- Total Sales For The Quarter Consistent with Preceding Quarter
SAN JOSE, Calif., Nov. 1 /PRNewswire-FirstCall/ -- Zilog(R), Inc. (NASDAQ:ZILG) a leading provider of 8-, 16- and 32-bit embedded flash microcontrollers, universal remote control and ARM(R) core based solutions, today reported results for its 2008 fiscal year second quarter ended September 29, 2007. For the quarter, sales were $16.7 million, relatively consistent with the preceding quarter sales of $16.8 million and within the previous guidance range. The GAAP net loss for the quarter ended September 29, 2007 was $1.9 million or 11 cents per share as compared to a GAAP net loss of $3.0 million or 18 cents per share in the preceding quarter and was significantly better than previous guidance of a GAAP net loss of 17 to 19 cents per share.
"We continue to execute our core strategy of developing new, cost effective and innovative products along with reducing our costs everywhere. We are introducing new embedded flash products to compliment our 8-bit microcontroller portfolio and we launched our 32-bit ARM product line named Zatara(TM) at the Embedded Systems East Conference in Boston in September. Additionally, since February we have completed all of our key management hires for our sales and marketing organizations," said Darin Billerbeck, Zilog's chief executive officer. "On a day-to-day basis, our business model continues to improve as we focus on consolidating activities to allow us to better serve our customers while reducing our costs. Spending declined, gross margins improved sequentially, break-even sales continued to decline, and cash levels were consistent," Billerbeck stated.
Although sales for the quarter ended September 29, 2007 declined 21 percent from $21.2 million for the comparable quarter a year ago, the GAAP net loss declined from $2.3 million in the year ago quarter to $1.9 million for the quarter ended September 29, 2007. The lower GAAP net loss reflects lower overall spending and lower special charges. Special charges were $0.4 million for the quarter, reflecting on-going charges associated with previously announced consolidation activities including the completion of the move to a new worldwide headquarters facility in San Jose, California. Additionally, the net loss for the quarter includes a one-time income tax credit of $0.4 million.
"The last two quarters have been difficult as market demand for our products in the traditional consumer and security related applications have been negatively impacted by the problems in the U.S. housing market. The June and September quarters were not seasonally up as we would have expected," Billerbeck commented. "The inventory level adjustment at one of our larger remote control customers appears to be coming to an end. We are optimistic that this inventory correction rebound will offset the traditional seasonal decline in the consumer market that we generally experience in the December quarter. Our new product ramps for 32-bit ARM(R) and 8-bit embedded flash continue to have a positive impact on our results," concluded Billerbeck.
The Company shipped approximately 700 development tool kits during the quarter ended September 29, 2007, bringing total tool kits shipped since the introduction of its integrated embedded Flash MCU's to almost 42,000.
NON-GAAP FINANCIAL INFORMATION (Unaudited) The Company may make reference to certain Non-GAAP financial measures. Management believes that these Non-GAAP measures are useful measures of operating performance and liquidity because they may exclude the impact of certain items, such as amortization of intangible assets, stock-based compensation, depreciation, non-operating interest, income taxes and special charges. However, these Non-GAAP measures should be considered in addition to, not as a substitute for, or superior to, net income (loss) and net cash provided by (used in) operating activities, or other financial measures prepared in accordance with GAAP." Three Months Ended
Sept. June March Dec. Sept. 29, 30, 31, 30, 30, July 1,
2007 2007 2007 2006 2006 2006
Reconciliation of Non-GAAP
Net Loss to GAAP Net Loss Non-GAAP net loss ($0.8) ($2.0) ($1.6) ($0.8) ($0.8) ($0.7)
Non-GAAP adjustments:
Special charges and
credits 0.4 0.4 1.3 0.1 0.9 0.1
Amortization of
intangible assets 0.3 0.2 0.3 0.3 0.3 0.4
Non-cash stock-based
compensation R&D 0.1 0.1 0.1 0.1 0.1 0.1
Non-cash stock-based
compensation SG&A 0.3 0.3 0.3 0.3 0.2 0.2
Total non-GAAP
adjustments 1.1 1.0 2.0 0.8 1.5 0.8
GAAP Net loss ($1.9) ($3.0) ($3.6) ($1.6) ($2.3) ($1.5)
Non-GAAP Net Loss (Unaudited)
Non-GAAP net loss excludes special charges and non-cash charges relating to the amortization of intangible assets and stock-based compensation. We believe that Non-GAAP net loss is a useful measure as it excludes certain special charge items as well as certain non-cash charges, which facilitates a comparison of the Company's operating performance. However, this Non-GAAP measure should be considered in addition to, not as a substitute for, or superior to, the net loss measured in accordance with GAAP.
