[May 06, 2015] |
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Parade Technologies Reports First Quarter 2015 Financial Results
Parade Technologies, Ltd. (Taiwan OTC: 4966.TWO), a leading video
display and interface IC supplier, today announced financial results for
the first quarter fiscal 2015 ended March 31, 2015, and provided
guidance for the second quarter of fiscal year 2015.
Consolidated revenue was US$48.16 million and consolidated net income
was US$8.10 million. Basic and fully diluted after-tax earnings per
share ("EPS") were US$0.11 (NT$3.42) and US$0.11 (NT$3.36),
respectively. These results compared to consolidated revenue US$44.53
million and consolidated net income of US$8.51 million, or US$0.11
(NT$3.47) and US$0.11 (NT$3.41) per basic and fully diluted share, in
the year-ago quarter.
In US dollars, the first quarter consolidated revenue decreased 12.50%
sequentially and was up 8.14% year-over-year.
The gross profit in the first quarter of 2015 was US$19.42 million,
representing a decrease of 12.88% from the previous quarter and an
increase of 5.13% compared to the same quarter last year.
Based on current business outlook, Parade is providing the following
guidance for the second quarter of fiscal 2015:
-
Revenue: US$48 ~52 Million
-
Gross Margin: 40% ~43%
-
Operating Expense: US$10 ~11 Million
In March 2015, Parade announced a new USB Type-C port configuration
switch PS8742 for devices that include the DisplayPort Alt Mode Sink
function. The new PS8742 enables USB Type-C port configurations
compliant with the USB Type-C and DisplayPort Alt Mode over USB Type-C
standards. In addition to the high-speed signal configuration switch,
the new PS8742 Type-C Redriving Switch integrates signal redriver
circuitry to avoid the signal loss associated with commonly used passive
switching solutions. The redriving circuitry also overcomes losses from
internal system PCB traces and external interconnect cable.
The financial figures detailed above for the first quarter of 2015 have
been reviewed by independent accountants.
About Parade Technologies, Ltd.
Parade Technologies, Ltd. (Taiwan OTC: 4966.TWO) is a leading fabless
supplier of mixed-signal ICs for a variety of popular display and
high-speed interface standards used in computers, consumer electronics
and display panels. Parade's portfolio of IC products serves the growing
demand for DisplayPort™, eDP™ (Embedded DisplayPort), HDMI™, MHL®, SATA,
and USB ICs for display, storage and interface applications.
Parade leverages its close relationships with market-leading Tier-1 OEMs
to develop ICs that provide unique system capabilities. Many of the
company's devices integrate proprietary technologies that offer superior
system signal integrity, advanced system integration and enhanced power
efficiency. As a result of the company's "Standard-plus" design
philosophy, Parade ICs have been designed into products offered by
nearly every leading computer and display vendor worldwide.
Parade Technologies, Ltd. and Subsidiaries.
The reader is advised that these consolidated financial statements have
been prepared originally in NT$ 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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Sequential Quarter
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Three Months ended
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March 31,
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Dec 31,
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March 31,
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March 31,
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March 31,
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Dec 31,
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March 31,
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March 31,
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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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2014
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2015
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2014
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Revenue
|
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48,155
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55,034
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|
48,155
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44,531
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1,517,857
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1,697,242
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1,517,857
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1,347,943
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Cost of goods sold
|
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28,734
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32,743
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28,734
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26,057
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905,703
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1,009,777
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905,703
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788,732
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Gross profit
|
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|
19,421
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|
|
22,291
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|
|
19,421
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|
|
|
18,474
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612,154
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687,465
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612,154
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559,211
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Research & development expenses
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6,127
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6,393
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6,127
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5,477
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193,125
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|
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197,163
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193,125
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165,793
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Sales & marketing expenses
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2,329
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|
|
|
2,884
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|
|
2,329
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|
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2,034
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|
|
|
73,420
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|
|
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88,923
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|
|
73,420
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|
|
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61,589
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General & administrative expenses
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1,933
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|
|
|
1,960
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|
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1,933
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1,550
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60,930
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60,451
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60,930
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46,908
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Total operating expenses
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10,389
