Exhibit 99.1
NEWS RELEASE
Investor Relations Contact: Corporate Communications Contact:
Rochelle Krause Mana Uchino
PDF Solutions, Inc. PDF Solutions, Inc.
Tel: (408) 938-6437 Tel: (408) 938-6483
Email: rochelle.krause@pdf.com Email: mana.uchino@pdf.com
PDF SOLUTIONS, INC. REPORTS FIRST QUARTER 2003 FINANCIAL RESULTS
SAN JOSE, Calif. -- April 24, 2003 -- PDF Solutions, Inc. (Nasdaq: PDFS),
the leading provider of semiconductor process-design integration technologies
and services, today announced financial results for its first fiscal quarter
ended March 31, 2003.
Revenue for the first fiscal quarter of 2003 totaled $9.1 million, a
decrease of 21% compared with revenue of $11.5 million for the first fiscal
quarter of 2002. Pro forma net loss for the first fiscal quarter of 2003,
excluding amortization of stock-based compensation and intangibles, totaled
$658,000, or $0.03 per diluted share, compared with pro forma net income of $1.4
million, or $0.06 per diluted share, for the first fiscal quarter of 2002.
Reported net loss for the first fiscal quarter of 2003 totaled $1.3 million, or
$0.06 per diluted share, compared with a reported net income of $580,000, or
$0.02 per diluted share, for the first fiscal quarter of 2002.
"We are satisfied with financial results that exceeded prior revenue and
pro forma earnings per share guidance," said John Kibarian, PDF's President and
Chief Executive Officer. "More importantly, in the first quarter we continued
our efforts to expand our customer base. We entered into a multi-million dollar
assessment with a new strategic customer that is a top-10 semiconductor
manufacturer headquartered in the United States. I'm pleased to say that in an
environment that is still challenging, we continue to execute against our
business objectives."
As previously announced, the company will hold a live conference call
beginning at 3:00 p.m. PDT/6:00 p.m. EDT today to discuss these quarterly
results. A live webcast of this teleconference will be available on the
company's website at http://ir.pdf.com/medialist.cfm. A replay of the call will
be available at the same website address following the call. Further, a copy of
this press release, including the disclosure and reconciliation of certain
non-GAAP financial measures to the most directly comparable GAAP measure, which
non-GAAP measures may be used periodically by the company's management when
discussing financial results with investors and analysts, will be available on
the company's website at http://www.pdf.com/news_archive.phtml following the
date of this release.
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ABOUT PDF SOLUTIONS
PDF Solutions, Inc. (Nasdaq: PDFS) is the leading provider of
process-design integration technologies for integrated circuits (ICs). PDF's
software, methodologies and services enable semiconductor companies to create
more manufacturable IC designs and more capable manufacturing processes. By
simulating deep sub-micron product and process interactions, the PDF solution
offers clients reduced time to market, increased IC yield and performance, and
enhanced product reliability and profitability. Headquartered in San Jose,
California, PDF operates worldwide with additional offices in Europe and Japan.
For more information, visit www.pdf.com.
PDF Solutions(R) is a registered trademark of PDF Solutions, Inc.
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PDF SOLUTIONS, INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
MARCH 31, DECEMBER 31,
2003 2002
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ASSETS
Current assets:
Cash and cash equivalents................................. $ 71,866 $ 71,490
Accounts receivable, net of allowances.................... 7,461 7,924
Prepaid expenses and other current assets................. 4,463 4,406
--------- ---------
Total current assets...................................... 83,790 83,820
Property and equipment, net.................................. 3,321 3,533
Goodwill..................................................... 662 662
Intangible assets, net....................................... 179 220
Other assets................................................. 1,776 1,564
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Total assets.......................................... $ 89,728 $ 89,799
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable.......................................... $ 441 $ 499
Accrued compensation and related benefits................. 2,007 1,143
Other accrued liabilities................................. 1,802 1,652
Taxes payable............................................. 971 1,838
Deferred revenues......................................... 4,403 4,496
Billings in excess of recognized revenue.................. 1,102 606
Current portion of long-term debt......................... 17 17
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Total current liabilities............................. 10,743 10,251
Long-term debt............................................... 10 15
Deferred tax liability....................................... 722 752
Deferred rent................................................ 20 39
Stockholders' equity:
Common stock............................................ 3 3
Additional paid-in-capital.............................. 100,080 99,884
Deferred stock-based compensation....................... (893) (1,340)
Notes receivable from stockholders...................... (4,830) (4,998)
Accumulated deficit..................................... (16,179) (14,845)
Cumulative other comprehensive income................... 52 38
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Total stockholders' equity............................ 78,233 78,742
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Total liabilities and stockholders' equity........ $ 89,728 $ 89,799
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PDF SOLUTIONS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED
--------------------------
MARCH 31, MARCH 31,
2003 2002
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Revenue:
Design-to-silicon yield solutions........... $ 8,108 $ 8,380
Gain share.................................. 959 3,077
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Total revenue............................. $ 9,067 $ 11,457
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Cost and expenses:
Cost of design-to-silicon yield solutions... 3,444 3,864
Research and development.................... 4,332 3,190
Selling, general and administrative......... 2,703 2,554
Stock-based compensation amortization*...... 649 788
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Total costs and expenses.................. 11,128 10,396
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Income (loss) from operations.................. (2,061) 1,061
Interest and other income...................... 375 359
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Income (loss) before taxes..................... (1,686) 1,420
Tax (benefit) provision........................ (352) 840
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Net income (loss).............................. $ (1,334) $ 580
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Net income (loss) per share:
Basic....................................... $ (.06) $ 0.03
Diluted..................................... $ (.06) $ 0.02
Weighted average common shares:
Basic....................................... 22,488 21,638
Diluted..................................... 22,488 23,441
* Stock-based compensation amortization:
Cost of design-to-silicon yield solutions.. $ 130 $ 263
Research and development................... 408 438
Selling, general and administrative........ 111 87
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$ 649 $ 788
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PDF SOLUTIONS, INC.
RECONCILIATION OF REPORTED GAAP NET INCOME (LOSS) TO PRO FORMA NET
INCOME (LOSS)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED
-------------------------
MARCH 31, MARCH 31,
2003 2002
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Net income (loss) $ (1,334) $ 580
Stock-based compensation amortization............ 649 788
Amortization of intangibles, net................. 27 26
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Pro forma net income (loss)...................... $ (658) $ 1,394
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Pro forma net income (loss) per share - diluted.. $ (0.03) $ 0.06
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Weighted average common shares - diluted......... 22,488 23,441
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