Reconciliation of Net Loss
and Cash Flows From Operating
Activities to EBITDA
Three Months Ended
Sept. 29, June 30, March 31, Dec. 30, Sept. 30, July 1,
2007 2007 2007 2006 2006 2006
Reconciliation of
net loss to
EBITDA:
Net loss ($1.9) ($3.0) ($3.6) ($1.6) ($2.3) ($1.5)
Depreciation
and
amortization 1.0 1.0 1.1 1.1 1.1 1.1
Interest income (0.2) (0.2) (0.3) (0.2) (0.3) (0.3)
Provision for
income taxes 0.1 0.5 0.6 0.6 0.4 0.6
EBITDA ($1.0) ($1.7) ($2.2) ($0.1) ($1.1) ($0.1) Reconciliation of
EBITDA to net
cash provided by
(used in) operating
activities:
EBITDA ($1.0) ($1.7) ($2.2) ($0.1) ($1.1) ($0.1)
Provision for
income taxes (0.1) (0.5) (0.6) (0.6) (0.4) (0.6)
Interest income 0.2 0.2 0.3 0.2 0.3 0.3
Non-cash
stock-based
compensation 0.4 0.4 0.4 0.4 0.3 0.3
Loss on
disposition of
operating assets 0.1 0.2 - - - -
Changes in other
operating assets
and liabilities 1.3 (1.4) 0.8 (1.8) 2.3 (0.2)
Net cash provided by
(used in) operating
activities $0.9 ($2.8) ($1.3) ($1.9) $1.4 ($0.3)
Non-GAAP EBITDA (Unaudited)
Management believes that Non-GAAP EBITDA ("EBITDA"), that is Earnings or loss Before Interest, Taxes, Depreciation and Amortization, is a useful measure of financial performance. We believe that the disclosure of EBITDA helps investors more meaningfully evaluate our liquidity position by the elimination of non-cash related items such as depreciation and amortization. We believe that our investor base regularly uses EBITDA as a measure of the liquidity of our business. Our management uses EBITDA as a supplement to cash flows from operations as a way to assess the cash generated from our business available for capital expenditures and the servicing of other requirements including working capital.
Reconciliation of Net Loss
and Cash Flows From Operating
Activities to Adjusted EBITDA
Three Months Ended
Sept. 29, June 30, March 31, Dec. 30, Sept. 30, July 1,
2007 2007 2007 2006 2006 2006
Reconciliation of
net loss to
Adjusted EBITDA: Net loss ($1.9) ($3.0) ($3.6) ($1.6) ($2.3) ($1.5)
Depreciation and
amortization 1.0 1.0 1.1 1.1 1.1 1.1
Interest income (0.2) (0.2) (0.3) (0.2) (0.3) (0.3)
Provision for
income taxes 0.1 0.5 0.6 0.6 0.4 0.6
Special charges
and credits 0.4 0.4 1.3 0.1 0.9 0.1
Non-cash
stock-based
compensation 0.4 0.4 0.4 0.4 0.3 0.3
Adjusted EBITDA ($0.2) ($0.9) ($0.5) $0.4 $0.1 $0.3 Reconciliation of
Adjusted EBITDA to
net cash provided by
(used in) operating
activities:
Adjusted EBITDA ($0.2) ($0.9) ($0.5) $0.4 $0.1 $0.3
Special charges
and credits (0.4) (0.4) (1.3) (0.1) (0.9) (0.1)
Provision for
income taxes (0.1) (0.5) (0.6) (0.6) (0.4) (0.6)
Interest income 0.2 0.2 0.3 0.2 0.3 0.3
Loss on disposition
of operating
assets 0.1 0.2 - - - -
Changes in other
operating assets
and liabilities 1.3 (1.4) 0.8 (1.8) 2.3 (0.2)
Net cash provided by
(used in) operating
activities $0.9 ($2.8) ($1.3) ($1.9) $1.4 ($0.3)
Non-GAAP Adjusted EBITDA (Unaudited)
EBITDA reflects our Earnings or loss Before Interest, Taxes, Depreciation and Amortization. Additionally, management uses separate "Adjusted EBITDA" calculations for purposes of determining certain employees' incentive compensation and, subject to meeting specified Adjusted EBITDA amounts, for accelerating the vesting of EBITDA-linked stock options. Adjusted EBITDA, as we define it, excludes interest, income taxes, effects of changes in accounting principles and non-cash charges such as depreciation, amortization, in-process research and development, and stock-based compensation expense. It also excludes cash and non-cash charges associated with reorganization items and special charges and credits, which represent operational restructuring charges, including asset write-offs, employee termination costs, relocation costs and lease termination costs. Adjusted EBITDA also excludes changes in operating assets and liabilities which are included in net cash used by operating activities. Our management uses Adjusted EBITDA as a supplement to cash flows from operations as a way to assess the cash generated from our business available for capital expenditures and the servicing of other requirements including working capital. This Non-GAAP Adjusted EBITDA measure allows management to monitor cash generated from the operations of the business. However, this Non-GAAP measure should be considered in addition to, not as a substitute for, or superior to, net loss and net cash provided or used in operating activities prepared in accordance with GAAP.
