Exhibit 99.3
GIGOPTIX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
As Adjusted | As Reported | |||||||||||||||||||||||||||||||
Three months ended | Nine months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||
October 2, 2011 | % | October 2, 2011 | % | October 2, 2011 | % | October 2, 2011 | % | |||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||
Product | $ | 8,363 | 100 | % | $ | 23,016 | 97 | % | $ | 8,363 | 100 | % | $ | 23,016 | 97 | % | ||||||||||||||||
Government contract | — | 0 | % | 628 | 3 | % | — | 0 | % | 628 | 3 | % | ||||||||||||||||||||
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Total revenue | 8,363 | 100 | % | 23,644 | 100 | % | 8,363 | 100 | % | 23,644 | 100 | % | ||||||||||||||||||||
Cost of revenue | ||||||||||||||||||||||||||||||||
Product | 3,709 | 44 | % | 11,158 | 47 | % | 3,709 | 44 | % | 11,158 | 47 | % | ||||||||||||||||||||
Government contract | — | 180 | 1 | % | — | 180 | 1 | % | ||||||||||||||||||||||||
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Total cost of revenue | 3,709 | 44 | % | 11,338 | 48 | % | 3,709 | 44 | % | 11,338 | 48 | % | ||||||||||||||||||||
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Gross profit (loss) | 4,654 | 56 | % | 12,306 | 52 | % | 4,654 | 56 | % | 12,306 | 52 | % | ||||||||||||||||||||
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Research and development expense | 3,633 | 43 | % | 9,097 | 38 | % | 3,633 | 43 | % | 9,097 | 38 | % | ||||||||||||||||||||
Selling, general and administrative expense | 2,769 | 33 | % | 8,091 | 34 | % | 2,769 | 33 | % | 7,981 | 34 | % | ||||||||||||||||||||
Restructuring expense | 769 | 9 | % | 3,823 | 16 | % | 769 | 9 | % | 717 | 3 | % | ||||||||||||||||||||
Merger-related expense | 74 | 1 | % | 1,959 | 8 | % | 74 | 1 | % | 1,959 | 8 | % | ||||||||||||||||||||
Special litigation-related expense | 255 | 3 | % | 275 | 1 | % | 255 | 3 | % | 275 | 1 | % | ||||||||||||||||||||
Shareholder settlement expense | — | 1,064 | 5 | % | — | 1,064 | 5 | % | ||||||||||||||||||||||||
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Total operating expenses | 7,500 | 90 | % | 24,309 | 103 | % | 7,500 | 90 | % | 21,093 | 89 | % | ||||||||||||||||||||
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Loss from operations | (2,846 | ) | -34 | % | (12,003 | ) | -51 | % | (2,846 | ) | -34 | % | (8,787 | ) | -37 | % | ||||||||||||||||
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Interest expense | (97 | ) | -1 | % | (240 | ) | -1 | % | (97 | ) | -1 | % | (240 | ) | -1 | % | ||||||||||||||||
Other income (expense), net | (131 | ) | -2 | % | (61 | ) | 0 | % | (131 | ) | -2 | % | (61 | ) | 0 | % | ||||||||||||||||
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Loss before provision for income taxes | (3,074 | ) | -37 | % | (12,304 | ) | -52 | % | (3,074 | ) | -37 | % | (9,088 | ) | -38 | % | ||||||||||||||||
Provision for income taxes | — | 0 | % | (12 | ) | 0 | % | — | 0 | % | (12 | ) | 0 | % | ||||||||||||||||||
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Net loss | (3,074 | ) | -37 | % | (12,316 | ) | -52 | % | (3,074 | ) | -37 | % | (9,100 | ) | -38 | % | ||||||||||||||||
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Net loss per share—basic and diluted | $ | (0.14 | ) | $ | (0.78 | ) | $ | (0.14 | ) | $ | (0.57 | ) | ||||||||||||||||||||
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Weighted average number of shares used in per share calculations—basic and diluted | 21,511 | 15,888 | 21,511 | 15,888 | ||||||||||||||||||||||||||||
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GIGOPTIX, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
As Adjusted October 2, 2011 | As Reported October 2, 2011 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 9,985 | $ | 9,985 | ||||
Short-term investments | 6,207 | 6,207 | ||||||
Accounts receivable, net | 5,386 | 5,386 | ||||||
Inventories | 2,533 | 2,533 | ||||||
Prepaid and other current assets | 615 | 615 | ||||||
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Total current assets | 24,726 | 24,726 | ||||||
Property and equipment, net | 4,855 | 4,855 | ||||||
Intangible assets, net | 5,569 | 5,569 | ||||||
Goodwill | 9,860 | 11,985 | ||||||
Restricted cash | 258 | 258 | ||||||
Other assets | 251 | 251 | ||||||
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Total assets | $ | 45,519 | $ | 47,644 | ||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 4,396 | $ | 4,396 | ||||
Accrued and other current liabilities | 5,476 | 5,366 | ||||||
Accrued restructuring | 939 | 939 | ||||||
Line of credit and debt | 1,012 | 1,012 | ||||||
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Total current liabilities | 11,823 | 11,713 | ||||||
Pension liabilities | 219 | 219 | ||||||
Other long-term liabilities | 1,246 | 1,246 | ||||||
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Total liabilities | 13,288 | 13,178 | ||||||
Stockholders’ Equity | ||||||||
Common stock, $0.001 par value; 50,000,000 shares authorized as of October 3, 2011; | ||||||||
21,513,784 and 12,210,264 issued and outstanding as of October 3, 2011 and | ||||||||
December 31, 2010, respectively. | ||||||||
Common stock, $0.001 par value | 22 | 22 | ||||||
Additional paid-in capital | 117,599 | 116,618 | ||||||
Accumulated deficit | (85,669 | ) | (82,453 | ) | ||||
Accumulated other comprehensive income | 279 | 279 | ||||||
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Total stockholders’ equity | 32,231 | 34,466 | ||||||
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Total liabilities and stockholders’ equity | $ | 45,519 | $ | 47,644 | ||||
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