DELAWARE | 000-49602 | 77-0118518 | ||
(State or Other | (Commission File Number) | (IRS Employer | ||
Jurisdiction of Incorporation) | Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition | ||||||||
Item 9.01. Financial Statements and Exhibits | ||||||||
SIGNATURES | ||||||||
EXHIBIT INDEX | ||||||||
Exhibit 99.1 |
(a) | Financial Statements of Business Acquired. | ||
Not applicable. | |||
(b) | Pro Forma Financial Information. | ||
Not applicable. | |||
(c) | Shell Company Transactions. | ||
Not applicable. | |||
(d) | Exhibits. |
Exhibit | ||
Number | ||
99.1
|
Press release from Synaptics Incorporated, dated January 25, 2007, entitled Synaptics Reports Record Revenue in the Second Quarter |
SYNAPTICS INCORPORATED | ||||
Date: January 25, 2007 | By: | /s/ Russell J. Knittel | ||
Russell J. Knittel | ||||
Senior Vice President, Chief Financial Officer, Chief Administrative Officer, and Secretary |
2
Exhibit | ||
Number | Description | |
99.1
|
Press release from Synaptics Incorporated, dated January 25, 2007, entitled Synaptics Reports Record Revenue in the Second Quarter |
For more information contact: |
||
Jennifer Jarman The Blueshirt Group 415-217-7722 jennifer@blueshirtgroup.com |
December 31, | June 30, | |||||||
2006 | 2006 | |||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 47,129 | $ | 38,724 | ||||
Short term investments |
206,517 | 206,452 | ||||||
Total cash, cash equivalents, and short-term investments |
253,646 | 245,176 | ||||||
Receivables, net of allowances of $289 and $189, respectively |
52,787 | 34,034 | ||||||
Inventories |
8,204 | 10,010 | ||||||
Prepaid expenses and other current assets |
4,699 | 3,407 | ||||||
Total current assets |
319,336 | 292,627 | ||||||
Property and equipment, net |
17,789 | 16,038 | ||||||
Goodwill |
1,927 | 1,927 | ||||||
Other assets |
18,841 | 20,829 | ||||||
Total assets |
$ | 357,893 | $ | 331,421 | ||||
Liabilities and stockholders equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 17,941 | $ | 16,542 | ||||
Accrued compensation |
4,430 | 4,842 | ||||||
Income taxes payable |
| 8,078 | ||||||
Other accrued liabilities |
8,313 | 5,377 | ||||||
Note payable to a related party |
1,500 | | ||||||
Total current liabilities |
32,184 | 34,839 | ||||||
Note payable to a related party |
| 1,500 | ||||||
Convertible senior subordinated notes |
125,000 | 125,000 | ||||||
Other liabilities |
2,052 | 3,040 | ||||||
Commitments and contingencies |
||||||||
Stockholders equity: |
||||||||
Preferred stock;
$.001 par value; 10,000,000 shares authorized;
no shares issued and outstanding |
| | ||||||
Common stock;
$.001 par value; 60,000,000 shares authorized; 28,493,662
and 27,462,125 shares issued, respectively |
28 | 27 | ||||||
Additional paid in capital |
156,678 | 134,217 | ||||||
Less: 2,521,100 and 2,306,100 treasury shares,
respectively, at cost |
(44,611 | ) | (39,999 | ) | ||||
Retained earnings |
86,729 | 73,261 | ||||||
Accumulated other comprehensive loss |
(167 | ) | (464 | ) | ||||
Total stockholders equity |
198,657 | 167,042 | ||||||
Total liabilities and stockholders equity |
$ | 357,893 | $ | 331,421 | ||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
Net revenue |
$ | 76,087 | $ | 48,555 | $ | 130,902 | $ | 100,280 | ||||||||
Cost of revenue (1) |
45,696 | 26,384 | 78,116 | 54,437 | ||||||||||||
Gross margin |
30,391 | 22,171 | 52,786 | 45,843 | ||||||||||||
Operating expenses |
||||||||||||||||
Research and development (1) |
9,958 | 8,345 | 19,146 | 16,634 | ||||||||||||
Selling, general, and administrative (1) |
8,927 | 6,913 | 16,728 | 13,641 | ||||||||||||
Restructuring costs |
915 | | 915 | | ||||||||||||
Total operating expenses |
19,800 | 15,258 | 36,789 | 30,275 | ||||||||||||
Operating income |
10,591 | 6,913 | 15,997 | 15,568 | ||||||||||||
Interest income |
2,978 | 1,901 | 5,517 | 3,452 | ||||||||||||
Interest expense |
(488 | ) | (485 | ) | (975 | ) | (969 | ) | ||||||||
Income before income taxes |
13,081 | 8,329 | 20,539 | 18,051 | ||||||||||||
Provision for income taxes (2) |
3,740 | 3,526 | 7,071 | 7,736 | ||||||||||||
Net income |
$ | 9,341 | $ | 4,803 | $ | 13,468 | $ | 10,315 | ||||||||
Net income per share: |
||||||||||||||||
Basic |
$ | 0.37 | $ | 0.20 | $ | 0.53 | $ | 0.42 | ||||||||
Diluted |
$ | 0.32 | $ | 0.18 | $ | 0.48 | $ | 0.38 | ||||||||