About Zilog: Founded in 1974, Zilog is a global supplier of 8, 16 and 32-bit microcontroller and microprocessor "system-on-a-chip" (SoC) solutions that allow design engineers the freedom and creativity required for continued innovation in embedded design. The company won international acclaim for designing one of the first architectures in the microprocessors and microcontrollers industry. Today, Zilog designs, develops and markets a broad portfolio of devices for embedded control and communication applications used in consumer electronics, home appliances, security systems, point of sales terminals, personal computer peripherals, as well as industrial and automotive applications. Zilog is headquartered in San Jose, California, and employs approximately 500 people worldwide with sales offices throughout Asia, Europe and North America. For more information about Zilog and its products, visit the Company's website at: http://www.zilog.com/.
EZ80ACCLAIM!, CRIMZON, Zatara, Zilog, Z8, Z80, eZ80, Z8 ENCORE!, Encore!XP and Zneo are registered trademarks of Zilog, Inc. in the United States and in other countries. ARM is a registered trademark of ARM Limited in the EU and other countries.
Other product and or service names mentioned herein may be trademarks of the companies with which they are associated.
Cautionary Statements This release contains forward-looking statements (including those related to the ending of an inventory correction by one of our larger remote control customers and whether that rebound will offset the traditional decline in the consumer market during the December quarter) relating to expectations, plans or prospects for Zilog, Inc. that are based upon the current expectations and beliefs of Zilog's management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For example, inventory levels held by our remote control customers will be impacted by their end customer demand and the timing of that demand is inherently difficult to predict. Factors which could impact the overall success of our consolidation include whether the reduction in R&D personnel will result in fewer new product introductions or slower customer responsiveness.
Design wins are defined as the projected two-year net sales for a customer's new product design for which the Company has received at least a $1,000 purchase order for its devices. Design win estimates are determined based on projections from customers and may or may not come to fruition. Whether or not Zilog achieves anticipated revenue from design wins depends on such things as how quickly the Company is able to bring design wins into production and whether or not the project in question is a commercial success. Notwithstanding changes that may occur with respect to customer matters relating to the forward-looking statements, Zilog does not expect to, and disclaims any obligation to update such statements until release of its next quarterly earnings announcement or in any other manner. Zilog, however, reserves the right to update such statement, or any portion thereof, at any time for any reason.
The financial information presented herein is unaudited and is subject to change as a result of subsequent events or adjustments, if any, arising prior to the filing of the Company's Form 10-Q for the period ended September 29, 2007.
For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in filings with the U.S. Securities and Exchange Commission ("SEC"), including but not limited to, the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2007, and any subsequently filed reports. All documents also are available through the SEC's Electronic Data Gathering Analysis and Retrieval system (EDGAR) at http://www.sec.gov/ or from the Company's website at http://www.zilog.com/.
