SANTA CLARA, Calif.--(BUSINESS WIRE)--Parade Technologies, Ltd. (Taipei Exchange: 4966.TWO), a leading video display and interface IC supplier, today announced financial results for the first quarter fiscal 2016 ended March 31, 2016, and provided guidance for the second quarter of fiscal year 2016.
Consolidated revenue was US$70.63 million and consolidated net income was US$10.79 million. Basic and fully diluted after-tax earnings per share (“EPS”) were US$0.14 (NT$4.77) and US$0.14 (NT$4.68), respectively. These results compared to consolidated revenue US$48.16 million and consolidated net income of US$8.10 million, or US$0.11 (NT$3.42) and US$0.11 (NT$3.36) per basic and fully diluted share, in the year-ago quarter.
In US dollars, the first quarter of 2016 consolidated revenue increased 4.41% sequentially and was up 46.67% year-over-year.
The gross profit in the first quarter of 2016 was US$29.06 million, representing an increase of 7.35% from the previous quarter and an increase of 49.61% compared to the same quarter of last year.
Based on current business outlook, Parade is providing the following guidance for the second quarter of fiscal 2016:
- Revenue: US$66 ~72 Million
- Gross Margin: 40% ~43%
- Operating Expense: US$16.5 ~17.5 Million
On April 21, 2016, Parade announced a collaboration with Samsung to deliver AMOLED panels for the tablet and PC notebook markets. Parade worked together with Samsung to develop the DP699 Tcon which is used exclusively in the new Samsung AMLOED panels. The DP699 supports the VESA eDP standard version 1.4b for extended battery life. Adaptive Sync is also supported for gaming optimization, as well as the MBO (Media Buffer Optimization) function for video playback. The DP699 also includes a number of proprietary Samsung features and algorithms to optimize display quality, including those for optimum color, brightness, and dimming control.
The financial figures detailed above for the first quarter of 2016 have been reviewed by independent accountants.
About Parade Technologies, Ltd.
Parade Technologies, Ltd. (GTSM: 4966) is a leading fabless supplier of mixed-signal ICs for a variety of popular display and high-speed interface standards used in computers, consumer electronics and display panels. Parade’s portfolio of IC products serves the growing demand for DisplayPort™, eDP™ (Embedded DisplayPort), HDMI™, USB Type-C™, SATA, and USB ICs for display, storage and interface applications.
Parade leverages its close relationships with market-leading Tier-1 OEMs to develop ICs that provide unique system capabilities. Many of the company’s devices integrate proprietary technologies that offer superior system signal integrity, advanced system integration and enhanced power efficiency. As a result of the company’s “Standards-plus” design philosophy, Parade ICs have been designed into products offered by nearly every leading computer and display vendor worldwide.
Parade Technologies, Ltd. and Subsidiaries.
The reader is advised that these consolidated financial statements have been prepared originally in NT$ 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 |
USD in Thousands | NTD in Thousands | |||||||||||||||||||
Sequential Quarter |
Three Months ended |
Sequential Quarter | Three Months ended | ||||||||||||||||||
Mar 31, | Dec 31, | Mar 31, | Mar 31, | Mar 31, | Dec 31, | Mar 31, | Mar 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||
