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 second quarter fiscal 2016 ended June 30, 2016, and provided guidance for the third quarter of fiscal year 2016.
Consolidated revenue was US$68.78 million and consolidated net income was US$10.77 million. Basic and fully diluted after-tax earnings per share (“EPS”) were US$0.14 (NT$4.66) and US$0.14 (NT$4.56), respectively. These results compared to consolidated revenue US$49.30 million and consolidated net income of US$8.78 million, or US$0.12 (NT$3.63) and US$0.12 (NT$3.56) per basic and fully diluted share, in the year-ago quarter.
In US dollars, the second quarter of 2016 consolidated revenue decreased 2.62% sequentially and was up 39.51% year-over-year.
The gross profit in the second quarter of 2016 was US$28.16 million, representing a decrease of 3.07% from the previous quarter and an increase of 38.44% compared to the same quarter of last year.
Based on current business outlook, Parade is providing the following guidance for the third quarter of fiscal 2016:
- Revenue: US$63 ~69 Million
- Gross Margin: 41% ~44%
- Operating Expense: US$16.5 ~17.5 Million
In May 2016, Parade announced a new 2-lane 8Gb/s PCIe and SATA redriver. The PS8559 cleans up and re-transmits the PCIe or SATA signal, both increasing data transmission reliability and enabling system design flexibility. By supporting PCIe and SATA, the PS8559 is ideal for the SATA Express interface which utilizes both of these interface standards and is used for PC storage devices. The support of two PCIe lanes also makes the PS8559 well suited for the newer M.2 interface used in PCs and laptops. Other applications for the PS8559 include server-class PCIe SSD and PCIe cabling.
In June 2016, Parade also announced a new 16-Channel 8Gb/s PCIe redriver. The PS8566 removes signal distortion that results when sending high speed data over an electrical interface. The PS8566 integrates 16 independent redriver channels with low power consumption. The support of a 16-Channel bus width makes it ideal for workstations and data center applications including storage and servers.
The financial figures detailed above for the second quarter of 2016 have been reviewed by independent accountants.
About Parade Technologies, Ltd.
Parade Technologies, Ltd. (Stock Code: 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®, SATA, PCI Express and USB ICs for display, touch, 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 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,|
|Cost of goods sold||40,621||41,576||40,621||28,961||82,197||57,695||1,316,940||1,377,840||1,316,940||893,165||2,694,780||1,798,868|
|Research & development expenses||11,056||10,838||11,056||6,293||21,894||12,420||358,430||359,186||358,430||194,072||717,616||387,197|
|Sales & marketing expenses||4,232||4,202||4,232||2,479||8,434||4,808||137,224||139,240||137,224||76,454||276,464||149,874|
|General & administrative expenses||2,163||2,248||2,163||1,969||4,411||3,902||70,088||74,513||70,088||60,714||144,601||121,644|
|Total operating expenses||17,451||17,288||17,451||10,741||34,739||21,130||565,742||572,939||565,742||331,240||1,138,681||658,715|
|Non-operating income and expenses||34||(2||)||34||90||32||118||1,087||(69||)||1,087||2,780||1,018||3,669|
|Income before income taxes||10,745||11,765||10,745||9,692||22,510||18,752||348,339||389,890||348,339||298,900||738,229||584,468|
|Income tax expense||(20||)||976||(20||)||915||956||1,877||(649||)||32,346||(649||)||28,209||31,697||58,523|
|EPS - Basic (In Dollar)||$||0.14||$||0.14||$||0.14||$||0.12||$||0.29||$||0.23||$||4.66||$||4.77||$||4.66||$||3.63||$||9.43||$||7.05|
|Shares used in computing EPS-Basic (In thousands)||74,940||74,921||74,940||74,585||74,941||74,646||74,940||74,921||74,940||74,585||74,941||74,646|
|EPS - Diluted (In Dollar)||$||0.14||$||0.14||$||0.14||$||0.12||$||0.28||$||0.22||$||4.56||$||4.68||$||4.56||$||3.56||$||9.23||$||6.92|
|Shares used in computing EPS-Diluted (In thousands)||76,527||76,335||76,527||75,981||76,536||76,052||76,527||76,335||76,527||75,981||76,536||76,052|
|UNAUDITED CONSOLIDATED BALANCE SHEETS||USD in Thousands||NTD in Thousands|
|As of June 30, 2016 and 2015||
|Cash & cash equivalents||108,063||168,859||3,488,262||5,211,001|
|Accounts receivable, net||34,883||27,182||1,126,026||838,845|
|Other current assets||9,826||11,471||317,188||354,001|
|Total current assets||180,214||225,742||5,817,310||6,966,424|
|Property, plant and equipment, net||4,683||4,363||151,164||134,635|
|Deferred income tax assets||2,167||176||69,949||5,443|
|Other non-current assets||884||1,211||28,526||37,357|
|Total non-current assets||98,498||5,915||3,179,518||182,511|
|Current tax liabilities||14,060||10,624||453,862||327,853|
|Other current liabilities||6,308||4,038||203,612||124,619|
|Total current liabilities||70,001||54,059||2,267,971||1,669,995|
|Total liabilities and equity||278,712||231,657||8,996,828||7,148,935|
|UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS||USD in Thousands||NTD in Thousands|
|For six months ended June 30, 2016 and 2015||
Cash flows from operating activities
|Income before income tax for the period||22,510||18,752||738,229||584,468|
|Depreciation and amortization||3,977||855||130,373||26,666|
|Loss on disposal of equipment||-||46||-||1,435|
|Share-based compensation cost||1,807||1,491||59,226||46,487|
|Income and expenses having no effect on cash flows||5,765||2,361||188,971||73,607|
|Other current assets||(1,784||)||(5,443||)||(57,759||)||(168,007||)|
|Other non-current assets||194||291||6,272||8,994|
|Net changes in assets relating to operating activities||(7,058||)||(2,646||)||(227,971||)||(81,691||)|
|Other current liabilities||(1,910||)||298||(61,656||)||9,209|
|Net changes in liabilities relating to operating activities||2,671||5,554||86,209||171,386|
|Cash provided by operations||23,888||24,021||785,438||747,770|
|Income taxes paid||(375||)||$||(405||)||(12,307||)||(12,622||)|
|Net cash provided by operating activities||23,432||23,649||770,508||736,181|
Cash flows from investing activities
Decrease in available for sale financial assets - current
|Acquisition of equipment||(1,041||)||(1,332||)||(34,113||)||(41,513||)|
|Acquisition of intangible assets||(2,518||)||(18||)||(82,552||)||(572||)|
|Decrease in refundable deposits||25||0||819||13|
|Net cash used in investing activities||(3,534||)||(264||)||(115,846||)||(8,565||)|
Cash flows from financing activities
|Proceeds from exercise of employee stock options||301||84||9,857||2,615|
|Purchase of treasury shares||-||(2,461||)||-||(77,497||)|
|Treasury shares reissued to employees||-||2,461||-||77,497|
|Cash dividend regain from canceled share-based compensation||5||1||158||27|
|Net cash provided by financing activities||306||85||10,016||2,642|
|Effect of exchange rate changes on cash and cash equivalents||(102||)||36||(64,166||)||(119,691||)|
|Increase in cash and cash equivalents||20,102||23,506||600,511||610,567|
|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||108,063||168,859||3,488,262||5,211,001|