Shares used in computing net income
per share: |
||||||||||||||||
Basic |
25,568 | 24,299 | 25,359 | 24,534 | ||||||||||||
Diluted |
29,692 | 28,781 | 29,468 | 28,911 | ||||||||||||
(1) Includes share-based compensation charges of: |
||||||||||||||||
Cost of revenue |
$ | 185 | $ | 188 | $ | 332 | $ | 380 | ||||||||
Research and development |
1,439 | 1,243 | 2,474 | 2,535 | ||||||||||||
Selling, general, and administrative |
2,284 | 1,959 | 4,203 | 3,785 | ||||||||||||
$ | 3,908 | $ | 3,390 | $ | 7,009 | $ | 6,700 | |||||||||
(2) Includes tax benefit for share-based compensation charges of: |
||||||||||||||||
$ | 1,098 | $ | 724 | $ | 1,879 | $ | 1,414 | |||||||||
Non-GAAP net income per share |
||||||||||||||||
Basic |
$ | 0.51 | $ | 0.31 | $ | 0.77 | $ | 0.64 | ||||||||
Diluted |
$ | 0.44 | $ | 0.27 | $ | 0.67 | $ | 0.55 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
Numerator: |
||||||||||||||||
Basic net income |
$ | 9,341 | $ | 4,803 | $ | 13,468 | $ | 10,315 | ||||||||
Interest expense and amortization of debt issuance
costs on convertible notes (net of tax) |
266 | 266 | 532 | 532 | ||||||||||||
Diluted net income |
$ | 9,607 | $ | 5,069 | $ | 14,000 | $ | 10,847 | ||||||||
Denominator: |
||||||||||||||||
Shares, basic |
25,568 | 24,299 | 25,359 | 24,534 | ||||||||||||
Effect of dilutive share-based awards |
1,650 | 2,008 | 1,635 | 1,903 | ||||||||||||
Effect of convertible notes |
2,474 | 2,474 | 2,474 | 2,474 | ||||||||||||
Shares, diluted |
29,692 | 28,781 | 29,468 | 28,911 | ||||||||||||
Net income per share: |
||||||||||||||||
Basic |
$ | 0.37 | $ | 0.20 | $ | 0.53 | $ | 0.42 | ||||||||
Diluted |
$ | 0.32 | $ | 0.18 | $ | 0.48 | $ | 0.38 | ||||||||
Computation of non-GAAP basic and diluted net income per share (unaudited): |
||||||||||||||||
Numerator: |
||||||||||||||||
Reported net income |
$ | 9,341 | $ | 4,803 | $ | 13,468 | $ | 10,315 | ||||||||
Non-GAAP adjustments: |
||||||||||||||||
Restructuring costs (net of tax) |
890 | | 890 | | ||||||||||||
Share-based
compensation (net of tax) |
2,810 | 2,666 | 5,130 | 5,286 | ||||||||||||
Non-GAAP basic net income |
13,041 | 7,469 | 19,488 | 15,601 | ||||||||||||
Interest expense and amortization of debt issuance
costs on convertible notes (net of tax) |
266 | 266 | 532 | 532 | ||||||||||||
Non-GAAP diluted net income |
$ | 13,307 | $ | 7,735 | $ | 20,020 | $ | 16,133 | ||||||||
Denominator: |
||||||||||||||||
Shares, basic |
25,568 | 24,299 | 25,359 | 24,534 | ||||||||||||
Effect of dilutive share-based awards |
1,973 | 2,228 | 1,892 | 2,198 | ||||||||||||
Effect of convertible notes |
2,474 | 2,474 | 2,474 | 2,474 | ||||||||||||
Shares, diluted |
30,015 | 29,001 | 29,725 | 29,206 | ||||||||||||
Non-GAAP net income per share: |
||||||||||||||||
Basic |
$ | 0.51 | $ | 0.31 | $ | 0.77 | $ | 0.64 | ||||||||
Diluted |
$ | 0.44 | $ | 0.27 | $ | 0.67 | $ | 0.55 | ||||||||
This website contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business, and can be identified by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements may include words such as "expect," "anticipate," "intend," "believe," "estimate," "plan," "target," "strategy," "continue," "may," "will," "should," variations of such words, or other words and terms of similar meaning. All forward-looking statements reflect our best judgment and are based on several factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Such factors include, but are not limited to, the risks as identified in the "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business" sections of our Annual Report on Form 10-K for our most recent fiscal year, and other risks as identified from time to time in our Securities and Exchange Commission reports. Forward-looking statements are based on information available to us on the date hereof, and we do not have, and expressly disclaim, any obligation to publicly release any updates or any changes in our expectations, or any change in events, conditions, or circumstances on which any forward-looking statement is based. Our actual results and the timing of certain events could differ materially from the forward-looking statements. These forward-looking statements do not reflect the potential impact of any mergers, acquisitions, or other business combinations that had not been completed as of the date of this filing.