Sigma Designs Inc (NASDAQ:SIGM) began its trading session at $5.95 on Wednesday. During the most recent trading session the minimum price at which share price traded, recorded at $5.85 and hit to max level of $6.04. The company finished it trading session at $5.95. It traded total volume of 583,047 shares higher than the average volume of 323,322 shares.
Sigma Designs, Inc.® (SIGM), a leading provider of intelligent system-on-chip (SoC) solutions for Connected Smart TV Platforms and Internet of Things (IoT) Devices, recently stated financial results for its fourth quarter and fiscal year 2017, which ended January 28, 2017.
Fourth Quarter Fiscal 2017 Financial Results:
Net revenue for the fourth quarter of fiscal 2017 was $42.70M. This compares with net revenue of $62.70M stated in the previous quarter, and net revenue of $51.50M in the same period in fiscal 2016.
GAAP gross margin in the fourth quarter of fiscal 2017 was 50.10%. This compares with GAAP gross margin of 49.40% in the previous quarter, and GAAP gross margin of 47.60% for the same period in fiscal 2016.
Non-GAAP gross margin in the fourth quarter of fiscal 2017 was 50.60%. This compares with non-GAAP gross margin of 51.0% in the previous quarter, and non-GAAP gross margin of 49.60% for the same period in fiscal 2016.
GAAP operating expenses in the fourth quarter of fiscal 2017 were $28.60M. This compares with GAAP operating expenses of $28.80M in the previous quarter, and GAAP operating expenses of $29.70M for the same period in fiscal 2016.
Non-GAAP operating expenses in the fourth quarter of fiscal 2017 were $26.0M. This compares with non-GAAP operating expenses of $26.70M in the previous quarter, and non-GAAP operating expenses of $27.40M for the same period in fiscal 2016.
GAAP operating loss in the fourth quarter of fiscal 2017 was ($7.20)M. This compares with GAAP operating income of $2.20M in the previous quarter, and a GAAP operating loss of ($5.20)M for the same period in fiscal 2016.
Non-GAAP operating loss in the fourth quarter of fiscal 2017 was ($4.40)M. This compares with non-GAAP operating income of $5.30M in the previous quarter, and a non-GAAP operating loss of ($1.90)M for the same period in fiscal 2016.
GAAP net loss in the fourth quarter of fiscal 2017 was ($8.70)M, or ($0.23) per share. This compares with GAAP net income of $0.20M, or $0.01 per diluted share in the previous quarter, and a GAAP net loss of ($6.20)M, or ($0.17) per share, for the same period in fiscal 2016.
Non-GAAP net loss in the fourth quarter of fiscal 2017 was ($5.90)M, or ($0.16) per basic share. This compares with non-GAAP net income of $3.30M, or $0.09 per diluted share, in the previous quarter, and non-GAAP net income of $0.90M, or $0.02 per diluted share, for the same period in fiscal 2016.
Fiscal Year 2017 Financial Results:
GAAP net revenue in fiscal 2017 was $220.50M, contrast with $227.30M in the previous fiscal year.
Non-GAAP net revenue in fiscal 2017 was $220.50M, contrast with $226.20M in the previous fiscal year.
GAAP gross margin in fiscal 2017 was 48.10%, contrast with 49.80% in fiscal 2016.
Non-GAAP gross margin in fiscal 2017 was 49.50%, contrast with 51.40% in fiscal 2016.
GAAP operating expenses in fiscal 2017 were $117.30M, contrast with $114.30M in fiscal 2016.
Non-GAAP operating expenses in fiscal 2017 were $107.40M, contrast with $102.90M in fiscal 2016, reflecting nearly a full year of expenses from the mobile IoT acquisition in November 2015.
GAAP operating loss was ($11.30)M in fiscal 2017, contrast with an operating loss of ($1.20)M in fiscal 2016.
Non-GAAP operating income was $1.80M in fiscal 2017, contrast with operating income of $13.40M in fiscal 2016.
GAAP net loss in fiscal 2017 was ($18.30)M, or net loss of ($0.49) per basic share. This compares with GAAP net income of $0.20M, or net income of $0.00 per diluted share, in fiscal 2016.
Non-GAAP net loss in fiscal 2017 was ($4.30)M, or net loss of ($0.11) per basic share. This compares with a non-GAAP net income of $13.20M, or a net income of $0.36 per diluted share, in fiscal 2016.
Administration Comment:
“We achieved a total of $221.0M in revenue, averaged nearly a 50% gross margin, and generated an operating profit of about $2.0M in fiscal 2017, all on a non-GAAP basis. We also maintained a strong focus on cost controls and are trying to increase near-term demand, while positioning ourselves for longer-term growth,” said Thinh Tran, President and CEO of Sigma Designs, Inc. “Although we are happy with the progress we have made across many fronts, especially in our IoT space, we realize fiscal 2018 will be a transition year in our business as we begin to shift our focus from our historical target markets to an IoT focused company. While we are encouraged by the longer-term trends in our business, and how our solutions address these trends, we believe it is only prudent to take immediate actions to lower our expense structure. The actions include accelerating the transition of our development activities to lower cost regions where we already have a presence and focusing on our core product programs. As a result, we have initiated an expense reduction program that is designed to lower our annual operating expenses by about 10 percent contrast with fiscal 2017.”
SIGM has the market capitalization of $225.04M and its EPS growth ratio for the past five years was -56.90%. The return on assets ratio of the Company was -7.30% while its return on investment ratio was -5.40%. Price to sales ratio was 0.98 while 67.30% of stock was owned by Institutional investors. The Company earned $-15.80 million in prior twelve months.