Pixelworks Inc. (PXLW, Financial) filed Quarterly Report for the period ended 2010-03-31.
Pixelworks Inc. has a market cap of $66.4 million; its shares were traded at around $4.94 with a P/E ratio of 24.8 and P/S ratio of 1.2. PXLW is in the portfolios of Jim Simons of Renaissance Technologies LLC.
At March 31, 2010, cash equivalents and short-term marketable securities included $10.2 million in money market funds and certificates of deposit, $3.6 million in commercial paper, $10.0 million in U.S. government agencies debt securities, and $1.7 million in corporate debt securities. At March 31, 2010, we also held a $6.4 million long-term strategic equity investment in a publicly traded corporation. All of our investments were denominated in U.S. dollars, and our portfolio did not contain direct exposure to subprime mortgages or structured vehicles that derive their value from subprime collateral.
Accounts receivable, net increased to $5.9 million at March 31, 2010 from $5.6 million at December 31, 2009. The average number of days sales outstanding increased to 29 days at March 31, 2010 from 26 days at December 31, 2009. This change was due to normal fluctuation in the timing of cash receipts.
Inventories, net decreased to $6.1 million at March 31, 2010 from $6.2 million at December 31, 2009. Inventory turnover on an annualized basis decreased to 6.1 at March 31, 2010 from 7.0 at December 31, 2009. The decrease in inventory turnover was due to an increase in our average inventory balance during the first quarter of 2010.
In 2004, we issued $150.0 million of 1.75% convertible subordinated debentures (the debentures) due 2024. In 2006, we repurchased and retired $10.0 million principal amount of the debentures and in 2008 we repurchased and retired $79.4 million principal amount of the debentures. In 2009, we repurchased and retired $44.9 million principal amount of the debentures for $31.5 million in cash, reducing the balance of our outstanding debentures to $15.8 million.
In September 2007, the Board of Directors authorized the repurchase of up to $10.0 million of the Companys common stock under a share repurchase program that expired in September 2009. We repurchased 228,600 shares for approximately $0.2 million in the first quarter of 2009 and no shares were repurchased during the remainder of 2009. Total cumulative repurchases under the plan were $7.1 million.
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Pixelworks Inc. has a market cap of $66.4 million; its shares were traded at around $4.94 with a P/E ratio of 24.8 and P/S ratio of 1.2. PXLW is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The benefit for income taxes recorded for the first quarter of 2010 was primarily due to a benefit of $5.3 million for the reversal of previously recorded tax contingencies, partially offset by current and deferred tax expense in profitable foreign jurisdictions and accruals for tax contingencies in foreign jurisdictions. In the first quarter of 2010 we also recorded a non-cash income tax benefit of approximately $0.2 million related to gains recorded within other comprehensive income during the quarter. In accordance with U.S. generally accepted accounting principles (GAAP), this benefit was exactly offset by income tax expense included in other comprehensive income.At March 31, 2010, cash equivalents and short-term marketable securities included $10.2 million in money market funds and certificates of deposit, $3.6 million in commercial paper, $10.0 million in U.S. government agencies debt securities, and $1.7 million in corporate debt securities. At March 31, 2010, we also held a $6.4 million long-term strategic equity investment in a publicly traded corporation. All of our investments were denominated in U.S. dollars, and our portfolio did not contain direct exposure to subprime mortgages or structured vehicles that derive their value from subprime collateral.
Accounts receivable, net increased to $5.9 million at March 31, 2010 from $5.6 million at December 31, 2009. The average number of days sales outstanding increased to 29 days at March 31, 2010 from 26 days at December 31, 2009. This change was due to normal fluctuation in the timing of cash receipts.
Inventories, net decreased to $6.1 million at March 31, 2010 from $6.2 million at December 31, 2009. Inventory turnover on an annualized basis decreased to 6.1 at March 31, 2010 from 7.0 at December 31, 2009. The decrease in inventory turnover was due to an increase in our average inventory balance during the first quarter of 2010.
In 2004, we issued $150.0 million of 1.75% convertible subordinated debentures (the debentures) due 2024. In 2006, we repurchased and retired $10.0 million principal amount of the debentures and in 2008 we repurchased and retired $79.4 million principal amount of the debentures. In 2009, we repurchased and retired $44.9 million principal amount of the debentures for $31.5 million in cash, reducing the balance of our outstanding debentures to $15.8 million.
In September 2007, the Board of Directors authorized the repurchase of up to $10.0 million of the Companys common stock under a share repurchase program that expired in September 2009. We repurchased 228,600 shares for approximately $0.2 million in the first quarter of 2009 and no shares were repurchased during the remainder of 2009. Total cumulative repurchases under the plan were $7.1 million.
Read the The complete Report