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11,237
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|
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10,389
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9,061
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327,475
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346,537
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327,475
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274,290
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Operating income
|
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9,032
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|
|
|
11,054
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|
|
|
9,032
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|
|
|
9,413
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|
|
|
284,679
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|
|
|
340,928
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|
|
284,679
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|
|
|
284,921
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Non-operating income and expenses
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|
|
28
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|
|
|
146
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|
|
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28
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|
|
40
|
|
|
|
889
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|
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4,510
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|
|
889
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|
|
|
1,209
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Income before income taxes
|
|
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9,060
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11,200
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9,060
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9,453
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|
|
|
285,568
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|
|
|
345,438
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|
|
285,568
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|
|
|
286,130
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Income tax expense
|
|
|
962
|
|
|
|
1,194
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|
|
|
962
|
|
|
|
943
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|
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30,314
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36,833
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30,314
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28,540
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Net income
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8,098
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|
10,006
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|
8,098
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|
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8,510
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|
|
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255,254
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308,605
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|
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255,254
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257,590
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EPS - Basic (In Dollar)
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$
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0.11
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$
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0.13
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$
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0.11
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|
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$
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0.11
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|
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$
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3.42
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|
$
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4.12
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$
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3.42
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|
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$
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3.47
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Shares used in computing EPS-Basic (In thousands)
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74,707
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74,976
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|
|
|
74,707
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|
|
|
74,177
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|
|
|
74,707
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|
|
|
74,976
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|
|
74,707
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|
|
|
74,177
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EPS - Diluted (In Dollar)
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$
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0.11
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$
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0.13
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|
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$
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0.11
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|
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$
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0.11
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|
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$
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3.36
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|
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$
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4.04
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$
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3.36
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$
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3.41
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Shares used in computing EPS-Diluted (In thousands)
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|
76,058
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76,299
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76,058
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|
|
75,455
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|
|
|
76,058
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|
|
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76,299
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|
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76,058
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|
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75,455
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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 March 31, 2015 and 2014
|
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March 31,
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March 31,
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March 31,
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March 31,
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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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155,935
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125,442
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|