Revenue | 70,631 | 67,650 | 70,631 | 48,155 | 2,340,738 | 2,206,742 | 2,340,738 | 1,517,857 | |||||||||||||
Cost of goods sold | 41,576 | 40,584 | 41,576 | 28,734 | 1,377,840 | 1,323,840 | 1,377,840 | 905,703 | |||||||||||||
Gross profit | 29,055 | 27,066 | 29,055 | 19,421 | 962,898 | 882,902 | 962,898 | 612,154 | |||||||||||||
Research & development expenses |
10,838 | 10,703 | 10,838 | 6,127 | 359,186 | 349,110 | 359,186 | 193,125 | |||||||||||||
Sales & marketing expenses | 4,202 | 4,099 | 4,202 | 2,329 | 139,240 | 133,706 | 139,240 | 73,420 | |||||||||||||
General & administrative expenses |
2,248 | 2,107 | 2,248 | 1,933 | 74,513 | 68,740 | 74,513 | 60,930 | |||||||||||||
Total operating expenses | 17,288 | 16,909 | 17,288 | 10,389 | 572,939 | 551,556 | 572,939 | 327,475 | |||||||||||||
Operating income | 11,767 | 10,157 | 11,767 | 9,032 | 389,959 | 331,345 | 389,959 | 284,679 | |||||||||||||
Non-operating income and expenses | (2 | ) | 64 | (2 | ) | 28 | (69 | ) | 2,100 | (69 | ) | 889 | |||||||||
Income before income taxes | 11,765 | 10,221 | 11,765 | 9,060 | 389,890 | 333,446 | 389,890 | 285,568 | |||||||||||||
Income tax expense | 976 | 1,102 | 976 | 962 | 32,346 | 35,980 | 32,346 | 30,314 | |||||||||||||
Net income | 10,789 | 9,119 | 10,789 | 8,098 | 357,544 | 297,466 | 357,544 | 255,254 | |||||||||||||
EPS - Basic (In Dollar) | $0.14 | $0.12 | $0.14 | $0.11 | $4.77 | $3.95 | $4.77 | $3.42 | |||||||||||||
Shares used in computing EPS-Basic (In thousands) | 74,921 | 75,355 | 74,921 | 74,707 | 74,921 | 75,355 | 74,921 | 74,707 | |||||||||||||
EPS - Diluted (In Dollar) | $0.14 | $0.12 | $0.14 | $0.11 | $4.68 | $3.89 | $4.68 | $3.36 | |||||||||||||
Shares used in computing EPS-Diluted (In thousands) | 76,335 | 76,511 | 76,335 | 76,058 | 76,335 | 76,511 | 76,335 | 76,058 | |||||||||||||
UNAUDITED CONSOLIDATED BALANCE SHEETS |
USD in Thousands | NTD in Thousands | ||||||||||
As of March 31, 2016 and 2015 |
Mar 31, | Mar 31, | Mar 31, | Mar 31, | ||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Current assets | ||||||||||||
Cash & cash equivalents | 94,535 | 155,935 | 3,043,098 | 4,880,758 | ||||||||
Available-for-sale financial assets - current | - | 1,086 | - | 33,985 | ||||||||
Accounts receivable, net | 41,693 | 33,328 | 1,342,092 | 1,043,155 | ||||||||
Inventories, net | 26,128 | 15,856 | 841,062 | 496,308 | ||||||||
Other current assets | 11,161 | 8,597 | 359,270 | 269,081 | ||||||||
Total current assets | 173,517 | 214,802 | 5,585,522 | 6,723,287 | ||||||||
Non-current assets | ||||||||||||
Property, plant and equipment, net | 4,732 | 4,657 | 152,332 | 145,780 | ||||||||
Intangible assets | 89,972 | 183 | 2,896,207 | 5,735 | ||||||||
Deferred income tax assets | 1,185 | 141 | 38,129 | 4,407 | ||||||||
Other non-current assets | 1,024 | 1,351 | 32,949 | 42,301 | ||||||||
Total non-current assets | 96,913 | 6,332 | 3,119,617 | 198,223 | ||||||||
Total Assets | 270,430 | 221,134 | 8,705,139 | 6,921,510 | ||||||||
Current Liabilities | ||||||||||||
Accounts payable | 31,847 | 19,926 | 1,025,154 | 623,697 | ||||||||
Other payables | 10,723 | 9,384 | 345,166 | 293,729 | ||||||||
Current income tax liabilities | 13,242 | 9,899 | 426,248 | 309,839 | ||||||||
Other current liabilities | 5,987 | 4,126 | 192,733 | 129,126 | ||||||||
Total current liabilities | 61,799 | 43,335 | 1,989,301 | 1,356,391 | ||||||||
Equity | ||||||||||||
