www.pdf.com/press-releases 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. Non-GAAP net income excludes the effects of stock-based compensation expenses, amortization of acquired technology and other acquired intangible assets, restructuring charges, and their related income tax effects, as applicable, as well as adjusts for the non-cash portion of income taxes. EBITDAR is calculated by taking GAAP net income, adding back stock-based compensation expenses, amortization of acquired technology and other acquired intangibles, restructuring charges, depreciation expense and income tax provision (benefit). These non-GAAP financial measures are used by management internally to measure the company's profitability and performance. PDF Solutions' management believes that these non-GAAP measures provide useful supplemental measures to investors regarding 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 (with the exception of restructuring charges) nor do they impact 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 or loss 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 Solutions 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 comparable GAAP financial measures to the non-GAAP financial measures 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® (CV®) 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®, and fault detection and classification software, mæstria®, 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 Canada, China, France, Germany, Italy, Japan, Korea, Singapore, and Taiwan. For the company's latest news and information, visit http://www.pdf.com/. Characterization Vehicle, CV, dataPOWER®, mæstria®, PDF Solutions®, and the PDF Solutions logo are registered trademarks of PDF Solutions, Inc. or its subsidiaries. PDF SOLUTIONS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(In thousands) March 31,December 31, 20132012 ASSETS Current assets: Cash and cash equivalents $ 63,183 $ 61,637 Accounts receivable, net 32,383 33,959 Deferred tax assets - current portion 7,742 3,589 Prepaid expenses and other current assets 4,692 3,413 Total current assets 108,000 102,598 Property and equipment, net 4,953 3,898 Intangible assets, net 86 104 Deferred tax assets - long-term portion 11,343 16,471 Other non-current assets 2,085 1,189 Total assets 126,467 124,260 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,347 $ 2,054 Accrued compensation and related benefits 5,886 10,723 Accrued and other current liabilities 2,018 2,882 Deferred revenues 3,763 3,232 Billings in excess of recognized revenues 648 807 Total current liabilities 13,662 19,698 Long-term income taxes payable 2,852 3,222 Other non-current liabilities 415 280 Total liabilities 16,929 23,200 Stockholders' equity: Common stock and additional paid-in-capital 224,133 220,365 Treasury stock at cost (27,630) (27,778) Accumulated deficit (86,847) (91,578) Accumulated other comprehensive income (loss) (118) 51 Total stockholders' equity 109,538 101,060 Total liabilities and stockholders' equity $ 126,467 $ 124,260 PDF SOLUTIONS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(In thousands, except per share amounts) Three months ended March 31,December 31, March 31, 201320122012 Revenues: Design-to-silicon-yield solutions $ 14,848 $ 16,577 $ 13,386 Gainshare performance incentives 9,262 7,238 7,257 Total revenues 24,110 23,815 20,643 Cost of design-to-silicon-yield solutions: Direct costs of design-to-silicon-yield solutions 9,657 9,406 8,572 Amortization of acquired technology -- -- 156 Total cost of design-to-silicon-yield solutions 9,657 9,406 8,728 Gross profit 14,453 14,409 11,915 Operating expenses: Research and development 3,363 3,600 3,157 Selling, general and administrative 4,794 4,477 4,905 Amortization of other acquired intangible assets 18 21 51 Restructuring charges (credits) (52) 1,806 (8) Total operating expenses 8,123 9,904 8,105 Income from operations 6,330 4,505 3,810 Interest and other income (expense), net 250 (82) (142) Income before income taxes 6,580 4,423 3,668 Income tax provision 1,848 (19,476) 169 Net income $ 4,732 $ 23,899 $ 3,499 Net income per share: Basic $ 0.16 $ 0.82 $ 0.12 Diluted $ 0.15 $ 0.78 $ 0.12 Weighted average common shares: Basic 29,353 29,134 28,384 Diluted 30,815 30,449 29,046 PDF SOLUTIONS, INC.RECONCILIATION OF GAAP TO NON-GAAP NET INCOME (UNAUDITED)(In thousands, except per share amounts) Three months ended March 31, December 31, March 31, 201320122012 GAAP net income $ 4,732 $ 23,899 $ 3,499 Adjustments to reconcile GAAP net income to non-GAAP net income: Stock-based compensation expense 1,309 1,415 905 Amortization of acquired technology -- -- 156 Amortization of other acquired intangible assets 18 21 51 Restructuring charges (credits) (52) 1,806 (8) Reversal of tax valuation allowance -- (19,863) -- Non-cash portion of income tax expense (benefit) 730 (165) (23) Non-GAAP net income $ 6,737 $ 7,113 $ 4,580 GAAP net income per diluted share $ 0.15 $ 0.78 $ 0.12 Non-GAAP net income per diluted share $ 0.22 $ 0.23 $ 0.16 Shares used in diluted shares calculation 30,815 30,449 29,046 PDF SOLUTIONS, INC.RECONCILIATION OF GAAP NET INCOME TO EBITDAR (UNAUDITED)(In thousands, except per share amounts) Three months ended March 31, December 31, March 31, 201320122012 GAAP net income 4,732 23,899 3,499 Adjustments to reconcile GAAP net income to EBITDAR: Stock-based compensation expense 1,309 1,415 905 Amortization of acquired technology -- -- 156 Amortization of other acquired intangible assets 18 21 51 Restructuring charges (credits) (52) 1,806 (8) Depreciation expense 256 199 90 Income tax provision (benefit) 1,848 (19,476) 169 EBITDAR $ 8,111 $ 7,864 $ 4,862 EBITDAR per diluted share $ 0.26 $ 0.26 $ 0.17 Shares used in diluted shares calculation 30,815 30,449 29,046CONTACT: Gregory Walker, VP, Finance and CFO Tel: (408) 938-6457 Email:[email protected] Sonia Segovia, IR Coordinator Tel: (408) 938-6491 Email: [email protected] Source: PDF Solutions, Inc. 2013 GlobeNewswire, Inc. |