Parade Technologies Reports Second Quarter 2015 Financial Results

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July 30, 2015 2:04 AM EDT

Financial Highlights:

  • Q215 consolidated revenue US$49.30 million, compared with US$46.85 million in the year-ago quarter
  • Q215 Consolidated net income US$8.78 million; Basic and Fully diluted after-tax EPS US$0.12 (NT$3.63) and US$0.12 (NT$3.56), respectively

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 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.

                                                 

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,
2015 2015 2015 2014 2015 2014 2015 2015 2015 2014 2015 2014
 
Revenue 49,304 48,155 49,304 46,848 97,459 91,379 ######## 1,517,857 ######## 1,410,129 ######## 2,758,072
Cost of goods sold 28,961 28,734 28,961 27,419 57,695 53,476 893,165 905,703 893,165 825,319 ######## 1,614,051
Gross profit 20,343 19,421 20,343 19,429 39,764 37,903 627,360 612,154 627,360 584,810 ######## 1,144,021
Research & development expenses 6,293 6,127 6,293 5,877 12,420 11,354 194,072 193,125 194,072 176,894 387,197 342,687
Sales & marketing expenses 2,479 2,329 2,479 2,197 4,808 4,231 76,454 73,420 76,454 66,100 149,874 127,689
General & administrative expenses 1,969 1,933 1,969 1,705 3,902 3,255 60,714 60,930 60,714 51,329 121,644 98,237
Total operating expenses 10,741 10,389 10,741 9,779 21,130 18,840 331,240 327,475 331,240 294,323 658,715 568,613
Operating income 9,602 9,032 9,602 9,650 18,634 19,063 296,120 284,679 296,120 290,487 580,799 575,408
Non-operating income and expenses 90 28 90 36 118 76 2,780 889 2,780 1,104 3,669 2,313
Income before income taxes 9,692 9,060 9,692 9,686 18,752 19,139 298,900 285,568 298,900 291,591 584,468 577,721
Income tax expense 915 962 915 458 1,877 1,401 28,209 30,314 28,209 13,804 58,523 42,344
Net income 8,777 8,098 8,777 9,228 16,875 17,738 270,691 255,254 270,691 277,787 525,945 535,377
EPS - Basic (In Dollar) $0.12 $0.11 $0.12 $0.13 $0.23 $0.24 $3.63 $3.42 $3.63 $3.75 $7.05 $7.22
Shares used in computing EPS-Basic (In thousands) 74,585 74,707 74,585 74,118 74,646 74,151 74,585 74,707 74,585 74,118 74,646 74,151
EPS - Diluted (In Dollar) $0.12 $0.11 $0.12 $0.12 $0.22 $0.23 $3.56 $3.36 $3.56 $3.68 $6.92 $7.09
Shares used in computing EPS-Diluted (In thousands) 75,981   76,058   75,981  

75,545

  76,052   75,512 75,981   76,058   75,981   75,545   76,052   75,512
 
UNAUDITED CONSOLIDATED BALANCE SHEETS   USD in Thousands   NTD in Thousands
As of June 30, 2015 and 2014 June 30,   June 30, June 30,   June 30,
2015 2014 2015 2014
Current assets
Cash & cash equivalents 168,859 135,767 5,211,001 4,055,378
Available-for-sale financial assets - current - 1,086 - 32,432
Accounts receivable, net 27,182 30,171 838,845 901,201
Inventories, net 18,230 21,636 562,577 646,269
Other current assets 11,471   5,469   354,001 163,362  
Total current assets 225,742   194,129   6,966,424 5,798,642  
Non-current assets
Property, plant and equipment, net 4,363 2,767 134,635 82,642
Intangible assets 165 220 5,076 6,570
Deferred income tax assets 176 116 5,443 3,461
Other non-current assets 1,211   1,819   37,357 54,331  
Total non-current assets 5,915   4,922   182,511 147,004  
Total Assets 231,657   199,051   7,148,935 5,945,646  
 
Current Liabilities
Accounts payable 16,863 25,932 520,406 774,585
Other payables 22,534 15,219 697,117 451,957
Current tax liabilities 10,624 7,290 327,853 217,764
Other current liabilities 4,038   4,785   124,619 142,901  
Total current liabilities 54,059   53,226   1,669,995 1,587,207  
Equity
Ordinary shares 24,895 24,680 755,326 748,802
Capital reserves 55,744 49,024 1,669,845 1,466,614
Retained earnings 101,543 74,155 3,045,088 2,207,488
Other equity (4,584 ) (2,034 ) 8,681 (64,465 )
Total equity 177,598   145,825   5,478,940 4,358,439  
Total liabilities and equity 231,657   199,051   7,148,935 5,945,646  
 
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS   USD in Thousands   NTD in Thousands
For six months ended June 30, 2015 and 2014 June 30,   June 30, June 30,   June 30,
2015 2014 2015 2014
Cash flows from operating activities
Income before income tax for the period 18,752 19,139 584,468 577,721
Depreciation and amortization 855 686 26,666 20,706
Loss on disposal of equipment 46 - 1,435 -
Share-based compensation cost 1,491 1,062 46,487 32,065
Interest income (31 ) (14 ) (981 ) (412 )
Income and expenses having no effect on cash flows 2,361   1,734   73,607   52,359  
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  

Parade Technologies
Yo-Ming Chang, +886-2-2627-9109
[email protected]

Source: Parade Technologies, Ltd.


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