Financial Highlights:
- Q215 consolidated revenue US$49.30
million, compared with US$46.85 million in the year-ago
quarter
- Q215 Consolidated net income US$8.78
million; Basic and Fully diluted after-tax EPS US$0.12 (NT$3.63)
and US$0.12 (NT$3.56), respectively
Parade Technologies, Ltd. (Taipei Exchange: 4966.TWO), a leading
video display and interface IC supplier, today announced financial
results for the second quarter fiscal 2015 ended June 30, 2015, and
provided guidance for the third quarter of fiscal year 2015 that is
excluding any financial estimation from the Cypress’s TrueTouch
mobile business acquisition. The Cypress’s TrueTouch mobile
business acquisition is expected to close during the third quarter
of 2015.
Consolidated revenue was US$49.30 million and consolidated net
income was US$8.78 million. Basic and fully diluted after-tax
earnings per share (“EPS”) were US$0.12 (NT$3.63) and US$0.12
(NT$3.56), respectively. These results compared to consolidated
revenue US$46.85 million and consolidated net income of US$9.23
million, or US$0.13 (NT$3.75) and US$0.12 (NT$3.68) per basic and
fully diluted share, in the year-ago quarter.
In US dollars, the second quarter consolidated revenue increased
2.39% sequentially and was up 5.24% year-over-year.
The gross profit in the second quarter of 2015 was US$20.34
million, representing an increase of 4.75% from the previous
quarter and an increase of 4.70% compared to the same quarter of
last year.
Based on current business outlook excluding Cypress’s TrueTouch
mobile business acquisition, Parade is providing the following
guidance for the third quarter of fiscal 2015:
- Revenue: US$47.5 ~54.5 Million
- Gross Margin: 40% ~43%
- Operating Expense: US$11 ~12
Million
The financial figures detailed above for the second quarter of
2015 have been reviewed by independent accountants.
About Parade Technologies, Ltd.
Parade Technologies, Ltd. (Taipei Exchange: 4966.TWO) is a
leading fabless supplier of mixed-signal ICs for a variety of
popular display and high-speed interface standards used in
computers, consumer electronics and display panels. Parade’s
portfolio of IC products serves the growing demand for
DisplayPort™, eDP™ (Embedded DisplayPort), HDMI™, MHL®, SATA, and
USB ICs for display, storage and interface applications.
Parade leverages its close relationships with market-leading
Tier-1 OEMs to develop ICs that provide unique system capabilities.
Many of the company’s devices integrate proprietary technologies
that offer superior system signal integrity, advanced system
integration and enhanced power efficiency. As a result of the
company’s “Standard-plus” design philosophy, Parade ICs have been
designed into products offered by nearly every leading computer and
display vendor worldwide.
Parade Technologies, Ltd. and Subsidiaries.
The reader is advised that these consolidated financial
statements have been prepared originally in NT$ and conformed with
the adoption of IFRSs. In the event of any differences between NT$
and US$ version, the NT$ version shall prevail.
UNAUDITED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
USD in Thousands NTD in Thousands Sequential Quarter Three
Months ended Six Months ended Sequential Quarter
Three Months ended Six Months ended June 30, March
31, June 30, June 30, June 30, June 30, June 30,
March 31, June 30, June 30, June 30, June 30,
2015 2015 2015 2014 2015 2014 2015 2015 2015 2014 2015 2014
Revenue 49,304 48,155 49,304 46,848 97,459 91,379 ########
1,517,857 ######## 1,410,129 ######## 2,758,072 Cost of goods sold
28,961 28,734 28,961 27,419 57,695 53,476 893,165 905,703 893,165
825,319 ######## 1,614,051 Gross profit 20,343 19,421 20,343 19,429
39,764 37,903 627,360 612,154 627,360 584,810 ######## 1,144,021
Research & development expenses 6,293 6,127 6,293 5,877 12,420
11,354 194,072 193,125 194,072 176,894 387,197 342,687 Sales &
marketing expenses 2,479 2,329 2,479 2,197 4,808 4,231 76,454
73,420 76,454 66,100 149,874 127,689 General & administrative
expenses 1,969 1,933 1,969 1,705 3,902 3,255 60,714 60,930 60,714
51,329 121,644 98,237 Total operating expenses 10,741 10,389 10,741
9,779 21,130 18,840 331,240 327,475 331,240 294,323 658,715 568,613
Operating income 9,602 9,032 9,602 9,650 18,634 19,063 296,120
284,679 296,120 290,487 580,799 575,408 Non-operating income and
expenses 90 28 90 36 118 76 2,780 889 2,780 1,104 3,669 2,313
Income before income taxes 9,692 9,060 9,692 9,686 18,752 19,139
298,900 285,568 298,900 291,591 584,468 577,721 Income tax expense
