Print
Email
Pixelworks Inc. (PXLW) filed Quarterly Report for the period ended 2011-09-30.
Pixelworks Inc. has a market cap of $36.1 million; its shares were traded at around $2.01 with and P/S ratio of 0.6.
This is the annual revenues and earnings per share of PXLW over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PXLW.
Highlight of Business Operations:
Net revenue decreased $7.6 million, or 14% from the first nine months of 2010 to the first nine months of 2011. The decrease was primarily attributable to a 19% decrease in ASP, partially offset by a 7% increase in units sold.Cost of revenue decreased to 53% of total revenue in the first nine months of 2011, down from 54% of total revenue in the first nine months of 2010. The percentage decrease resulted primarily from reduced inventory charges as we transitioned our customers to our next generation of MotionEngine® co-processor IC products as well as the elimination of amortization expense for acquired developed technology assets that were fully amortized as of the second quarter of 2010. These decreases were partially offset by an increase in direct product costs as a percentage of revenue due to customer transition to our new digital projector products and MotionEngine® co-processor IC products, which have higher material costs than earlier generation products, partially offset by improvements in our manufacturing processes and an increased benefit from scrap disposal.
The benefit for income taxes recorded for the third quarter of 2011 and 2010 was primarily due to a benefit of $0.6 million and $0.7 million, respectively, for the reversal of previously recorded tax contingencies due to the expiration of applicable statutes of limitation, partially offset by current and deferred tax expense for our profitable cost-plus foreign entities and accruals for tax contingencies in foreign jurisdictions.
The benefit for income taxes recorded for the first nine months of 2011 and 2010 was primarily due to a benefit of $1.0 million and $5.9 million, respectively, for the reversal of previously recorded tax contingencies due to the expiration of the applicable statutes of limitation, partially offset by current and deferred tax expense for our profitable cost-plus foreign entities and accruals for tax contingencies in foreign jurisdictions.
Inventories, net decreased to $4.7 million as of September 30, 2011 from $4.9 million as of December 31, 2010. Inventory turnover increased to 7.5 as of September 30, 2011 from 5.8 as of December 31, 2010, primarily due to lower average inventory balances and increased cost of goods sold, associated with increased revenue for the third quarter of 2011 compared to the fourth quarter of 2010. Inventory turnover is calculated based on annualized operating results and average inventory balances for the respective quarters.
Subscribe RSS