Ordinary shares | 25,070 | 24,891 | 760,750 | 755,192 | ||||||||
Capital reserves | 60,309 | 55,538 | 1,813,697 | 1,663,421 | ||||||||
Retained earnings | 131,497 | 104,983 | 4,021,274 | 3,153,181 | ||||||||
Other equity | (6,760 | ) | (5,152 | ) | 168,522 | 70,822 | ||||||
Treasury shares | (1,485 | ) | (2,461 | ) | (48,405 | ) | (77,497 | ) | ||||
Total equity | 208,631 | 177,799 | 6,715,838 | 5,565,119 | ||||||||
Total liabilities and equity | 270,430 | 221,134 | 8,705,139 | 6,921,510 | ||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS |
USD in Thousands | NTD in Thousands | ||||||||||
For three months ended March 31, 2016 and 2015 |
Mar 31, | Mar 31, | Mar 31, | Mar 31, | ||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Cash flows from operating activities |
||||||||||||
Income before income tax for the period |
11,765 | 9,060 | 389,890 | 285,568 | ||||||||
Depreciation and amortization | 1,967 | 417 | 65,194 | 13,135 | ||||||||
Loss on disposal of equipment | - | 45 | - | 1,410 | ||||||||
Share-based compensation cost | 895 | 771 | 29,654 | 24,309 | ||||||||
Interest income | (10 | ) | (15 | ) | (318 | ) | (464 | ) | ||||
Income and expenses having no effect on cash flows | 2,852 | 1,218 | 94,530 | 38,390 | ||||||||
Accounts receivable | (3,530 | ) | 947 | (113,645 | ) | 29,656 | ||||||
Inventories | (7,433 | ) | (2,214 | ) | (239,250 | ) | (69,290 | ) | ||||
Other current assets | (3,151 | ) | (2,600 | ) | (101,598 | ) | (81,404 | ) | ||||
Other non-current assets | 146 | 146 | 4,691 | 4,561 | ||||||||
Net changes in assets relating to operating activities |
(13,968 | ) | (3,721 | ) | (449,802 | ) | (116,477 | ) | ||||
Accounts payable | 10,468 | 9,133 | 336,955 | 285,851 | ||||||||
Other payables | (1,378 | ) | (1,745 | ) | (44,358 | ) | (54,604 | ) | ||||
Other current liabilities | (2,230 | ) | 386 | (71,795 | ) | 12,071 | ||||||
Net changes in liabilities relating to operating activities | 6,860 | 7,774 | 220,802 | 243,318 | ||||||||
Cash provided by operations | 7,509 | 14,331 | 255,420 | 450,799 | ||||||||
Interest received | 9 | 13 | 301 | 406 | ||||||||
Income taxes paid | (208 | ) | (147 | ) | (6,886 | ) | (4,649 | ) | ||||
Net cash provided by operating activities |
7,310 | 14,197 | 248,835 | 446,556 | ||||||||
Cash flows from investing activities |
||||||||||||
Acquisition of equipment | (454 | ) | (1,220 | ) | (15,062 | ) | (38,468 | ) | ||||
Acquisition of intangible assets | (299 | ) | (12 | ) | (9,909 | ) | (362 | ) | ||||
(Increases) decrease in refundable deposits | (66 | ) | 5 | (2,123 | ) | 163 | ||||||
Net cash used in investing activities |
(819 | ) | (1,227 | ) | (27,094 | ) | (38,667 | ) | ||||
Cash flows from financing activities |
||||||||||||
Proceeds from exercise of employee stock options | 58 | 66 | 1,912 | 2,078 | ||||||||
Purchase of treasury shares | - | (2,461 | ) | - | (77,497 | ) | ||||||
Cash dividend regain from canceled share-based compensation | 5 | 152 | ||||||||||
Net cash provided by (used in) financing activities | 63 | (2,395 | ) | 2,064 | (75,419 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | 20 | 7 | (68,458 | ) | (52,146 | ) | ||||||
Increase in cash and cash equivalents | 6,574 | 10,582 | 155,347 | 280,324 | ||||||||
Cash and cash equivalents at beginning of period | 87,961 | 145,353 | 2,887,751 | 4,600,434 | ||||||||
Cash and cash equivalents at end of period | 94,535 | 155,935 | 3,043,098 | 4,880,758 |