915 962 915 458 1,877 1,401 28,209 30,314 28,209 13,804 58,523
42,344
Net income 8,777 8,098 8,777
9,228 16,875 17,738 270,691
255,254 270,691 277,787 525,945
535,377 EPS - Basic (In Dollar) $0.12 $0.11 $0.12 $0.13
$0.23 $0.24 $3.63 $3.42 $3.63 $3.75 $7.05 $7.22 Shares used in
computing EPS-Basic (In thousands) 74,585 74,707 74,585 74,118
74,646 74,151 74,585 74,707 74,585 74,118 74,646 74,151 EPS -
Diluted (In Dollar) $0.12 $0.11 $0.12 $0.12 $0.22 $0.23 $3.56 $3.36
$3.56 $3.68 $6.92 $7.09 Shares used in computing EPS-Diluted (In
thousands) 75,981 76,058 75,981
75,545
76,052 75,512 75,981 76,058 75,981
75,545 76,052 75,512
UNAUDITED
CONSOLIDATED BALANCE SHEETS USD in Thousands NTD
in Thousands
As of June 30, 2015 and 2014 June 30,
June 30, June 30, June 30, 2015 2014 2015 2014
Current
assets Cash & cash equivalents 168,859 135,767 5,211,001
4,055,378 Available-for-sale financial assets - current - 1,086 -
32,432 Accounts receivable, net 27,182 30,171 838,845 901,201
Inventories, net 18,230 21,636 562,577 646,269 Other current assets
11,471 5,469 354,001 163,362 Total current
assets 225,742 194,129 6,966,424 5,798,642
Non-current assets Property, plant and equipment, net 4,363
2,767 134,635 82,642 Intangible assets 165 220 5,076 6,570 Deferred
income tax assets 176 116 5,443 3,461 Other non-current assets
1,211 1,819 37,357 54,331 Total non-current
assets 5,915 4,922 182,511 147,004
Total
Assets 231,657 199,051
7,148,935 5,945,646 Current
Liabilities Accounts payable 16,863 25,932 520,406 774,585
Other payables 22,534 15,219 697,117 451,957 Current tax
liabilities 10,624 7,290 327,853 217,764 Other current liabilities
4,038 4,785 124,619 142,901 Total current
liabilities 54,059 53,226 1,669,995 1,587,207
Equity Ordinary shares 24,895 24,680 755,326 748,802 Capital
reserves 55,744 49,024 1,669,845 1,466,614 Retained earnings
101,543 74,155 3,045,088 2,207,488 Other equity (4,584 ) (2,034 )
8,681 (64,465 ) Total equity 177,598 145,825
5,478,940 4,358,439
Total liabilities and equity
231,657 199,051 7,148,935
5,945,646 UNAUDITED CONSOLIDATED STATEMENTS
OF CASH FLOWS USD in Thousands NTD in Thousands
For six months ended June 30, 2015 and 2014 June 30,
June 30, June 30, June 30, 2015 2014 2015 2014
Cash
flows from operating activities Income before income tax for
the period 18,752 19,139 584,468 577,721 Depreciation and
amortization 855 686 26,666 20,706 Loss on disposal of equipment 46
- 1,435 - Share-based compensation cost 1,491 1,062 46,487 32,065
Interest income (31 ) (14 ) (981 ) (412 ) Income and expenses
having no effect on cash flows 2,361 1,734 73,607
52,359 Accounts receivable 7,093 4,154 218,885
124,094 Inventories (4,587 ) (13,947 ) (141,563 ) (416,592 ) Other
current assets (5,443 ) (2,552 ) (168,007 ) (76,240 ) Other
non-current assets 291 291 8,994 8,706
Net changes in assets relating to operating activities (2,646 )
(12,054 ) (81,691 ) (360,032 ) Accounts payable 6,070 9,621 187,309
287,384 Other payables (814 ) (445 ) (25,132 ) (13,286 ) Other
current liabilities 298 2,409 9,209 71,942
Net changes in liabilities relating to operating activities
5,554 11,585 171,386 346,040 Cash
provided by operations 24,021 20,404 747,770
616,088 Interest received 33 17 1,033 528 Income taxes paid
(405 ) (486 ) (12,622 ) (14,676 )
Net cash provided by operating
activities 23,649 19,935
736,181 601,940 Cash flows from
investing activities Decrease (increase) in available for
sale financial assets - current 1,086 (6 ) 33,507 (196 )
Acquisition of equipment and computer software (1,350 ) (355 )
(42,085 ) (10,725 ) Decrease (increase) in refundable deposits 0
(52 ) 13 (1,543 )
Net cash used in investing
activities (264 ) (413 )
(8,565 ) (12,464 ) Cash flows
from financing activities Proceeds from exercise of employee
stock options 84 231 2,615 6,995 Purchase of treasury shares (2,461
) (1,374 ) (77,497 ) (41,920 ) Treasury shares reissued to
employees 2,461 1,374 77,497 41,920 Cash dividend regain from
canceled share-based compensation 1 2 27 48
Net cash provided by financing activities 85
233 2,642 7,043
Effect of exchange rate changes on cash and cash equivalents 36 (26
) (119,691 ) (222 ) Increase in cash and cash equivalents 23,506
19,729 610,567 596,297 Cash and cash equivalents at beginning of
period 145,353 116,038 4,600,434 3,459,081
Cash and cash equivalents at end of period
168,859
135,767 5,211,001
4,055,378
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version on businesswire.com: http://www.businesswire.com/news/home/20150729006912/en/
Parade TechnologiesYo-Ming Chang,
+886-2-2627-9109ir@paradetech.com