Free Research Report as Pixelworks’ Quarterly Revenue Advanced 15%

LONDON, UK / ACCESSWIRE / March 29, 2018 / Active-Investors.com has just released a free earnings report on Pixelworks, Inc. (NASDAQ: PXLW). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PXLW. Pixelworks reported its fourth quarter fiscal 2017 operating and financial results on February 15, 2018. The maker of chips used in high-end digital video devices outperformed top- and bottom-line expectations and provided guidance for the upcoming quarter. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Pixelworks most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=PXLW

Earnings Highlights and Summary

For the fourth quarter 2017, Pixelworks’ revenue was $18.4 million compared to $16.0 million in Q4 2016. The y-o-y growth in revenue was primarily driven by higher demand for chips sold into the digital projection market as well as contribution from the video delivery business the Company acquired in August 2017. Pixelworks’ reported numbers beat analysts’ estimates by $0.31 million.

During Q4 2017, Pixelworks’ revenue from digital projector was approximately $15.1 million; mobile revenue was approximately $420,000; and revenue from video delivery totaled $2.5 million. Additionally, the Company recorded approximately 400,000 of legacy TV monitor products sold.

For the full year 2017, Pixelworks’ revenue was $80.6 million, which included approximately $15.3 million of end-of-life (EOL) product revenue compared to full year revenue of $53.4 million in 2016. Excluding the contributions from EOL, the Company’s revenue surged 34.6% on a y-o-y basis for FY17.

On a GAAP basis, Pixelworks reported gross profit margin of 49.7% in Q4 2017 compared to 53.2% in Q4 2016. On a non-GAAP basis, the Company’s reported quarter gross profit margin was 56.9% versus 53.6% in the prior year’s comparable quarter.

During Q4 2017, Pixelworks’ GAAP operating expenses were $12.2 million compared to $8.1 million in Q4 2016. The Company’s reported quarter operating expenses on a non-GAAP basis were $10.6 million compared to $7.3 million in the year earlier corresponding quarter.

For Q4 2017, Pixelworks recorded a GAAP net loss of $3.6 million, or $0.10 per share, compared to GAAP net income of $337,000, or $0.01 per diluted share, in Q4 2016. For the reported quarter, the Company recorded non-GAAP net loss of $379,000, or $0.01 per share, compared to non-GAAP net income of $1.2 million, or $0.04 per diluted share, in the year ago same period. Pixelworks’ reported numbers were better than Wall Street’s expectations for a loss of $0.02 per share.

Pixelworks’ GAAP net loss was $4.2 million, or $0.13 per share, for FY17 compared to a net loss of $11.1 million, or $0.39 per share, for FY16. The Company posted non-GAAP net income was $7.7 million, or $0.23 per diluted share for FY17, compared to a non-GAAP net loss of $4.1 million, or $0.14 per share, for FY16.

Cash Matters

Pixelworks ended Q4 2017 with cash and cash equivalents of approximately $27.5 million, reflecting an increase of $1.2 million from the end of Q3 2017, largely reflecting positive cash flow from operating activities during the reported quarter.

Pixelworks reported days sales outstanding of 23 days at the end of Q4 2017 compared to 24 days at the end of Q3 2017, the Company’s inventory turns during the reported quarter were 10.6x compared to 12.2x in the prior quarter. Pixelworks generated $1.4 million in cash flow from operations in Q4 2017 and over $12 million for FY17

Business Outlook

For the first quarter of 2018, Pixelworks is forecasting revenue to be between $14.5 million and $15.5 million. The Company is estimating non-GAAP gross profit margin in the range of 52% and 54%, and operating expenses in the band of $8 million and $9 million on a non-GAAP basis. Pixelworks is projecting Q1 2018 non-GAAP earnings to be in the range of between a loss of $0.06 per share and breakeven per share.

Stock Performance Snapshot

March 28, 2018 – At Wednesday’s closing bell, Pixelworks’ stock fell 4.59%, ending the trading session at $3.74.

Volume traded for the day: 393.13 thousand shares, which was above the 3-month average volume of 348.01 thousand shares.

After yesterday’s close, Pixelworks’ market cap was at $129.97 million.

The stock is part of the Technology sector, categorized under the Semiconductor – Integrated Circuits industry.

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