Contact:
Stew Chalmers
Director Corporate Communications
(818) 681-3588 Zilog, Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions except per share data) Three Months Ended Six Months Ended
Sept. 29, Sept. 30, Sept. 29, Sept. 30,
2007 2006 2007 2006 Net sales $ 16.7 $ 21.2 $ 33.5 $ 42.2
Cost of sales 9.0 11.4 18.4 21.9
Gross margin 7.7 9.8 15.1 20.3
Gross margin % 46% 46% 45% 48%
Operating expenses:
Research and
development 3.9 5.0 8.4 10.2
Selling, general and
administrative 5.1 5.8 10.2 11.8
Special charges and
credits 0.4 0.9 0.8 1.0
Amortization of
intangible assets 0.3 0.3 0.5 0.7
Total operating
expenses 9.7 12.0 19.9 23.7
Operating loss (1) (2.0) (2.2) (4.8) (3.4) Other income:
Interest income 0.2 0.3 0.4 0.6
Loss before provision
for income taxes (1.8) (1.9) (4.4) (2.8)
Provision for income
taxes 0.1 0.4 0.6 1.0
Net loss $ (1.9) $ (2.3) $ (5.0) $ (3.8) Basic and diluted
net loss per share $(0.11) $(0.14) $(0.30) $(0.23) Weighted-average
shares used in
computing basic and
diluted net loss
per share 16.9 16.6 16.9 16.6 (1)Includes FAS 123R
stock-based
compensation
charges as follows:
Research and
development $ 0.1 $ 0.1 $ 0.2 $ 0.2
Selling, general
and
administrative 0.3 0.3 0.6 0.5
Total stock-based
compensation
included in
operating loss $ 0.4 $ 0.4 $ 0.8 $ 0.7 Zilog, Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions) Sept. 29, March 31,
2007 2007 ASSETS
Current assets:
Cash and cash equivalents $ 19.9 $ 19.4
Accounts receivable, net 7.9 8.0
Inventories 8.7 8.5
Assets held for sale - 3.2
Deferred tax asset 0.4 0.4
Prepaid expenses and other current assets 1.6 1.8
Total current assets 38.5 41.3 Property, plant and equipment, net 5.7 6.5
Goodwill 2.2 2.2
Intangible assets, net 3.0 3.5
Other assets 1.2 2.3
Total assets $ 50.6 $ 55.8 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities:
Accounts payable $ 6.9 $ 6.1
Income taxes payable 0.5 0.6
Accrued compensation and employee benefits 2.4 2.8
Other accrued liabilities 2.2 2.9
Deferred income on shipments to distributors 6.6 7.1
Total current liabilities 18.6 19.5 Deferred tax liability 0.4 0.4
Other non-current liabilities 1.0 1.2
Total liabilities 20.0 21.1 Stockholders' equity:
Common stock 0.2 0.2
Additional paid-in capital 125.8 124.5
Treasury stock (7.4) (7.2)
Other comprehensive income (0.1) -
Accumulated deficit (87.9) (82.8)
Total stockholders' equity 30.6 34.7
Total liabilities and stockholders' equity $ 50.6 $ 55.8 Zilog, Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Three Months Ended Six Months Ended
Sept. 29, Sept. 30, Sept. 29, Sept. 30,
2007 2006 2007 2006
CASH FLOWS FROM
OPERATING ACTIVITIES: Net loss $ (1.9) $ (2.3) $ (5.0) $ (3.8)
Adjustments to reconcile
net loss to net cash
provided by (used in)
operating activities:
Depreciation and
amortization 0.7 0.8 1.5 1.5
Loss on disposition
of operating assets 0.1 - 0.3 -
Non-cash stock-based
compensation 0.4 0.4 0.8 0.7
Amortization of
fresh-start intangible
assets 0.3 0.3 0.5 0.7
Changes in operating
assets and liabilities:
Accounts receivable,
