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| [July 30, 2015] |
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Parade Technologies Reports Second Quarter 2015 Financial Results
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.
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UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
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USD in Thousands
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NTD in Thousands
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Sequential Quarter
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Three Months ended
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Six Months ended
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Sequential Quarter
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Three Months ended
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Six Months ended
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June 30,
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March 31,
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June 30,
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June 30,
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June 30,
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June 30,
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June 30,
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March 31,
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June 30,
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June 30,
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June 30,
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June 30,
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2015
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2015
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2015
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2014
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2015
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2014
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2015
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2015
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2015
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2014
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2015
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2014
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Revenue
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49,304
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48,155
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49,304
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46,848
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97,459
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91,379
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########
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1,517,857
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########
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1,410,129
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########
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2,758,072
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Cost of goods sold
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28,961
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28,734
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28,961
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27,419
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57,695
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53,476
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|
893,165
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905,703
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893,165
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825,319
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########
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1,614,051
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Gross profit
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20,343
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19,421
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20,343
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19,429
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39,764
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37,903
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627,360
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612,154
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627,360
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584,810
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########
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1,144,021
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Research & development expenses
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6,293
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6,127
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6,293
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5,877
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12,420
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11,354
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194,072
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193,125
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194,072
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176,894
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387,197
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342,687
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Sales & marketing expenses
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2,479
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2,329
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2,479
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2,197
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4,808
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4,231
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76,454
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73,420
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76,454
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66,100
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149,874
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127,689
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General & administrative expenses
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1,969
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1,933
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1,969
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1,705
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3,902
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3,255
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60,714
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60,930
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60,714
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51,329
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121,644
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98,237
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Total operating expenses
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10,741
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10,389
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10,741
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9,779
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21,130
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18,840
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|
331,240
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327,475
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331,240
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294,323
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658,715
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568,613
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Operating income
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9,602
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9,032
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9,602
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9,650
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18,634
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19,063
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296,120
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284,679
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296,120
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290,487
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580,799
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575,408
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Non-operating income and expenses
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90
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28
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90
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36
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|
118
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76
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2,780
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|
889
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2,780
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1,104
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3,669
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|
2,313
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Income before income taxes
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9,692
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9,060
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9,692
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9,686
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18,752
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19,139
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298,900
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285,568
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298,900
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291,591
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584,468
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577,721
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Income tax expense
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|
915
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962
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|
915
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|
458
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1,877
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1,401
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28,209
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30,314
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28,209
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13,804
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58,523
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42,344
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Net income
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8,777
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8,098
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8,777
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9,228
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16,875
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17,738
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|
|
270,691
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255,254
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270,691
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277,787
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525,945
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535,377
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EPS - Basic (In Dollar)
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$0.12
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$0.11
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$0.12
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$0.13
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$0.23
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$0.24
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$3.63
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$3.42
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$3.63
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$3.75
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$7.05
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$7.22
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Shares used in computing EPS-Basic (In thousands)
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74,585
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74,707
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74,585
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74,118
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74,646
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74,151
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|
74,585
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74,707
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74,585
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74,118
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74,646
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74,151
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EPS - Diluted (In Dollar)
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$0.12
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$0.11
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$0.12
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$0.12
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$0.22
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$0.23
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$3.56
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$3.36
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$3.56
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$3.68
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$6.92
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$7.09
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Shares used in computing EPS-Diluted (In thousands)
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75,981
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76,058
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75,981
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75,545
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76,052
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75,512
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75,981
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76,058
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75,981
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75,545
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|
76,052
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75,512
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UNAUDITED CONSOLIDATED BALANCE SHEETS
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USD in Thousands
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NTD in Thousands
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As of June 30, 2015 and 2014
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June 30,
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June 30,
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June 30,
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June 30,
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2015
|
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2014
|
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2015
|
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2014
|
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Current assets
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Cash & cash equivalents
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168,859
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135,767
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5,211,001
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4,055,378
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Available-for-sale financial assets - current
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-
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1,086
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-
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32,432
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Accounts receivable, net
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27,182
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30,171
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|
|
838,845
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901,201
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Inventories, net
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18,230
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|
21,636
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|
|
562,577
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646,269
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Other current assets
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11,471
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|
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5,469
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|
|
354,001
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163,362
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Total current assets
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225,742
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194,129
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6,966,424
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5,798,642
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Non-current assets
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Property, plant and equipment, net
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4,363
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2,767
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134,635
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82,642
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Intangible assets
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165
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|
220
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|
5,076
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6,570
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Deferred income tax assets
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|
176
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|
|
116
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|
|
5,443
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|
3,461
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|
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Other non-current assets
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1,211
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|
|
1,819
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|
|
37,357
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|
54,331
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Total non-current assets
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|
5,915
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|
|
4,922
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|
|
182,511
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|
147,004
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Total Assets
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|
231,657
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|
|
199,051
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|
|
7,148,935
|
|
5,945,646
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|
|
|
|
|
|
|
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|
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Current Liabilities
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
16,863
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|
|
25,932
|
|
|
520,406
|
|
774,585
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|
|
Other payables
|
|
22,534
|
|
|
15,219
|
|
|
697,117
|
|
451,957
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|
|
Current tax liabilities
|
|
10,624
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|
|
7,290
|
|
|
327,853
|
|
217,764
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|
|
Other current liabilities
|
|
4,038
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|
|
4,785
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|
|
124,619
|
|
142,901
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|
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Total current liabilities
|
|
54,059
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|
|
53,226
|
|
|
1,669,995
|
|
1,587,207
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|
|
Equity
|
|
|
|
|
|
|
|
|
|
Ordinary shares
|
|
24,895
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|
|
24,680
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|
|
755,326
|
|
748,802
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|
|
Capital reserves
|
|
55,744
|
|
|
49,024
|
|
|
1,669,845
|
|
1,466,614
|
|
|
Retained earnings
|
|
101,543
|
|
|
74,155
|
|
|
3,045,088
|
|
2,207,488
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|
|
Other equity
|
|
(4,584
|
)
|
|
(2,034
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)
|
|
8,681
|
|
(64,465
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)
|
|
Total equity
|
|
177,598
|
|
|
145,825
|
|
|
5,478,940
|
|
4,358,439
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|
|
Total liabilities and equity
|
|
231,657
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|
|
199,051
|
|
|
7,148,935
|
|
5,945,646
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|
|
|
|
|
|
|
|
|
|
|
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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
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USD in Thousands
|
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NTD in Thousands
|
|
For six months ended June 30, 2015 and 2014
|
|
June 30,
|
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June 30,
|
|
June 30,
|
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June 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Cash flows from operating activities
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|
|
|
|
|
|
|
|
|
Income before income tax for the period
|
|
18,752
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|
|
19,139
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|
|
584,468
|
|
|
577,721
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|
|
Depreciation and amortization
|
|
855
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|
|
686
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|
|
26,666
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|
|
20,706
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|
|
Loss on disposal of equipment
|
|
46
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|
|
-
|
|
|
1,435
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|
|
-
|
|
|
Share-based compensation cost
|
|
1,491
|
|
|
1,062
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|
|
46,487
|
|
|
32,065
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|
|
Interest income
|
|
(31
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)
|
|
(14
|
)
|
|
(981
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)
|
|
(412
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)
|
|
Income and expenses having no effect on cash flows
|
|
2,361
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|
|
1,734
|
|
|
73,607
|
|
|
52,359
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|
|
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
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150729006912/en/
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