SAN JOSE, Calif., May 5 /PRNewswire-FirstCall/ -- SiRF Technology Holdings, Inc. (Nasdaq: SIRF), a leading provider of GPS-enabled silicon and premium software location platforms, today reported unaudited financial results for its first quarter ended March 28, 2009.

Net revenue in the first quarter of 2009 was $34.2 million, a decrease of 44.8 percent from $62.0 million reported in the first quarter of 2008. Gross profit in the first quarter of 2009 was $13.8 million or 40.2 % of net revenue, as compared to $26.4 million or 42.6% of net revenue in the first quarter of 2008.

Net loss for the first quarter of 2009 was $16.9 million, or ($0.27) per diluted share, based on 62.8 million diluted weighted average shares outstanding. This compares with net loss of $28.1 million, or ($0.47) per diluted share, based on 60.3 million diluted weighted average shares outstanding in the first quarter of 2008.

SiRF reports net income (loss), gross profit, and basic and diluted net income (loss) per share in accordance with GAAP and additionally on a non-GAAP basis. Non-GAAP gross profit excludes the effect of stock-based compensation expense and amortization of acquisition-related intangible assets. Non-GAAP gross profit for the first quarter of 2009 was $16.2 million, or 47.4% of net revenue as compared to non-GAAP gross profit of $30.3 million or 48.9% of net revenue, for the first quarter of 2008. Non-GAAP net income (loss), where applicable, excludes the effect of stock-based compensation expense, amortization of acquisition-related intangible assets, expenses related to acquisition-related contingent payments, restructuring and asset impairment charges, gain on note receivable previously impaired and adjustments to normalize the income tax provision. Non-GAAP net loss for the first quarter of 2009 was $13.8 million, or ($0.22) per diluted share, as compared to non-GAAP net loss of $8.4 million, or ($0.14) per diluted share for the first quarter of 2008. Non-GAAP net loss for the first quarter of 2009 excludes $6.8 million in stock-based compensation expense, $3.0 million in amortization of acquisition-related intangible assets, $0.7 million of restructuring and asset impairment charges and $7.3 million in gain associated with a note receivable previously impaired. Non-GAAP net loss for the first quarter of 2008 excludes $8.9 million in stock-based compensation expense, $6.2 million in amortization of acquisition-related intangible assets, $0.3 million of expenses related to acquisition-related contingent payments, $0.5 million of restructuring and asset impairment charges and $3.8 million of provision for income taxes. Weighted average shares outstanding used in computing diluted non-GAAP net loss per share for the first quarter of 2009 were approximately 62.8 million, compared to 60.3 million for the first quarter of 2008. Refer to the itemized reconciliation between net loss on both a GAAP and non-GAAP bases for the first quarter of 2009 and 2008.

Total cash, cash equivalents and short-term investments were $109.5 million at March 28, 2009, compared with $115.8 million at December 27, 2008. The Company had no long term investments at March 28, 2009 and December 27, 2008.

Quarterly conference call details:

SiRF will host a conference call on May 5, 2009, at approximately 4:30 PM EDT/1:30 PM PDT to discuss its first quarter ended March 28, 2009 financial results.

This event is available through the SiRF Technology web site at www.sirf.com by clicking on the "Investors" link. Listeners should go to the website at least ten minutes before the event to download and install any necessary audio software. For those unable to attend the live broadcast, an archived version of the webcast will be available for twelve months.

The call can also be heard by dialing (800) 894-5910 (domestic) or (785) 424-1052 (international) and entering the conference id: SIRF. A telephonic replay will also be available approximately 2 hours following the earnings call and will be available for two weeks. The telephone playback of the conference call can be accessed by dialing (800) 283-9429.

About SiRF Technology Holdings, Inc.:

SiRF Technology Holdings, Inc. develops and markets semiconductor and software products that are designed to enable location-awareness utilizing GPS and other location technologies. SiRF''s technology has been integrated into mobile consumer devices, such as automobile navigation systems, mobile phones, PDAs, GPS-based peripherals and handheld GPS navigation devices, and into commercial applications, such as location servers, asset tracking devices and fleet management systems. SiRF markets and sells its products in three target platforms: wireless handheld devices, such as mobile phones; automotive electronics systems, including navigation and telematics systems; and consumer and compute devices, including personal digital assistants, notebook computers, recreational GPS handhelds, mobile gaming machines, digital cameras and watches. Founded in 1995, SiRF is headquartered in San Jose, California, and has sales offices, design centers and research facilities around the world. SiRF''s common stock trades on the Nasdaq Global Select Market under the symbol SIRF. Additional information about SiRF and its Location Technology solutions can be found at www.sirf.com.