net 1.2 1.6 0.1 1.8
Inventories (0.4) 0.6 (0.2) (1.0)
Prepaid expenses and
other current and
non-current assets 0.5 0.2 1.3 0.8
Accounts payable 1.0 (1.5) 0.8 (1.5)
Accrued compensation
and employee benefits (0.1) - (0.4) 0.5
Deferred income on
shipments to
distributors (0.1) 1.1 (0.5) 1.7
Accrued and other
current liabilties (0.4) 0.1 (0.7) (0.4)
Non-current
liabilities (0.4) 0.1 (0.4) 0.1
Net cash provided
by (used in)
operating activities 0.9 1.4 (1.9) 1.1 CASH FLOWS FROM
INVESTING ACTIVITIES:
Disposal of assets held
for sale - MOD II
property - (0.7) 3.2 (0.7)
Due to Mod III Preferred
Series A shareholders - 0.2 - 0.2
Capital expenditures (0.6) (0.9) (0.9) (1.5)
Net cash provided by
(used in) investing
activities (0.6) (1.4) 2.3 (2.0) CASH FLOWS FROM
FINANCING ACTIVITIES:
Proceeds from issuance
of common stock under
employee stock purchase
and stock option plans 0.1 0.1 0.4 0.1
Repurchase of common
stock (0.3) (0.3)
Net cash provided by
(used in) financing
activities (0.2) 0.1 0.1 0.1 Increase (decrease) in
cash and cash
equivalents 0.1 0.1 0.5 (0.8)
Cash and cash equivalents
at beginning of period 19.8 26.1 19.4 27.0
Cash and cash equivalents
at end of period $ 19.9 $ 26.2 $ 19.9 $ 26.2
Zilog, Inc. SELECTED UNAUDITED TRENDED FINANCIAL INFORMATION
(Amounts in millions except percentages, selected key metrics and per share amounts) Three Months Ended
Sept. 29, June 30, March 31, Dec. 30, Sept. 30, July 1,
2007 2007 2007 2006 2006 2006 Sales & Expenses
Information: Net sales $16.7 $16.8 $19.1 $20.7 $21.2 $21.0
Cost of sales 9.0 9.4 10.1 11.0 11.4 10.5
Gross margin 7.7 7.4 9.0 9.7 9.8 10.5
Gross margin % 46% 44% 47% 47% 46% 50%
Operating expenses:
Research and
development 3.9 4.5 5.1 5.2 5.0 5.2
Selling, general
and
administrative 5.1 5.0 5.6 5.3 5.8 6.0
Special charges
and credits 0.4 0.4 1.3 0.1 0.9 0.1
Amortization of
intangible assets 0.3 0.2 0.3 0.3 0.3 0.4
Total operating
expenses 9.7 10.1 12.3 10.9 12.0 11.7 Operating loss (2.0) (2.7) (3.3) (1.2) (2.2) (1.2) Interest income 0.2 0.2 0.3 0.2 0.3 0.3
Loss before
provision for
income taxes (1.8) (2.5) (3.0) (1.0) (1.9) (0.9)
Provision for
income taxes 0.1 0.5 0.6 0.6 0.4 0.6
Net loss $(1.9) $(3.0) $(3.6) $(1.6) $(2.3) $(1.5) Weighted average
basic and diluted
shares 16.9 16.9 16.8 16.7 16.6 16.6
Basic and diluted
net loss per
share $(0.11) $(0.18) $(0.21) $(0.10) $(0.14) $(0.09) Sales Information:
Net Sales - by
product category
Embedded flash
microcontrollers $3.9 $3.6 $3.1 $3.6 $3.7 $2.4
Remote control
solutions 4.1 5.1 6.3 5.9 6.0 5.7
8-bit micrologic
new products 8.0 8.7 9.4 9.5 9.7 8.1
32-bit ARM
products 0.3 0.1 - - - -
Total new
products 8.3 8.8 9.4 9.5 9.7 8.1
8-bit classic
products 8.4 8.0 9.7 11.2 11.5 12.9
Total net
sales $16.7 $16.8 $19.1 $20.7 $21.2 $21.0 Net Sales - by
channel
OEM $6.7 $6.9 $8.7 $10.1 $8.6 $8.6
Distribution 10.0 9.9 10.4 10.6 12.6 12.4
Total net
sales $16.7 $16.8 $19.1 $20.7 $21.2 $21.0 Net Sales - by
region
America's $4.9 $6.7 $8.4 $9.2 $8.3 $7.9
Asia (including
Japan) 9.5 7.9 8.0 9.5 10.1 10.0
