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 | % | ||||||||||||||||||||
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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 | % | ||||||||||||||||||||
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Total cost of revenue | 3,798 | 50 | % | 7,629 | 50 | % | 3,798 | 50 | % | 7,629 | 50 | % | ||||||||||||||||||||
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Gross profit (loss) | 3,821 | 50 | % | 7,652 | 50 | % | 3,821 | 50 | % | 7,652 | 50 | % | ||||||||||||||||||||
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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 | % | ||||||||||||||||||||
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Total operating expenses | 9,625 | 126 | % | 16,809 | 110 | % | 6,409 | 84 | % | 13,593 | 89 | % | ||||||||||||||||||||
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Loss from operations | (5,804 | ) | -76 | % | (9,157 | ) | -60 | % | (2,588 | ) | -34 | % | (5,941 | ) | -39 | % | ||||||||||||||||
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Interest income (expense) | (47 | ) | -1 | % | (143 | ) | -1 | % | (47 | ) | -1 | % | (143 | ) | -1 | % | ||||||||||||||||
Other income (expense) | 58 | 1 | % | 70 | 0 | % | 58 | 1 | % | 70 | 0 | % | ||||||||||||||||||||
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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 | % | ||||||||||||||||
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Net loss | (5,800 | ) | -76 | % | (9,242 | ) | -60 | % | (2,584 | ) | -34 | % | (6,026 | ) | -39 | % | ||||||||||||||||
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Net loss per share - basic and diluted | $ | (0.42 | ) | $ | (0.70 | ) | $ | (0.19 | ) | $ | (0.46 | ) | ||||||||||||||||||||
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Weighted average number of shares used in per share calculations - basic and diluted | 13,906 | 13,107 | 13,906 | 13,107 | ||||||||||||||||||||||||||||
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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 | ||||||
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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 | ||||||
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Total assets | $ | 48,123 | $ | 50,248 | ||||
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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 | ||||||
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Total current liabilities | 12,275 | 12,165 | ||||||
Pension liabilities | 234 | 234 | ||||||
Other long-term liabilities | 1,203 | 1,203 | ||||||
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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 | ||||||
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Total stockholders’ equity | 34,411 | 36,646 | ||||||
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Total liabilities and stockholders’ equity | $ | 48,123 | $ | 50,248 | ||||
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