[April 26, 2017] |
|
Parade Technologies Reports First Quarter 2017 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 2017 ended March 31, 2017, and provided
guidance for the second quarter of fiscal year 2017.
Consolidated revenue was US$75.64 million and consolidated net income
was US$11.95 million. Basic and fully diluted after-tax earnings per
share ("EPS") were US$0.16 (NT$4.92) and US$0.15 (NT$4.78),
respectively. These results compared to consolidated revenue US$70.63
million and consolidated net income of US$10.79 million, or US$0.14
(NT$4.77) and US$0.14 (NT$4.68) per basic and fully diluted share, in
the year-ago quarter.
In US dollars, the first quarter of 2017 consolidated revenue decreased
1.79% sequentially and was up 7.09% year-over-year.
The gross profit in the first quarter of 2017 was US$30.26 million,
representing a decrease of 2.57% from the previous quarter and an
increase of 4.14% 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 2017:
-
Revenue: US$79 ~86 Million
-
Gross Margin: 40% ~43%
-
Operating Expense: US$17 ~18 Million
On April 19, 2017, Parade announced a new family of 10Gb/s USB-C
retiming products supporting USB 3.1 and DisplayPort 1.4 for USB-C
interface. These new devices are designed to implement USB-C in a USB
Host / DisplayPort Alt Mode Source (News - Alert) device and to support USB 3.1 signal
conditioning. USB-C is becoming the connector of choice for both high
speed data and high resolution video due to its ability to support the
needed increase in bit rates enabled by USB 3.1 and DisplayPort 1.4.
Without a retimer, support of USB 3.1 Gen 2 (10 Gbit/sec) is typically
limited to a PCB length of just several inches, which is not practical
in many system usages, especially for the connection to the USB-C
receptacle. Parade's new family of USB 3.1 retiming devices pack in
several innovative technologies such as notably CrystalFree operation
(no external reference clock or crystal needed), very low latency in the
sub-nanoseconds, system transparent operation (redriver-like
implementation), low operating power consumption and very low standby
power. All family of retiming products support Intel's (News - Alert) DCI (Direct
Connect Interface) for closed chassis debugging over the system USB-C
port.
The financial figures detailed above for the first quarter of 2017 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
75,641
|
|
|
77,017
|
|
|
75,641
|
|
|
70,631
|
|
|
|
|
2,351,687
|
|
|
2,446,822
|
|
|
2,351,687
|
|
|
2,340,738
|
|
Cost of goods sold
|
|
|
45,384
|
|
|
45,963
|
|
|
45,384
|
|
|
41,576
|
|
|
|
|
1,410,995
|
|
|
1,460,249
|
|
|
1,410,995
|
|
|
1,377,840
|
|
Gross profit
|
|
|
30,257
|
|
|
31,054
|
|
|
30,257
|
|
|
29,055
|
|
|
|
|
940,692
|
|
|
986,573
|
|
|
940,692
|
|
|
962,898
|
|
Research & development expenses
|
|
|
11,033
|
|
|
11,212
|
|
|
11,033
|
|
|
10,838
|
|
|
|
|
343,003
|
|
|
356,194
|
|
|
343,003
|
|
|
359,186
|
|
Sales & marketing expenses
|
|
|
3,892
|
|
|
4,129
|
|
|
3,892
|
|
|
4,202
|
|
|
|
|
121,015
|
|
|
131,176
|
|
|
121,015
|
|
|
139,240
|
|
General & administrative expenses
|
|
|
2,358
|
|
|
2,268
|
|
|
2,358
|
|
|
2,248
|
|
|
|
|
73,308
|
|
|
72,066
|
|
|
73,308
|
|
|
74,513
|
|
Total operating expenses
|
|
|
17,283
|
|
|
17,609
|
|
|
17,283
|
|
|
17,288
|
|
|
|
|
537,326
|
|
