SAN JOSE, Calif.--(BUSINESS WIRE)--Parade Technologies, Ltd. (Taipei Exchange: 4966.TWO), a leading high-speed interface IC supplier, today announced financial results for the first quarter fiscal year 2018 ended March 31, 2018, and provided guidance for the second quarter of fiscal year 2018.
Consolidated revenue was US$80.65 million and consolidated net income was US$13.81 million. Basic and fully diluted after-tax earnings per share (“EPS”) were US$0.18 (NT$5.30) and US$0.17 (NT$5.08), respectively. These results compared to consolidated revenue US$75.64 million and consolidated net income of US$11.95 million, or US$0.16 (NT$4.92) and US$0.15 (NT$4.78) per basic and fully diluted share, in the year-ago quarter.
In US dollars, the first quarter of 2018 consolidated revenue decreased 8.61% sequentially and was up 6.63% year-over-year.
The gross profit in the first quarter of 2018 was US$32.94 million, representing a decrease of 7.79% from the previous quarter and an increase of 8.86% 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 2018:
- Revenue: US$75.5 ~82.5 Million
- Gross Margin: 40% ~43%
- Operating Expense: US$18.25 ~19.25 Million
The financial figures detailed above for the first quarter of 2018 have been reviewed by independent accountants.
About Parade Technologies, Ltd.
Parade Technologies, Ltd. is a leading supplier of mixed-signal ICs for a variety of popular display and high-speed interface standards used in computers, consumer electronics and display panels. The fabless semiconductor company was founded in 2005 and publicly listed on Taipei Exchange (“TPEx”) in 2011 (stock code: 4966). Parade’s portfolio of IC products serves the growing demand for HDMI™, DisplayPort™, SATA, and USB ICs for display, storage and interface applications.
In addition to being a technology innovator, Parade is an active participant and leader in industry standards-setting organizations. Parade Technologies, Inc., a wholly owned US-based subsidiary of Parade Technologies, Ltd., is a member of VESA (Video Electronics Standard Association). Parade Technologies, Inc. has made key contributions to the development of VESA’s DisplayPort™ digital video interface standard.
Parade leverages its close relationships with market leading Tier-1 OEMs to develop ICs that provide unique system capabilities. Many of the company’s devices integrate proprietary technologies that offer superior system signal integrity, advanced system integration and enhanced power efficiency. As a result of the company’s “standards-plus” design philosophy, Parade ICs have been designed into products offered by nearly every leading computer and display vendor worldwide.
Parade Technologies, Ltd. and Subsidiaries.
The reader is advised that these consolidated financial statements have been prepared originally in NT$ and conformed with the adoption of IFRSs. In the event of any differences between NT$ and US$ version, the NT$ version shall prevail.
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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, | ||||||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||
| Revenue | 80,653 | 88,248 | 80,653 | 75,641 | 2,363,141 | 2,657,137 | 2,363,141 | 2,351,687 | |||||||||||||||||||||
| Cost of goods sold | 47,715 | 52,528 | 47,715 | 45,384 | 1,398,037 | 1,581,628 | 1,398,037 | 1,410,995 | |||||||||||||||||||||
| Gross profit | 32,939 | 35,720 | 32,939 | 30,257 | 965,104 | 1,075,509 | 965,104 | 940,692 | |||||||||||||||||||||
