Parade Technologies Reports Second Quarter 2017 Financial Results

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August 2, 2017 2:00 AM EDT

Financial Highlights:

  • Q217 consolidated revenue US$85.92 million, compared with US$68.78 million in the year-ago quarter
  • Q217 consolidated net income US$14.83 million; Basic and Fully diluted after-tax EPS US$0.20 (NT$5.95) and US$0.19 (NT$5.74), respectively

SAN JOSE, Calif.--(BUSINESS WIRE)-- Parade Technologies, Ltd. (Taipei Exchange: 4966.TWO), a leading high-speed interface IC supplier, today announced financial results for the second quarter fiscal year 2017 ended June 30, 2017, and provided guidance for the third quarter of fiscal year 2017.

Consolidated revenue was US$85.92 million and consolidated net income was US$14.83 million. Basic and fully diluted after-tax earnings per share (“EPS”) were US$0.20 (NT$5.95) and US$0.19 (NT$5.74), respectively. These results compared to consolidated revenue US$68.78 million and consolidated net income of US$10.77 million, or US$0.14 (NT$4.66) and US$0.14 (NT$4.56) per basic and fully diluted share, in the year-ago quarter.

In US dollars, the second quarter of 2017 consolidated revenue increased 13.58% sequentially and was up 24.91% year-over-year.

The gross profit in the second quarter of 2017 was US$34.49 million, representing an increase of 13.99% from the previous quarter and an increase of 22.47% compared to the same quarter of last year.

Based on current business outlook, Parade is providing the following guidance for the third quarter of fiscal 2017:

  • Revenue: US$83 ~91 Million
  • Gross Margin: 40% ~43%
  • Operating Expense: US$17.5 ~18.5 Million

On July 27, 2017, Parade announced two new chips PS8461 and PS8469 that expand options for video transport demultiplexing/multiplexing and signal conditioning for Dual-Mode DisplayPort™ 1.4 in personal computers, workstations, and other high-resolution video device applications. The PS8461 is a multiplexing, or “mux”, chip that allows the selection between one of two dual mode DisplayPort inputs that are jitter-cleaned and repeated at the output. The PS8469 is a demultiplexing, or “demux”, chip that allows a single Dual-Mode DisplayPort 1.4 input to be outputted either as a Dual-Mode DisplayPort 1.4 output or an HDMI™ 2.0b output, each being jitter-cleaned. Both devices support DisplayPort 1.4 HBR3 8.1Gbps and HDMI 2.0b 6Gbps data rates.

The financial figures detailed above for the second 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   Six Months ended Sequential Quarter   Three Months ended   Six Months ended
Jun 30,   Mar 31, Jun 30,   Jun 30, Jun 30,   Jun 30, Jun 30,   Mar 31, Jun 30,   Jun 30, Jun 30,   Jun 30,
2017 2017 2017 2016 2017 2016 2017 2017 2017 2016 2017 2016
 
Revenue 85,915 75,641 85,915 68,783 161,556 139,414 2,599,780 2,351,687 2,599,780 2,229,934 4,951,467 4,570,672
Cost of goods sold   51,426   45,384   51,426

 

  40,621     96,810   82,197   1,556,152   1,410,995   1,556,152   1,316,940     2,967,147   2,694,780
Gross profit   34,489   30,257   34,489   28,162     64,746   57,217   1,043,628   940,692   1,043,628   912,994     1,984,320   1,875,892
Research & development expenses 11,278 11,033 11,278 11,056 22,311 21,894 341,279 343,003 341,279 358,430 684,282 717,616
Sales & marketing expenses 4,124 3,892 4,124 4,232 8,016 8,434 124,787 121,015 124,787 137,224 245,802 276,464
General & administrative expenses   2,541   2,358   2,541   2,163     4,899   4,411   76,886   73,308   76,886   70,088     150,194   144,601
Total operating expenses   17,943   17,283   17,943   17,451     35,226   34,739   542,952   537,326   542,952   565,742     1,080,278   1,138,681
Operating income   16,546   12,974   16,546   10,711     29,520   22,478   500,676   403,366   500,676   347,252     904,042   737,211
Non-operating income and expenses   1   15   1   34     16   32   44   457   44   1,087     501   1,018
Income before income taxes   16,547   12,989   16,547   10,745     29,536   22,510   500,720   403,823   500,720   348,339     904,543   738,229
Income tax expense   1,722   1,038   1,722   (20 )   2,760   956   52,117   32,256   52,117   (649 )   84,373   31,697
Net income   14,825   11,951   14,825   10,765     26,776   21,554   448,603   371,567   448,603   348,988     820,170   706,532
EPS - Basic (In Dollar) $ 0.20 $ 0.16 $ 0.20 $ 0.14 $ 0.35 $ 0.29 $ 5.95 $ 4.92 $ 5.95 $ 4.66 $ 10.87 $ 9.43
Shares used in computing EPS-Basic (In thousands) 75,444 75,506 75,444 74,940 75,480 74,941 75,444 75,506 75,444 74,940 75,480 74,941
EPS - Diluted (In Dollar) $ 0.19 $ 0.15 $ 0.19 $ 0.14 $ 0.34 $ 0.28 $ 5.74 $ 4.78 $ 5.74 $ 4.56 $ 10.47 $ 9.23
Shares used in computing EPS-Diluted (In thousands)   78,103     77,807     78,103     76,527       78,366     76,536   78,103     77,807     78,103     76,527       78,366     76,536
 
