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| Silicon Image, Inc. |
| 10131 Bubb Road, Cupertino, CA 95014 * (408) 873-3111 |
| Business Description | We design, develop and market semiconductor solutions for applications that require cost-effective, high-bandwidth, integrated solutions for high-speed data communications. |
| Offering Information Company has | |||
| Trading As | SIMG (NASNTL) | Industry | High-Tech (SIC 3674) |
| Type of Stock Offered | Common Shares | Filing Date | 7/23/99 |
| Domestic Shares Offered | 3,900,000 | Offer Date | 10/5/99 |
| Foreign Shares Offered | 0 | Filing Range | $10.00 - $12.00 |
| Company Shares | 3,900,000 | Offer Price | $12.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.840 |
| Gross Proceeds | $46,800,000 | Selling | $0.500 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | 66 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| CS First Boston | Lead Manager | (212) 325-2000 |
| BancBoston Robertson Stephens | Co-manager | (415) 989-8500 |
| Dain Rauscher Wessels | Co-manager | (612) 371-2818 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/96 | 12/31/97 | 12/31/98 | 6/30/98 | 6/30/99 | ||
| Revenues | - | - | 1.151 | 2.862 | 7.803 | 2.677 | 8.281 |
| Income from Oper. | - | - | -1.972 | -4.155 | -6.731 | -3.080 | -4.057 |
| Net Income | - | - | -1.944 | -4.036 | -6.622 | -3.103 | -3.909 |
| E.P.S | - | - | -1.250 | -1.360 | -1.400 | -0.730 | -0.730 |
| Revenue Growth (%) | - | - | 148.65 | 172.642 | 209.34 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -3.70 | -1.89 | 0.27 | ||||
| Cash Flow - Inv. | -1.74 | -0.01 | -0.67 | ||||
| Cash Flow - Fin. | 12.77 | 0.36 | 0.99 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/99 | Financial Ratios | ||||
| Total Assets | 16.01 | Current Assets | 14.83 | Current Ratio | 2.44 |
| Total Liab. | 6.86 | Current Liab. | 6.09 | Debt Ratio | 42.85% |
| Total Equity | 9.15 | Working Cap. | 8.74 | Debt to Equity Ratio | 0.75 |
| Cash | 10.69 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes, including working capital and capital expenditures, and for the repayment of the outstanding balance under our line of credit. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Fenwick & West |
| Bank's Law Firm | Wilson, Sonsini, Goodrich & Rosati |
| Auditor | Pricewaterhouse Coopers LLC |
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| Industry Competition |
The high-speed communication, display and semiconductor industries are intensely competitive. These markets are characterized by rapid technological change, evolving standards, short product life cycles and decreasing prices. We believe that the principal factors affecting competition in our markets are levels of product integration, adherence to industry standards, time-to-market, cost, product capabilities, system design costs, intellectual property, customer support and reputation. Our current products face competition from a number of sources including: analog solutions, DVI-compliant solutions and other digital interface solutions. Display systems still predominantly employ an analog interface. Improvements to analog interface display solutions may slow the adoption of all-digital display systems. We compete with analog solution vendors such as Analog Devices and Genesis Microchip. We believe that over time, the DVI specification may become widely adopted in the digital display industry and attract additional market entrants that will compete with us. For example, we believe that a number of providers of video graphics accelerators are currently integrating DVI-compliant transmitter technology into their products. ATI Technologies, a major provider of video graphics accelerators and one of our significant customers in 1998, currently offers a product that contains an internally developed transmitter capable of supporting XGA resolution. We anticipate that various companies will develop DVI-compliant receivers. Entrants in this market may include companies currently shipping analog image processing solutions, such as Arithmos, Genesis Microchip, Pixelworks and Sage, as well as companies with other digital interface solutions such as Texas Instruments and National Semiconductor. Texas Instruments and National Semiconductor offer proprietary digital interface solutions based on LVDS technology. While LVDS technology has gained broad market acceptance in notebook PCs, few PC and display manufacturers have adopted this technology for use outside of the notebook PC market. The market for our panel controller products is also very competitive. Some of our panel controller products are designed to be "plug compatible" with similar products sold by Texas Instruments, National Semiconductor and Thine. In the process of establishing our technology as an industry standard, and to ensure rapid adoption of the DVI specification, we have agreed to license specific elements of our intellectual property to others for free. In addition, we have licensed elements of our intellectual property to Intel and other semiconductor companies, and we may continue to do so. Competitors could use these elements of our intellectual property to compete against us. Many of our competitors have longer operating histories and greater presence in key markets, greater name recognition, access to large customer bases and significantly greater financial, sales and marketing, manufacturing, distribution, technical and other resources than we do. As a result, they may be able to adapt more quickly to new or emerging technologies and customer requirements or devote greater resources to the promotion and sale of their product than we may. In particular, well-established semiconductor companies, such as Analog Devices, Intel, National Semiconductor and Texas Instruments, may compete against us in the future. We cannot assure you that we can compete successfully against current or potential competitors or that competition will not seriously harm our business. |
| Business Plan |
The company�s objective is to be a leading provider of semiconductor solutions that enable high-speed digital communications and optimize cost per bandwidth across targeted communications markets. Key elements of the company�s strategy are to: (i) Target the Display Market First, (ii) Promote Open Industry Standards, (iii) Drive Broad Adoption of Digital-Ready Host Systems, (iv) Increase the Intelligence of Displays Through Highly Integrated Receiver Solutions, (v) Maintain Technology Leadership and (vi) Penetrate New Markets and Applications. |