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 2017 ended March 31, 2017, and provided guidance for the second quarter of fiscal year 2017.
Consolidated revenue was US$75.64 million and consolidated net income was US$11.95 million. Basic and fully diluted after-tax earnings per share (“EPS”) were US$0.16 (NT$4.92) and US$0.15 (NT$4.78), respectively. These results compared to consolidated revenue US$70.63 million and consolidated net income of US$10.79 million, or US$0.14 (NT$4.77) and US$0.14 (NT$4.68) per basic and fully diluted share, in the year-ago quarter.
In US dollars, the first quarter of 2017 consolidated revenue decreased 1.79% sequentially and was up 7.09% year-over-year.
The gross profit in the first quarter of 2017 was US$30.26 million, representing a decrease of 2.57% from the previous quarter and an increase of 4.14% 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 2017:
- Revenue: US$79 ~86 Million
- Gross Margin: 40% ~43%
- Operating Expense: US$17 ~18 Million
On April 19, 2017, Parade announced a new family of 10Gb/s USB-C retiming products supporting USB 3.1 and DisplayPort 1.4 for USB-C interface. These new devices are designed to implement USB-C in a USB Host / DisplayPort Alt Mode Source device and to support USB 3.1 signal conditioning. USB-C is becoming the connector of choice for both high speed data and high resolution video due to its ability to support the needed increase in bit rates enabled by USB 3.1 and DisplayPort 1.4.
Without a retimer, support of USB 3.1 Gen 2 (10 Gbit/sec) is typically limited to a PCB length of just several inches, which is not practical in many system usages, especially for the connection to the USB-C receptacle. Parade’s new family of USB 3.1 retiming devices pack in several innovative technologies such as notably CrystalFree operation (no external reference clock or crystal needed), very low latency in the sub-nanoseconds, system transparent operation (redriver-like implementation), low operating power consumption and very low standby power. All family of retiming products support Intel’s DCI (Direct Connect Interface) for closed chassis debugging over the system USB-C port.
The financial figures detailed above for the first quarter of 2017 have been reviewed by independent accountants.
About Parade Technologies, Ltd.
Parade Technologies, Ltd. is a leading supplier of mixed-signal ICs for a variety of popular display and high-speed interface standards used in computers, consumer electronics and display panels. The fabless semiconductor company was founded in 2005 and publicly listed on Taipei Exchange (TPEx) in 2011 (stock code: 4966). Parade’s portfolio of IC products serves the growing demand for HDMI™, DisplayPort™, SATA, and USB ICs for display, storage and interface applications.
In addition to being a technology innovator, Parade is an active participant and leader in industry standards-setting organizations. Parade Technologies, Inc., a wholly owned US-based subsidiary of Parade Technologies, Ltd., is a member of VESA (Video Electronics Standard Association). Parade Technologies, Inc. has made key contributions to the development of VESA’s DisplayPort™ digital video interface standard.
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,|
|Cost of goods sold||45,384||45,963||45,384||41,576||1,410,995||1,460,249||1,410,995||1,377,840|
|Research & development expenses||11,033||11,212||11,033||10,838||343,003||356,194||343,003||359,186|
|Sales & marketing expenses||3,892||4,129||3,892||4,202||121,015||131,176||121,015||139,240|
|General & administrative expenses||2,358||2,268||2,358||2,248||73,308||72,066||73,308||74,513|
|Total operating expenses||17,283||17,609||17,283||17,288||537,326||559,436||537,326||572,939|
|Non-operating income and expenses||15||215||15||(2||)||457||6,836||457||(69||)|
|Income before income taxes||12,989||13,660||12,989||11,765||403,823||433,973||403,823||389,890|
|Income tax expense||1,038||2,760||1,038||976||32,256||87,684||32,256||32,346|
|EPS - Basic (In Dollar)||$||0.16||$||0.14||$||0.16||$||0.14||$||4.92||$||4.52||$||4.92||$||4.77|
|Shares used in computing EPS-Basic (In thousands)||75,506||76,667||75,506||74,921||75,506||76,667||75,506||74,921|
|EPS - Diluted (In Dollar)||$||0.15||$||0.14||$||0.15||$||0.14||$||4.78||$||4.40||$||4.78||$||4.68|
|Shares used in computing EPS-Diluted (In thousands)||77,807||78,652||77,807||76,335||77,807||78,652||77,807||76,335|
|UNAUDITED CONSOLIDATED BALANCE SHEETS||USD in Thousands||NTD in Thousands|
|As of March 31, 2017 and 2016||Mar 31,||Mar 31,||Mar 31,||Mar 31,|
|Cash & cash equivalents||131,227||94,535||3,980,102||3,043,098|
|Accounts receivable, net||44,589||41,693||1,352,382||1,342,092|
|Other current assets||7,464||11,161||226,389||359,270|
|Total current assets||222,760||173,517||6,756,298||5,585,522|
|Property, plant and equipment, net||5,283||4,732||160,255||152,332|
|Deferred income tax assets||2,157||1,185||65,421||38,129|
|Other non-current assets||995||1,024||30,180||32,949|
|Total non-current assets||99,568||96,913||3,019,910||3,119,617|
|Current tax liabilities||17,765||13,242||538,827||426,248|
|Other current liabilities||10,116||5,987||306,794||192,733|
|Total current liabilities||76,340||61,799||2,315,380||1,989,301|
|Total liabilities and equity||
|UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS||USD in Thousands||NTD in Thousands|
|For three months ended March 31, 2017 and 2016||Mar 31,||Mar 31,||Mar 31,||Mar 31,|
Cash flows from operating activities
|Income before income tax for the period||12,989||11,765||403,823||389,890|
|Depreciation and amortization||2,302||1,967||71,568||65,194|
|Share-based compensation cost||1,288||895||40,037||29,654|
|Income and expenses having no effect on cash flows||3,578||2,852||111,238||94,530|
|Other current assets||67||(3,151||)||2,033||(101,598||)|
|Other non-current assets||-||146||-||4,691|
|Net changes in assets relating to operating activities||(10,115||)||(13,968||)||(306,766||)||(449,802||)|
|Other current liabilities||403||(2,230||)||12,215||(71,795||)|
|Net changes in liabilities relating to operating activities||1,942||6,860||58,879||220,802|
|Cash provided by operations||8,394||7,509||267,174||255,420|
|Net cash provided by operating activities||8,183||7,310||260,607||248,835|
Cash flows from investing activities
|Acquisition of equipment||(1,322||)||(454||)||(41,096||)||(15,062||)|
|Acquisition of intangible assets||(547||)||(299||)||(17,008||)||(9,909||)|
|Increase in refundable deposits||(150||)||(66||)||(4,555||)||(2,123||)|
|Net cash used in investing activities||(2,019||)||(819||)||(62,659||)||(27,094||)|
Cash flows from financing activities
|Proceeds from exercise of employee stock options||103||58||3,207||1,912|
|Purchase of treasury shares||(116||)||-||(3,530||)||-|
|Cash dividend regain from canceled share-based compensation||2||5||74||152|
|Net cash (used in) provided by financing activities||(11||)||63||(249||)||2,064|
|Effect of exchange rate changes on cash and cash equivalents||87||20||(248,436||)||(68,458||)|
|(Decrease) increase in cash and cash equivalents||6,240||6,574||(50,737||)||155,347|
|Cash and cash equivalents at beginning of period||124,987||87,961||4,030,839||2,887,751|
|Cash and cash equivalents at end of period||