| Research & development expenses | 12,202 | 12,037 | 12,202 | 11,033 | 357,526 | 362,427 | 357,526 | 343,003 | |||||||||||||||||||||
| Sales & marketing expenses | 4,126 | 4,345 | 4,126 | 3,892 | 120,892 | 130,829 | 120,892 | 121,015 | |||||||||||||||||||||
| General & administrative expenses | 2,752 | 2,850 | 2,752 | 2,358 | 80,621 | 85,818 | 80,621 | 73,308 | |||||||||||||||||||||
| Total operating expenses | 19,080 | 19,232 | 19,080 | 17,283 | 559,039 | 579,074 | 559,039 | 537,326 | |||||||||||||||||||||
| Operating income | 13,859 | 16,488 | 13,859 | 12,974 | 406,065 | 496,435 | 406,065 | 403,366 | |||||||||||||||||||||
| Non-operating income and expenses | (58 | ) | 59 | (58 | ) | 15 | (1,700 | ) | 1,780 | (1,700 | ) | 457 | |||||||||||||||||
| Income before income taxes | 13,800 | 16,547 | 13,800 | 12,989 | 404,365 | 498,215 | 404,365 | 403,823 | |||||||||||||||||||||
| Income tax (benefit) expense | (10 | ) | 2,035 | (10 | ) | 1,038 | (283 | ) | 61,273 | (283 | ) | 32,256 | |||||||||||||||||
| Net income | 13,810 | 14,512 | 13,810 | 11,951 | 404,648 | 436,942 | 404,648 | 371,567 | |||||||||||||||||||||
| EPS - Basic (In Dollar) | $ | 0.18 | $ | 0.19 | $ | 0.18 | $ | 0.16 | $ | 5.30 | $ | 5.73 | $ | 5.30 | $ | 4.92 | |||||||||||||
| Shares used in computing EPS-Basic (In thousands) | 76,287 | 76,235 | 76,287 | 75,506 | 76,287 | 76,235 | 76,287 | 75,506 | |||||||||||||||||||||
| EPS - Diluted (In Dollar) | $ | 0.17 | $ | 0.18 | $ | 0.17 | $ | 0.15 | $ | 5.08 | $ | 5.51 | $ | 5.08 | $ | 4.78 | |||||||||||||
| Shares used in computing EPS-Diluted (In thousands) | 79,653 | 79,343 | 79,653 | 77,807 | 79,653 | 79,343 | 79,653 | 77,807 | |||||||||||||||||||||
| UNAUDITED CONSOLIDATED BALANCE SHEETS | USD in Thousands | NTD in Thousands | ||||||||||
| As of March 31, 2018 and 2017 | Mar 31, | Mar 31, | Mar 31, | Mar 31, | ||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||
| Current assets | ||||||||||||
| Cash & cash equivalents | 157,611 | 131,227 | 4,588,044 | 3,980,102 | ||||||||
| Accounts receivable, net | 53,763 | 44,589 | 1,565,045 | 1,352,382 | ||||||||
| Inventories, net | 42,948 | 39,480 | 1,250,218 | 1,197,425 | ||||||||
| Other current assets | 12,434 | 7,464 | 361,965 | 226,389 | ||||||||
| Total current assets | 266,756 | 222,760 | 7,765,272 | 6,756,298 | ||||||||
| Non-current assets | ||||||||||||
| Property, plant and equipment, net | 8,558 | 5,283 | 249,114 | 160,255 | ||||||||
| Intangible assets | 87,265 | 91,133 | 2,540,284 | 2,764,054 | ||||||||
| Deferred income tax assets | 1,592 | 2,157 | 46,345 | 65,421 | ||||||||
| Other non-current assets | 846 | 995 | 24,619 | 30,180 | ||||||||
| Total non-current assets | 98,261 | 99,568 | 2,860,362 | 3,019,910 | ||||||||
| Total Assets | 365,017 | 322,328 | 10,625,634 | 9,776,208 | ||||||||
| Current Liabilities | ||||||||||||
| Accounts payable | 24,726 | 33,901 | 719,763 | 1,028,205 | ||||||||
| Other payables | 17,140 | 14,558 | 498,957 | 441,554 | ||||||||
| Current tax liabilities | 19,715 | 17,765 | 573,908 | 538,827 | ||||||||
| Other current liabilities | 5,369 | 10,116 | 156,285 | 306,794 | ||||||||
| Total current liabilities | 66,950 | 76,340 | 1,948,913 | 2,315,380 | ||||||||
| Equity | ||||||||||||
| Ordinary shares | 25,837 | 25,466 | 784,525 | 773,321 | ||||||||
| Capital reserves | 84,799 | 71,196 | 2,569,165 | 2,160,472 | ||||||||