   
UNAUDITED CONSOLIDATED BALANCE SHEETS USD in Thousands NTD in Thousands
As of June 30, 2017 and 2016 Jun 30,   Jun 30, Jun 30,   Jun 30,
2017 2016 2017 2016
Current assets
Cash & cash equivalents 146,676 108,063 4,461,882 3,488,262
Accounts receivable, net 41,249 34,883 1,254,785 1,126,026
Inventories, net 41,300 27,442 1,256,354 885,834
Other current assets 10,047   9,826   305,636   317,188  
Total current assets 239,272   180,214   7,278,657   5,817,310  
Non-current assets
Property, plant and equipment, net 5,235 4,683 159,254 151,164
Intangible assets 89,454 90,764 2,721,191 2,929,879
Deferred income tax assets 1,941 2,167 59,036 69,949
Other non-current assets 1,000   884   30,426   28,526  
Total non-current assets 97,630   98,498   2,969,907   3,179,518  
Total Assets 336,902   278,712   10,248,564   8,996,828  
 
Current Liabilities
Accounts payable 30,999 23,760 942,994 766,972
Other payables 40,432 25,873 1,227,186 843,525
Current tax liabilities 18,838 14,060 573,065 453,862
Other current liabilities 8,818   6,308   268,238   203,612  
Total current liabilities 99,087   70,001   3,011,483   2,267,971  
Equity
Ordinary shares 25,487 25,085 773,946 761,228
Capital reserves 71,479 60,753 2,169,037 1,828,255
Retained earnings 154,303 130,689 4,762,763 3,988,371
Other equity (11,456 ) (6,331 ) (407,821 ) 199,408
Treasury shares (1,998 ) (1,485 ) (60,844 ) (48,405 )
Total equity 237,815   208,711   7,237,081   6,728,857  
Total liabilities and equity 336,902   278,712   10,248,564   8,996,828  
 
   
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS USD in Thousands NTD in Thousands
For six months ended June 30, 2017 and 2016 Jun 30,   Jun 30, Jun 30,   Jun 30,
2017 2016 2017 2016

Cash flows from operating activities

Income before income tax for the period 29,536 22,510 904,543 738,229
Depreciation and amortization 4,710 3,977 144,494 130,373
Share-based compensation cost 2,561 1,807 78,577 59,226
Interest income (26 ) (19 ) (811 ) (628 )
Income and expenses having no effect on cash flows 7,245   5,765   222,260   188,971  
Accounts receivable 6,309 3,279 191,934 105,856
Inventories (14,971 ) (8,747 ) (455,416 ) (282,340 )
Other current assets (2,552 ) (1,784 ) (77,662 ) (57,759 )
Other non-current assets -   194   -   6,272  
Net changes in assets relating to operating activities (11,214 ) (7,058 ) (341,144 ) (227,971 )
Accounts payable 974 2,381 29,617 76,850
Other payables 575 2,200 17,501 71,015
Other current liabilities (895 ) (1,910 ) (27,214 ) (61,656 )
Net changes in liabilities relating to operating activities 654   2,671   19,904   86,209  
Cash provided by operations 26,221   23,888   805,563   785,438  
Interest received 23 14 694 464
Interest payable - (95 ) - (3,087 )
Income taxes paid (625 ) (375 ) (19,163 ) (12,307 )
Net cash provided by operating activities 25,619   23,432   787,094   770,508  

Cash flows from investing activities

Acquisition of equipment (1,798 ) (1,041 ) (55,177 ) (34,113 )
Acquisition of intangible assets (721 ) (2,518 ) (22,111 ) (82,552 )
(Increase) decrease in refundable deposits (155 ) 25   (4,726 ) 819  
Net cash used in investing activities (2,674 ) (3,534 ) (82,014 ) (115,846 )

Cash flows from financing activities

Proceeds from exercise of employee stock options 490 301 15,043 9,857
Purchase of treasury shares (1,998 ) - (60,844 ) -
Cash dividend regain from canceled share-based compensation 4   5   127   158  
Net cash (used in) provided by financing activities (1,504 ) 306   (45,674 ) 10,015  
Effect of exchange rate changes on cash and cash equivalents 248 (102 ) (228,363 ) (64,166 )
Increase in cash and cash equivalents 21,689 20,102 431,043 600,511
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 146,676   108,063   4,461,882   3,488,262  
 

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

Source: Parade Technologies, Ltd.


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