Silicon Image continues to make less and less money, but insists that’s right on plan.

The company reported $40.5 million in revenue in its first quarter, down from $59.4 million in the immediately prior fourth quarter of 2008, and from the $67.1 million recorded in the first quarter of 2008.

Silicon Image is a chip company that has introduced several networking standards, including DVI and HDMI, and has captured the fancy of the cable industry with a new networking technology – called LiquidHD. LiquidHD would be incorporated in consumer electronics products to make it easy to transfer high-definition video (and other less-bandwidth-intensive applications) around consumers’ homes.

“During the first quarter of 2009, we continued to make good progress capturing design wins and working with industry leaders to form new technology standards consortiums,” said Steve Tirado, president and CEO of Silicon Image. “Our financial performance for the first quarter was in line with our internal plan and reflective of the global economic environment.”

The company’s net loss for the first quarter of 2009 was $33.3 million, compared with a net income of $5 million in the fourth quarter of 2008 and a net loss of $562,000 in the first quarter a year ago.

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