TMCnet News

Parade Technologies Reports First Quarter 2016 Financial Results
[April 28, 2016]

Parade Technologies Reports First Quarter 2016 Financial Results


Parade Technologies, Ltd. (Taipei Exchange: 4966.TWO), a leading video display and interface IC supplier, today announced financial results for the first quarter fiscal 2016 ended March 31, 2016, and provided guidance for the second quarter of fiscal year 2016.

Consolidated revenue was US$70.63 million and consolidated net income was US$10.79 million. Basic and fully diluted after-tax earnings per share ("EPS") were US$0.14 (NT$4.77) and US$0.14 (NT$4.68), respectively. These results compared to consolidated revenue US$48.16 million and consolidated net income of US$8.10 million, or US$0.11 (NT$3.42) and US$0.11 (NT$3.36) per basic and fully diluted share, in the year-ago quarter.

In US dollars, the first quarter of 2016 consolidated revenue increased 4.41% sequentially and was up 46.67% year-over-year.

The gross profit in the first quarter of 2016 was US$29.06 million, representing an increase of 7.35% from the previous quarter and an increase of 49.61% 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 2016:

  • Revenue: US$66 ~72 Million
  • Gross Margin: 40% ~43%
  • Operating Expense: US$16.5 ~17.5 Million

On April 21, 2016, Parade announced a collaboration with Samsung (News - Alert) to deliver AMOLED panels for the tablet and PC notebook markets. Parade worked together with Samsung to develop the DP699 Tcon which is used exclusively in the new Samsung AMLOED panels. The DP699 supports the VESA eDP standard version 1.4b for extended battery life. Adaptive Sync is also supported for gaming optimization, as well as the MBO (Media Buffer Optimization) function for video playback. The DP699 also includes a number of proprietary Samsung features and algorithms to optimize display quality, including those for optimum color, brightness, and dimming control.

The financial figures detailed above for the first quarter of 2016 have been reviewed by independent accountants.

About Parade Technologies, Ltd.

Parade Technologies, Ltd. (GTSM: 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™, USB Type-C™, 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 "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

Sequential Quarter   Three Months ended
Mar 31,   Dec 31, Mar 31,   Mar 31, Mar 31,   Dec 31, Mar 31,   Mar 31,
2016 2015 2016 2015 2016 2015 2016 2015
 
Revenue 70,631 67,650 70,631 48,155 2,340,738 2,206,742 2,340,738 1,517,857
Cost of goods sold 41,576   40,584 41,576   28,734 1,377,840   1,323,840 1,377,840   905,703
Gross profit 29,055   27,066 29,055   19,421 962,898   882,902 962,898   612,154

Research & development expenses

10,838 10,703 10,838 6,127 359,186 349,110 359,186 193,125
Sales & marketing expenses 4,202 4,099 4,202 2,329 139,240 133,706 139,240 73,420

General & administrative expenses

2,248   2,107 2,248   1,933 74,513   68,740 74,513   60,930
Total operating expenses 17,288   16,909 17,288   10,389 572,939   551,556 572,939   327,475
Operating income 11,767   10,157 11,767   9,032 389,959   331,345 389,959   284,679
Non-operating income and expenses (2 ) 64 (2 ) 28 (69 ) 2,100 (69 ) 889
Income before income taxes 11,765   10,221 11,765   9,060 389,890   333,446 389,890   285,568
Income tax expense 976   1,102 976   962 32,346   35,980 32,346   30,314
Net income 10,789   9,119 10,789   8,098 357,544   297,466 357,544   255,254
EPS - Basic (In Dollar) $0.14 $0.12 $0.14 $0.11 $4.77 $3.95 $4.77 $3.42
Shares used in computing EPS-Basic (In thousands) 74,921 75,355 74,921 74,707 74,921 75,355 74,921 74,707
EPS - Diluted (In Dollar) $0.14 $0.12 $0.14 $0.11 $4.68 $3.89 $4.68 $3.36
Shares used in computing EPS-Diluted (In thousands) 76,335     76,511   76,335     76,058   76,335     76,511   76,335     76,058
 