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4,880,758
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3,822,208
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Available-for-sale financial assets - current
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|
1,086
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|
|
|
1,079
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|
|
|
33,985
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|
|
|
32,884
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Accounts receivable, net
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|
33,328
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|
|
|
30,287
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|
|
|
1,043,155
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|
|
|
922,834
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Inventories, net
|
|
15,856
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|
|
|
15,117
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|
|
|
496,308
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|
|
|
460,625
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Other current assets
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|
8,597
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|
|
|
3,226
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|
|
|
269,081
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|
|
|
98,289
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Total current assets
|
|
214,802
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|
|
|
175,151
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|
|
|
6,723,287
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|
|
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5,336,840
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Non-current assets
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|
|
|
|
|
|
|
|
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|
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Property, plant and equipment, net
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|
4,657
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|
|
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2,905
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|
|
|
145,780
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|
|
|
88,517
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Intangible assets
|
|
183
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|
|
|
244
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|
|
|
5,735
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|
|
|
7,438
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Deferred income tax assets
|
|
141
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|
|
|
111
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|
|
|
4,407
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|
|
|
3,395
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Other non-current assets
|
|
1,351
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|
|
|
1,913
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|
|
|
42,301
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|
|
|
58,292
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Total non-current assets
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6,332
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|
|
|
5,173
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|
|
|
198,223
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|
|
|
157,642
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Total Assets
|
|
221,134
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|
|
|
180,324
|
|
|
|
6,921,510
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|
|
|
5,494,482
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|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
19,926
|
|
|
|
21,617
|
|
|
|
623,697
|
|
|
|
658,658
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|
Other payables
|
|
9,384
|
|
|
|
7,150
|
|
|
|
293,729
|
|
|
|
217,869
|
|
Current tax liabilities
|
|
9,899
|
|
|
|
6,638
|
|
|
|
309,839
|
|
|
|
202,261
|
|
Other current liabilities
|
|
4,126
|
|
|
|
3,308
|
|
|
|
129,126
|
|
|
|
100,791
|
|
Total current liabilities
|
|
43,335
|
|
|
|
38,713
|
|
|
|
1,356,391
|
|
|
|
1,179,579
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares
|
|
24,891
|
|
|
|
24,647
|
|
|
|
755,192
|
|
|
|
747,797
|
|
Capital reserves
|
|
55,538
|
|
|
|
48,505
|
|
|
|
1,663,421
|
|
|
|
1,451,020
|
|
Retained earnings
|
|
104,983
|
|
|
|
72,067
|
|
|
|
3,153,181
|
|
|
|
2,140,339
|
|
Other equity
|
|
(5,152
|
)
|
|
|
(2,235
|
)
|
|
|
70,822
|
|
|
|
17,667
|
|
Treasury shares
|
|
(2,461
|
)
|
|
|
(1,373
|
)
|
|
|
(77,497
|
)
|
|
|
(41,920
|
)
|
Total equity
|
|
177,799
|
|
|
|
141,611
|
|
|
|
5,565,119
|
|
|
|
4,314,903
|
|
Total liabilities and equity
|
|
221,134
|
|
|
|
180,324
|
|
|
|
6,921,510
|
|
|
|
5,494,482
|
|
|
|
|
|
|
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
USD in Thousands
|
|
NTD in Thousands
|
For three months ended March 31, 2015 and 2014
|
|
March 31,
|
|
March 31,
|
|
March 31,
|
|
March 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax for the period
|
|
9,060
|
|
|
|
9,453
|
|
|
|
285,568
|
|
|
|
286,130
|
|
Depreciation and amortization
|
|
417
|
|
|
|
348
|
|
|
|
13,135
|
|
|
|
10,544
|
|
Loss on disposal of equipment
|
|
45
|
|
|
|
-
|
|
|
|
1,410
|
|
|
|
-
|
|
Share-based compensation cost
|
|
771
|
|
|
|
506
|
|
|
|
24,309
|
|
|
|
15,329
|
|
Interest income
|
|
(15
|
)
|
|
|
(6
|
)
|
|
|
(464
|
)
|
|
|
(199
|
)
|
Income and expenses having no effect on cash flows
|
|
1,218
|
|
|
|
848
|
|
|
|
38,390
|
|
|
|
25,674
|
|
Accounts receivable
|
|
947
|
|
|
|
4,038
|
|
|
|
29,656
|
|
|
|
123,056
|
|
Inventories
|
|
(2,214
|
)
|
|
|
(7,428
|
)
|
|
|
(69,290
|
)
|
|
|
(226,334
|
)
|
Other current assets
|
|
(2,600
|
)
|
|
|
(725
|
)
|
|
|
(81,404
|
)
|
|
|
(22,086
|
)
|
Other non-current assets
|
|
146
|
|
|
|
146
|
|
|
|
4,561
|
|
|
|
4,440
|
|
Net changes in assets relating to operating activities
|
|
(3,721
|
)
|
|
|
(3,969
|
)
|
|
|
(116,477
|
)
|
|
|
(120,924
|
)
|
Accounts payable
|
|
9,133
|
|
|
|
5,306
|
|
|
|
285,851
|
|
|
|
161,671
|
|
Other payables
|
|
(1,745
|
)
|
|
|
(1,370
|
)
|
|
|
(54,604
|
)
|
|
|
(41,760
|
)
|
Other current liabilities
|
|
386
|
|
|
|
932
|
|
|
|
12,071
|
|
|
|
28,407
|
|
Net changes in liabilities relating to operating activities
|
|
7,774
|
|
|
|
4,868
|
|
|
|
243,318
|
|
|
|
148,318
|
|
Cash provided by operations
|
|
14,331
|
|
|
|
11,200
|
|
|
|
450,799
|
|
|
|
339,198
|
|
Interest received
|
|
13
|
|
|
|
5
|
|
|
|
406
|
|
|
|
159
|
|
Income taxes paid
|
|
(147
|
)
|
|
|
(255
|
)
|
|
|
(4,649
|
)
|
|
|
(7,728
|
)
|
Net cash provided by operating activities
|
|
14,197
|
|
|
|
10,950
|
|
|
|
446,556
|
|
|
|
331,629
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of equipment and computer software
|
|
(1,232
|
)
|
|
|
(189
|
)
|
|
|
(38,830
|
)
|
|
|
(5,714
|
)
|
Increase in refundable deposits
|
|
5
|
|
|
|
(0
|
)
|
|
|
163
|
|
|
|
(4
|
)
|
Net cash used in investing activities
|
|
(1,227
|
)
|
|
|
(189
|
)
|
|
|
(38,667
|
)
|
|
|
(5,718
|
)
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of employee stock options
|
|
66
|
|
|
|
60
|
|
|
|
2,078
|
|
|
|
1,811
|
|
Purchase of treasury shares
|
|
(2,461
|
)
|
|
|
(1,373
|
)
|
|
|
(77,497
|
)
|
|
|
(41,920
|
)
|
Net cash used in financing activities
|
|
(2,395
|
)
|
|
|
(1,313
|
)
|
|
|
(75,419
|
)
|
|
|
(40,109
|
)
|
Effect of exchange rate changes on cash and cash equivalents
|
|
7
|
|
|
|
(43
|
)
|
|
|
(52,146
|
)
|
|
|
77,325
|
|
Increase in cash and cash equivalents
|
|
10,582
|
|
|
|
9,405
|
|
|
|
280,324
|
|
|
|
363,127
|
|
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
|
|
155,935
|
|
|
|
125,442
|
|
|
|
4,880,758
|
|
|
|
3,822,208
|
|
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