|
559,436
|
|
|
537,326
|
|
|
572,939
|
|
Operating income
|
|
|
12,974
|
|
|
13,445
|
|
|
12,974
|
|
|
11,767
|
|
|
|
|
403,366
|
|
|
427,137
|
|
|
403,366
|
|
|
389,959
|
|
Non-operating income and expenses
|
|
|
15
|
|
|
215
|
|
|
15
|
|
|
(2
|
)
|
|
|
|
457
|
|
|
6,836
|
|
|
457
|
|
|
(69
|
)
|
Income before income taxes
|
|
|
12,989
|
|
|
13,660
|
|
|
12,989
|
|
|
11,765
|
|
|
|
|
403,823
|
|
|
433,973
|
|
|
403,823
|
|
|
389,890
|
|
Income tax expense
|
|
|
1,038
|
|
|
2,760
|
|
|
1,038
|
|
|
976
|
|
|
|
|
32,256
|
|
|
87,684
|
|
|
32,256
|
|
|
32,346
|
|
Net income
|
|
|
11,951
|
|
|
10,900
|
|
|
11,951
|
|
|
10,789
|
|
|
|
|
371,567
|
|
|
346,289
|
|
|
371,567
|
|
|
357,544
|
|
EPS - Basic (In Dollar)
|
|
$
|
0.16
|
|
$
|
0.14
|
|
$
|
0.16
|
|
$
|
0.14
|
|
|
|
$
|
4.92
|
|
$
|
4.52
|
|
$
|
4.92
|
|
$
|
4.77
|
|
Shares used in computing EPS-Basic (In thousands)
|
|
|
75,506
|
|
|
76,667
|
|
|
75,506
|
|
|
74,921
|
|
|
|
|
75,506
|
|
|
76,667
|
|
|
75,506
|
|
|
74,921
|
|
EPS - Diluted (In Dollar)
|
|
$
|
0.15
|
|
$
|
0.14
|
|
$
|
0.15
|
|
$
|
0.14
|
|
|
|
$
|
4.78
|
|
$
|
4.40
|
|
$
|
4.78
|
|
$
|
4.68
|
|
Shares used in computing EPS-Diluted (In thousands)
|
|
|
77,807
|
|
|
78,652
|
|
|
77,807
|
|
|
76,335
|
|
|
|
|
77,807
|
|
|
78,652
|
|
|
77,807
|
|
|
76,335
|
|
|
|
|
|
|
|
|
|
UNAUDITED CONSOLIDATED BALANCE SHEETS
|
|
USD in Thousands
|
|
|
NTD in Thousands
|
As of March 31, 2017 and 2016
|
|
Mar 31,
|
|
Mar 31,
|
|
|
Mar 31,
|
|
Mar 31,
|
|
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & cash equivalents
|
|
131,227
|
|
|
94,535
|
|
|
|
3,980,102
|
|
|
3,043,098
|
|
Accounts receivable, net
|
|
44,589
|
|
|
41,693
|
|
|
|
1,352,382
|
|
|
1,342,092
|
|
Inventories, net
|
|
39,480
|
|
|
26,128
|
|
|
|
1,197,425
|
|
|
841,062
|
|
Other current assets
|
|
7,464
|
|
|
11,161
|
|
|
|
226,389
|
|
|
359,270
|
|
Total current assets
|
|
222,760
|
|
|
173,517
|
|
|
|
6,756,298
|
|
|
5,585,522
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
5,283
|
|
|
4,732
|
|
|
|
160,255
|
|
|
152,332
|
|
Intangible assets
|
|
91,133
|
|
|
89,972
|
|
|
|
2,764,054
|
|
|
2,896,207
|
|
Deferred income tax assets
|
|
2,157
|
|
|
1,185
|
|
|
|
65,421
|
|
|
38,129
|
|
Other non-current assets
|
|
995
|
|
|
1,024
|
|
|
|
30,180
|
|
|
32,949
|
|
Total non-current assets
|
|
99,568
|
|
|
96,913
|
|
|
|
3,019,910
|
|
|
3,119,617
|
|
Total Assets
|
|
322,328
|
|
|
270,430
|
|
|
|
9,776,208
|
|
|
8,705,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
33,901
|
|
|
31,847
|
|
|
|
1,028,205
|
|
|
1,025,154
|
|
Other payables
|
|
14,558
|
|
|
10,723
|
|
|
|
441,554
|
|
|
345,166
|
|
Current tax liabilities
|
|
17,765
|
|
|
13,242
|
|
|
|
538,827
|
|
|
426,248
|
|
Other current liabilities
|
|
10,116
|
|
|
5,987
|
|
|
|
306,794
|
|
|
192,733
|
|
Total current liabilities
|
|
76,340
|
|
|
61,799
|
|
|
|
2,315,380
|
|
|
1,989,301
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares
|
|
25,466
|
|
|
25,070
|
|
|
|
773,321
|
|
|
760,750
|
|
Capital reserves
|
|
71,196
|
|
|
60,309
|
|
|
|
2,160,472
|
|
|
1,813,697
|
|
Retained earnings
|
|
162,438
|
|
|
131,497
|
|
|
|
5,009,849
|
|
|
4,021,274
|
|
Other equity
|
|
(12,996
|
)
|
|
(6,760
|
)
|
|
|
(479,284
|
)
|
|
168,522
|
|
Treasury shares
|
|
(116
|
)
|
|
(1,485
|
)
|
|
|
(3,530
|
)
|
|
(48,405
|
)
|
Total equity