Europe 2.3 2.2 2.7 2.0 2.8 3.1
Total net
sales $16.7 $16.8 $19.1 $20.7 $21.2 $21.0 Selected Key Metrics
(as defined in our
Form 10-Q)
Days sales
outstanding 43 49 38 38 33 41
Net sales to
inventory ratio
(annualized) 7.7 8.2 9.0 8.7 9.9 9.1
Weeks of inventory
at distributors 12 12 13 13 13 10
Current ratio 2.1 2.1 2.1 2.1 1.8 2.0 Other Selected
Financial Metrics
Depreciation and
amortization
(excluding
intangibles) $0.7 $0.8 $0.8 $0.8 $0.8 $0.7
Amortization of
fresh-start
intangibles $0.3 $0.2 $0.3 $0.3 $0.3 $0.4
Special charges
and credits $0.4 $0.4 $2.2 $0.1 $0.9 $0.1
Capital
expenditures $0.6 $0.3 $0.3 $0.2 $0.9 $0.6
Cash and cash
equivalents $19.9 $19.8 $19.4 $21.0 $26.2 $26.1
Reconciliation of Net Loss
and Cash Flows From Operating
Activities to EBITDA
Three Months Ended
Sept. 29, June 30, March 31, Dec. 30, Sept. 30, July 1,
2007 2007 2007 2006 2006 2006
Reconciliation of
net loss to
EBITDA:
Net loss ($1.9) ($3.0) ($3.6) ($1.6) ($2.3) ($1.5)
Depreciation
and
amortization 1.0 1.0 1.1 1.1 1.1 1.1
Interest income (0.2) (0.2) (0.3) (0.2) (0.3) (0.3)
Provision for
income taxes 0.1 0.5 0.6 0.6 0.4 0.6
EBITDA ($1.0) ($1.7) ($2.2) ($0.1) ($1.1) ($0.1) Reconciliation of
EBITDA to net
cash provided by
(used in) operating
activities:
EBITDA ($1.0) ($1.7) ($2.2) ($0.1) ($1.1) ($0.1)
Provision for
income taxes (0.1) (0.5) (0.6) (0.6) (0.4) (0.6)
Interest income 0.2 0.2 0.3 0.2 0.3 0.3
Non-cash
stock-based
compensation 0.4 0.4 0.4 0.4 0.3 0.3
Loss on
disposition of
operating assets 0.1 0.2 - - - -
Changes in other
operating assets
and liabilities 1.3 (1.4) 0.8 (1.8) 2.3 (0.2)
Net cash provided by
(used in) operating
activities $0.9 ($2.8) ($1.3) ($1.9) $1.4 ($0.3) Reconciliation of Net Loss
and Cash Flows From Operating
Activities to Adjusted EBITDA
Three Months Ended
Sept. 29, June 30, March 31, Dec. 30, Sept. 30, July 1,
2007 2007 2007 2006 2006 2006
Reconciliation of
net loss to
Adjusted EBITDA: Net loss ($1.9) ($3.0) ($3.6) ($1.6) ($2.3) ($1.5)
Depreciation and
amortization 1.0 1.0 1.1 1.1 1.1 1.1
Interest income (0.2) (0.2) (0.3) (0.2) (0.3) (0.3)
Provision for
income taxes 0.1 0.5 0.6 0.6 0.4 0.6
Special charges
and credits 0.4 0.4 1.3 0.1 0.9 0.1
Non-cash
stock-based
compensation 0.4 0.4 0.4 0.4 0.3 0.3
Adjusted EBITDA ($0.2) ($0.9) ($0.5) $0.4 $0.1 $0.3 Reconciliation of
Adjusted EBITDA to
net cash provided by
(used in) operating
activities:
Adjusted EBITDA ($0.2) ($0.9) ($0.5) $0.4 $0.1 $0.3
Special charges
and credits (0.4) (0.4) (1.3) (0.1) (0.9) (0.1)
Provision for
income taxes (0.1) (0.5) (0.6) (0.6) (0.4) (0.6)
Interest income 0.2 0.2 0.3 0.2 0.3 0.3
Loss on disposition
of operating
assets 0.1 0.2 - - - -
Changes in other
operating assets
and liabilities 1.3 (1.4) 0.8 (1.8) 2.3 (0.2)
Net cash provided by
(used in) operating
activities $0.9 ($2.8) ($1.3) ($1.9) $1.4 ($0.3)
DATASOURCE: Zilog, Inc.
CONTACT: Stew Chalmers, Director Corporate Communications of Zilog, Inc., +1-818-681-3588 Web site: http://www.zilog.com/
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