| Retained earnings | 204,742 | 162,438 | 6,279,516 | 5,009,849 | ||||||||
| Other equity | (17,311 | ) | (12,996 | ) | (956,485 | ) | (479,284 | ) | ||||
| Treasury shares | - | (116 | ) | - | (3,530 | ) | ||||||
| Total equity | 298,067 | 245,988 | 8,676,721 | 7,460,828 | ||||||||
| Total liabilities and equity | 365,017 | 322,328 | 10,625,634 | 9,776,208 | ||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS | USD in Thousands | NTD in Thousands | ||||||||||
| For three months ended March 31, 2018 and 2017 | Mar 31, | Mar 31, | Mar 31, | Mar 31, | ||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||
|
Cash flows from operating activities |
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| Income before income tax for the period | 13,801 | 12,989 | 404,365 | 403,823 | ||||||||
| Depreciation and amortization | 2,791 | 2,302 | 81,775 | 71,568 | ||||||||
| Share-based compensation cost | 1,888 | 1,288 | 55,329 | 40,037 | ||||||||
| Interest income | (20 | ) | (12 | ) | (584 | ) | (367 | ) | ||||
| Income and expenses having no effect on cash flows | 4,659 | 3,578 | 136,520 | 111,238 | ||||||||
| Accounts receivable | (1,491 | ) | 2,969 | (43,397 | ) | 90,058 | ||||||
| Inventories | (8,673 | ) | (13,151 | ) | (252,482 | ) | (398,857 | ) | ||||
| Other current assets | (2,745 | ) | 67 | (79,936 | ) | 2,033 | ||||||
| Net changes in assets relating to operating activities | (12,909 | ) | (10,115 | ) | (375,815 | ) | (306,766 | ) | ||||
| Accounts payable | (1,062 | ) | 3,875 | (30,916 | ) | 117,530 | ||||||
| Other payables | (3,493 | ) | (2,336 | ) | (101,680 | ) | (70,866 | ) | ||||
| Other current liabilities | (2,912 | ) | 403 | (84,754 | ) | 12,215 | ||||||
| Net changes in liabilities relating to operating activities | (7,467 | ) | 1,942 | (217,350 | ) | 58,879 | ||||||
| Cash (used in) provided by operations | (1,916 | ) | 8,394 | (52,280 | ) | 267,174 | ||||||
| Interest received | 10 | 10 | 300 | 299 | ||||||||
| Income taxes paid | (219 | ) | (221 | ) | (6,407 | ) | (6,866 | ) | ||||
| Net cash (used in) provided by operating activities | (2,125 | ) | 8,183 | (58,387 | ) | 260,607 | ||||||
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Cash flows from investing activities |
||||||||||||
| Acquisition of equipment | (451 | ) | (1,322 | ) | (13,216 | ) | (41,096 | ) | ||||
| Acquisition of intangible assets | (562 | ) | (547 | ) | (16,472 | ) | (17,008 | ) | ||||
| Increase in refundable deposits | (28 | ) | (150 | ) | (807 | ) | (4,555 | ) | ||||
| Net cash used in investing activities | (1,041 | ) | (2,019 | ) | (30,495 | ) | (62,659 | ) | ||||
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Cash flows from financing activities |
||||||||||||
| Proceeds from exercise of employee stock options | 305 | 103 | 8,938 | 3,207 | ||||||||
| Purchase of treasury shares | - | (116 | ) | - | (3,530 | ) | ||||||
| Cash dividend regain from canceled share-based compensation | 10 | 2 | 322 | 74 | ||||||||
| Net cash provided by (used in) financing activities | 315 | (11 | ) | 9,260 | (249 | ) | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 407 | 87 | (95,561 | ) | (248,436 | ) | ||||||
| (Decrease) Increase in cash and cash equivalents | (2,444 | ) | 6,240 | (175,183 | ) | (50,737 | ) | |||||
| Cash and cash equivalents at beginning of period | 160,055 | 124,987 | 4,763,227 | 4,030,839 | ||||||||
| Cash and cash equivalents at end of period | 157,611 | 131,227 | 4,588,044 | 3,980,102 | ||||||||