UNAUDITED CONSOLIDATED BALANCE SHEETS

  USD in Thousands   NTD in Thousands

As of March 31, 2016 and 2015

Mar 31,   Mar 31, Mar 31,   Mar 31,
2016 2015 2016 2015
Current assets
Cash & cash equivalents 94,535 155,935 3,043,098 4,880,758
Available-for-sale financial assets - current - 1,086 - 33,985
Accounts receivable, net 41,693 33,328 1,342,092 1,043,155
Inventories, net 26,128 15,856 841,062 496,308
Other current assets 11,161   8,597   359,270   269,081  
Total current assets 173,517   214,802   5,585,522   6,723,287  
Non-current assets
Property, plant and equipment, net 4,732 4,657 152,332 145,780
Intangible assets 89,972 183 2,896,207 5,735
Deferred income tax assets 1,185 141 38,129 4,407
Other non-current assets 1,024   1,351   32,949   42,301  
Total non-current assets 96,913   6,332   3,119,617   198,223  
Total Assets 270,430   221,134   8,705,139   6,921,510  
 
Current Liabilities
Accounts payable 31,847 19,926 1,025,154 623,697
Other payables 10,723 9,384 345,166 293,729
Current income tax liabilities 13,242 9,899 426,248 309,839
Other current liabilities 5,987   4,126   192,733   129,126  
Total current liabilities 61,799   43,335   1,989,301   1,356,391  
Equity
Ordinary shares 25,070 24,891 760,750 755,192
Capital reserves 60,309 55,538 1,813,697 1,663,421
Retained earnings 131,497 104,983 4,021,274 3,153,181
Other equity (6,760 ) (5,152 ) 168,522 70,822
Treasury shares (1,485 ) (2,461 ) (48,405 ) (77,497 )
Total equity 208,631   177,799   6,715,838   5,565,119  
Total liabilities and equity 270,430   221,134   8,705,139   6,921,510  
 

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

  USD in Thousands   NTD in Thousands

For three months ended March 31, 2016 and 2015

Mar 31,   Mar 31, Mar 31,   Mar 31,
2016 2015 2016 2015

Cash flows from operating activities

Income before income tax for the period

11,765 9,060 389,890 285,568
Depreciation and amortization 1,967 417 65,194 13,135
Loss on disposal of equipment - 45 - 1,410
Share-based compensation cost 895 771 29,654 24,309
Interest income (10 ) (15 ) (318 ) (464 )
Income and expenses having no effect on cash flows 2,852   1,218   94,530   38,390  
Accounts receivable (3,530 ) 947 (113,645 ) 29,656
Inventories (7,433 ) (2,214 ) (239,250 ) (69,290 )
Other current assets (3,151 ) (2,600 ) (101,598 ) (81,404 )
Other non-current assets 146   146   4,691   4,561  

Net changes in assets relating to operating activities

(13,968 ) (3,721 ) (449,802 ) (116,477 )
Accounts payable 10,468 9,133 336,955 285,851
Other payables (1,378 ) (1,745 ) (44,358 ) (54,604 )
Other current liabilities (2,230 ) 386   (71,795 ) 12,071  
Net changes in liabilities relating to operating activities 6,860   7,774   220,802   243,318  
Cash provided by operations 7,509   14,331   255,420   450,799  
Interest received 9 13 301 406
Income taxes paid (208 ) (147 ) (6,886 ) (4,649 )

Net cash provided by operating activities

7,310   14,197   248,835   446,556  

Cash flows from investing activities

Acquisition of equipment (454 ) (1,220 ) (15,062 ) (38,468 )
Acquisition of intangible assets (299 ) (12 ) (9,909 ) (362 )
(Increases) decrease in refundable deposits (66 ) 5   (2,123 ) 163  

Net cash used in investing activities

(819 ) (1,227 ) (27,094 ) (38,667 )

Cash flows from financing activities

Proceeds from exercise of employee stock options 58 66 1,912 2,078
Purchase of treasury shares - (2,461 ) - (77,497 )
Cash dividend regain from canceled share-based compensation 5     152    
Net cash provided by (used in) financing activities 63   (2,395 ) 2,064   (75,419 )
Effect of exchange rate changes on cash and cash equivalents 20 7 (68,458 ) (52,146 )
Increase in cash and cash equivalents 6,574 10,582 155,347 280,324
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 94,535   155,935   3,043,098   4,880,758  


[ Back To TMCnet.com's Homepage ]