July 25, 2006

Sirf Revenue up 61% for Second Quarter - Less One Time Charges

SiRF Technology reported unaudited financial results for its second quarter ended June 30, 2006, and results again showed surging business, with strong sales growth. The GPS world has embraced the powerful innovations that SiRF has brought to the market, and here are the results. Net revenue in the second quarter of fiscal 2006 was $57.2 million, an increase of 61 percent from $35.4 million reported in the second quarter of 2005. Net revenue in the first six months of fiscal 2006 was $109.9 million, an increase of 76 percent from $62.4 million in the first six months of fiscal 2005. Gross margin in the second quarter ended June 30, 2006 was 56.3 percent, as compared to 56.0 percent in the second quarter of 2005. Gross margin in the first six months of fiscal 2006 was 55.7 percent, as compared to 56.0 percent in the first six months of fiscal 2005.


Net income for the second quarter of fiscal 2006 was $1.7 million or $0.03 per diluted share based on 56.0 million weighted average shares outstanding. This compares with net income of $3.9 million or $0.07 per diluted share based on 52.0 million weighted average shares outstanding in the second quarter of fiscal 2005. Net loss for the first six months of fiscal 2006 was $9.3 million or $0.18 loss per diluted share based on 50.7 million weighted average shares outstanding. This compares with net income
of $5.5 million or $0.11 per diluted share based on 51.2 million weighted average shares outstanding in the first six months of fiscal 2005.

SiRF reports net income (loss) and basic and diluted net income (loss) per share in accordance with GAAP and additionally on a non-GAAP basis. Non-GAAP net income, where applicable, excludes the effect of amortization of acquisition-related intangibles, employee stock compensation expense, acquired in-process research and development and expenses related to acquisition-related contingent payments. Non-GAAP net income for the second quarter of fiscal 2006 was $11.0 million or $0.20 per diluted share, as compared to non-GAAP net income of $7.4 million or $0.14 per diluted share for the second quarter of fiscal 2005. Non-GAAP net income for the second quarter of fiscal 2006 excludes $1.4 million in amortization of acquisition-related intangibles, $6.9 million in employee stock compensation expense, and $1.1 million of expenses related to acquisition-related contingent payments. Non-GAAP net income for the second quarter of fiscal 2005 excludes $1.3 million in amortization of acquisition-related intangibles, $1.4 million in employee stock compensation expense and a one-time charge of $760,000 for acquired in-process research and development. Weighted average shares outstanding used in computing diluted non-GAAP net income per share for the second quarter of fiscal 2006 were 56.0 million, compared with 52.0 million for the second quarter of fiscal 2005.

Non-GAAP net income for the first six months of fiscal 2006 was $19.8 million or $0.39 per diluted share, as compared to non-GAAP net income of $10.8 million or $0.21 per diluted share for the first six months of fiscal 2005. Non-GAAP net income for the first six months of fiscal 2006 excludes $2.7 million in amortization of acquisition-related intangibles, $11.6 million in employee stock compensation expense, a one-time charge of $13.3 million for acquired in-process research and development and $1.5 million

of expenses related to acquisition-related contingent payments. Non-GAAP net income for the first six months of fiscal 2005 excludes $2.4 million in amortization of acquisition-related intangibles, $2.0 million in employee stock compensation expense and a one-time charge of $760,000 for acquired in-process research and development. Weighted average shares outstanding used in computing diluted non-GAAP net income per share for the first six months of fiscal 2006 were 50.7 million, compared with 51.2 million for the first six months of fiscal 2005.

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Posted by Scott Martin at July 25, 2006 9:26 PM

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