GigPeak (GIG.U) 8-K GigOptix Reports Solid Fourth Quarter and Fiscal Year 2011 Financial Results

Exhibit 99.2

GIGOPTIX, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

	As Adjusted												As Reported
	Three months ended						Six months ended						Three months ended						Six months ended
	July 3, 2011			%			July 3, 2011			%			July 3, 2011			%			July 3, 2011			%
Revenue
Product	$	7,601			100	%	$	14,653			96	%	$	7,601			100	%	$	14,653			96	%
Government contract		18			0	%		628			4	%		18			0	%		628			4	%
Total revenue		7,619			100	%		15,281			100	%		7,619			100	%		15,281			100	%
Cost of revenue
Product		3,798			50	%		7,449			49	%		3,798			50	%		7,449			49	%
Government Contract		—			0	%		180			1	%		—			0	%		180			1	%
Total cost of revenue		3,798			50	%		7,629			50	%		3,798			50	%		7,629			50	%
Gross profit (loss)		3,821			50	%		7,652			50	%		3,821			50	%		7,652			50	%
Research and development expense		3,074			40	%		5,464			36	%		3,074			40	%		5,464			36	%
Selling, general and administrative expense		2,719			36	%		5,342			35	%		2,609			34	%		5,232			34	%
Restructuring expense		3,054			40	%		3,054			20	%		(52	)		-1	%		(52	)		0	%
Merger-related expense		778			10	%		1,885			12	%		778			10	%		1,885			12	%
Shareholder settlement expense		—			0	%		1,064			7	%		—			0	%		1,064			7	%
Total operating expenses		9,625			126	%		16,809			110	%		6,409			84	%		13,593			89	%
Loss from operations		(5,804	)		-76	%		(9,157	)		-60	%		(2,588	)		-34	%		(5,941	)		-39	%
Interest income (expense)		(47	)		-1	%		(143	)		-1	%		(47	)		-1	%		(143	)		-1	%
Other income (expense)		58			1	%		70			0	%		58			1	%		70			0	%
Loss before provision for (benefit from) income taxes		(5,793	)		-76	%		(9,230	)		-60	%		(2,577	)		-34	%		(6,014	)		-39	%
Provision for income taxes		(7	)		0	%		(12	)		0	%		(7	)		0	%		(12	)		0	%
Net loss		(5,800	)		-76	%		(9,242	)		-60	%		(2,584	)		-34	%		(6,026	)		-39	%
Net loss per share - basic and diluted	$	(0.42	)				$	(0.70	)				$	(0.19	)				$	(0.46	)
Weighted average number of shares used in per share calculations - basic and diluted		13,906						13,107						13,906						13,107

GIGOPTIX, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

	As Adjusted July  3, 2011			As Reported July  3, 2011
ASSETS
Current assets:
Cash and cash equivalents	$	9,136		$	9,136
Short-term investments		9,138			9,138
Accounts receivable, net		5,014			5,014
Inventories		2,464			2,464
Prepaid and other current assets		613			613
Total current assets		26,365			26,365
Property and equipment, net		5,044			5,044
Intangible assets, net		6,026			6,026
Goodwill		9,860			11,985
Restricted cash		261			261
Other assets		567			567
Total assets	$	48,123		$	50,248
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	3,545		$	3,545
Accrued and other current liabilities		6,062			5,952
Accrued restructuring		1,791			1,791
Line of credit and debt		877			877
Total current liabilities		12,275			12,165
Pension liabilities		234			234
Other long-term liabilities		1,203			1,203
Total liabilities		13,712			13,602
Stockholders’ Equity
Common stock, $0.001 par value; 50,000,000 shares authorized as of July 3, 2011; 21,505,599 and 12,210,264 issued and outstanding as of July 3, 2011 and December 31, 2010, respectively.
Common stock, $0.001 par value		22			22
Additional paid-in capital		116,779			115,798
Accumulated deficit		(82,595	)		(79,379	)
Accumulated other comprehensive income		205			205
Total stockholders’ equity		34,411			36,646
Total liabilities and stockholders’ equity	$	48,123		$	50,248