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Analytical Report: Sigma Designs, Inc. (NASDAQ:SIGM)

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Sigma Designs, Inc. (NASDAQ:SIGM) reported earnings for the three months ended April 2016 on June 06, 2016. The company earned $-0.12 per share on revenue of $53.78M. Analysts had been modeling earning per share of $-0.05 with $53.9M in revenue.

Sigma Designs, Inc. (NASDAQ:SIGM) reported financial results for its first quarter of fiscal year 2017, which ended April 30, 2016.

Financial Results

Net revenue for the first quarter of fiscal 2017 was $53.8 million, up $2.3 million, or 4.5%, from $51.5 million reported in the previous quarter, and down $2.1 million, or 3.8%, from $55.9 million reported in the same period in fiscal 2016.

GAAP gross margin in the first quarter of fiscal 2017 was 44.6%. This compares with a GAAP gross margin of 47.6% in the previous quarter, and a GAAP gross margin of 52.5% for the same period in fiscal 2016.

Non-GAAP gross margin in the first quarter of fiscal 2017 was 46.6%. This compares with a non-GAAP gross margin of 49.6% in the previous quarter, and a non-GAAP gross margin of 53.8% for the same period in fiscal 2016. The fluctuation in gross margin is primarily due to the revenue mix being more heavily weighted to the Connected Smart TV Platforms.

GAAP operating expenses in the first quarter of fiscal 2017 were $30.0 million, compared with GAAP operating expenses of $29.7 million in the previous quarter, and GAAP operating expenses of $27.9 million for the same period in fiscal 2016.

Non-GAAP operating expenses in the first quarter of fiscal 2017 were $27.5 million, compared with non-GAAP operating expenses of $27.4 million in the previous quarter, and non-GAAP operating expenses of $25.4 million for the same period in fiscal 2016.

GAAP operating loss in the first quarter of fiscal 2017 was ($6.0) million, compared with a GAAP operating loss of ($5.2) million in the previous quarter, and GAAP operating income of $1.4 million for the same period in fiscal 2016.

Non-GAAP operating loss in the first quarter of fiscal 2017 was ($2.5) million, compared with a non-GAAP operating loss of ($1.9) million in the previous quarter, and non-GAAP operating income of $4.3 million for the same period in fiscal 2016.

GAAP net loss for the first quarter of fiscal 2017 was ($8.1) million, or ($0.22) per share. This compares with a GAAP net loss of ($6.2) million, or ($0.17) per share in the previous quarter, and a GAAP net loss of ($0.4) million, or ($0.01) per share, for the same period in fiscal 2016.

Non-GAAP net loss for the first quarter of fiscal 2017 was ($4.2) million, or ($0.12) per share. This compares with non-GAAP net income of $0.9 million, or $0.02 per diluted share, in the previous quarter, and non-GAAP net income of $3.2 million, or $0.09 per diluted share, for the same period in fiscal 2016.

Sigma Designs, Inc. earnings per share showed an increasing trend of 100.7% for the current fiscal year. The company’s expected EPS growth rate for next fiscal year is 43%.Analysts project EPS growth over the next 5 years at 20%. It has EPS annual decline over the past 5 fiscal years of -56.9% when sales declined -4.6. It reported -3.8% sales drop, and 0% EPS decline in the last quarter.

The stock is trading at $6.69, up 23.66% from 52-week low of $5.41. The stock trades down -47.32% from its peak of $12.3 and % below the consensus price target of $9.7. Its volume clocked up at 0.29 million shares which is lower than the average volume of 0.37 million shares. Its market capitalization currently stands at $234.57M.

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