|
|
245,988
|
|
|
208,631
|
|
|
|
7,460,828
|
|
|
6,715,838
|
|
Total liabilities and equity
|
|
322,328
|
|
|
270,430
|
|
|
|
9,776,208
|
|
|
8,705,139
|
|
|
|
|
|
|
|
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
USD in Thousands
|
|
|
NTD in Thousands
|
For three months ended March 31, 2017 and 2016
|
|
Mar 31,
|
|
Mar 31,
|
|
|
Mar 31,
|
|
Mar 31,
|
|
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
Income before income tax for the period
|
|
12,989
|
|
|
11,765
|
|
|
|
403,823
|
|
|
389,890
|
|
Depreciation and amortization
|
|
2,302
|
|
|
1,967
|
|
|
|
71,568
|
|
|
65,194
|
|
Share-based compensation cost
|
|
1,288
|
|
|
895
|
|
|
|
40,037
|
|
|
29,654
|
|
Interest income
|
|
(12
|
)
|
|
(10
|
)
|
|
|
(367
|
)
|
|
(318
|
)
|
Income and expenses having no effect on cash flows
|
|
3,578
|
|
|
2,852
|
|
|
|
111,238
|
|
|
94,530
|
|
Accounts receivable
|
|
2,969
|
|
|
(3,530
|
)
|
|
|
90,058
|
|
|
(113,645
|
)
|
Inventories
|
|
(13,151
|
)
|
|
(7,433
|
)
|
|
|
(398,857
|
)
|
|
(239,250
|
)
|
Other current assets
|
|
67
|
|
|
(3,151
|
)
|
|
|
2,033
|
|
|
(101,598
|
)
|
Other non-current assets
|
|
-
|
|
|
146
|
|
|
|
-
|
|
|
4,691
|
|
Net changes in assets relating to operating activities
|
|
(10,115
|
)
|
|
(13,968
|
)
|
|
|
(306,766
|
)
|
|
(449,802
|
)
|
Accounts payable
|
|
3,875
|
|
|
10,468
|
|
|
|
117,530
|
|
|
336,955
|
|
Other payables
|
|
(2,336
|
)
|
|
(1,378
|
)
|
|
|
(70,866
|
)
|
|
(44,358
|
)
|
Other current liabilities
|
|
403
|
|
|
(2,230
|
)
|
|
|
12,215
|
|
|
(71,795
|
)
|
Net changes in liabilities relating to operating activities
|
|
1,942
|
|
|
6,860
|
|
|
|
58,879
|
|
|
220,802
|
|
Cash provided by operations
|
|
8,394
|
|
|
7,509
|
|
|
|
267,174
|
|
|
255,420
|
|
Interest received
|
|
10
|
|
|
9
|
|
|
|
299
|
|
|
301
|
|
Interest payable
|
|
(221
|
)
|
|
(208
|
)
|
|
|
(6,866
|
)
|
|
(6,886
|
)
|
Net cash provided by operating activities
|
|
8,183
|
|
|
7,310
|
|
|
|
260,607
|
|
|
248,835
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
Acquisition of equipment
|
|
(1,322
|
)
|
|
(454
|
)
|
|
|
(41,096
|
)
|
|
(15,062
|
)
|
Acquisition of intangible assets
|
|
(547
|
)
|
|
(299
|
)
|
|
|
(17,008
|
)
|
|
(9,909
|
)
|
Increase in refundable deposits
|
|
(150
|
)
|
|
(66
|
)
|
|
|
(4,555
|
)
|
|
(2,123
|
)
|
Net cash used in investing activities
|
|
(2,019
|
)
|
|
(819
|
)
|
|
|
(62,659
|
)
|
|
(27,094
|
)
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of employee stock options
|
|
103
|
|
|
58
|
|
|
|
3,207
|
|
|
1,912
|
|
Purchase of treasury shares
|
|
(116
|
)
|
|
-
|
|
|
|
(3,530
|
)
|
|
-
|
|
Cash dividend regain from canceled share-based compensation
|
|
2
|
|
|
5
|
|
|
|
74
|
|
|
152
|
|
Net cash (used in) provided by financing activities
|
|
(11
|
)
|
|
63
|
|
|
|
(249
|
)
|
|
2,064
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
87
|
|
|
20
|
|
|
|
(248,436
|
)
|
|
(68,458
|
)
|
(Decrease) increase in cash and cash equivalents
|
|
6,240
|
|
|
6,574
|
|
|
|
(50,737
|
)
|
|
155,347
|
|
Cash and cash equivalents at beginning of period
|
|
124,987
|
|
|
87,961
|
|
|
|
4,030,839
|
|
|
2,887,751
|
|
Cash and cash equivalents at end of period
|
|
131,227
|
|
|
94,535
|
|
|
|
3,980,102
|
|
|
3,043,098
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170425005702/en/
[ Back To TMCnet.com's Homepage ]
|