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Parade Technologies Reports First Quarter 2015 Financial Results
[May 06, 2015]

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.





                                           
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME USD in Thousands NTD in Thousands
Sequential Quarter   Three Months ended Sequential Quarter Three Months ended
March 31,   Dec 31, March 31,   March 31, March 31,   Dec 31, March 31,   March 31,
2015 2014 2015 2014 2015 2014 2015 2014
 
Revenue 48,155 55,034 48,155 44,531 1,517,857 1,697,242 1,517,857 1,347,943
Cost of goods sold   28,734   32,743   28,734   26,057   905,703   1,009,777   905,703   788,732
Gross profit   19,421   22,291   19,421   18,474   612,154   687,465   612,154   559,211
Research & development expenses 6,127 6,393 6,127 5,477 193,125 197,163 193,125 165,793
Sales & marketing expenses 2,329 2,884 2,329 2,034 73,420 88,923 73,420 61,589
General & administrative expenses   1,933   1,960   1,933   1,550   60,930   60,451   60,930   46,908
Total operating expenses   10,389   11,237   10,389   9,061   327,475   346,537   327,475   274,290
Operating income   9,032   11,054   9,032   9,413   284,679   340,928   284,679   284,921
Non-operating income and expenses   28   146   28   40   889   4,510   889   1,209
Income before income taxes   9,060   11,200   9,060   9,453   285,568   345,438   285,568   286,130
Income tax expense   962   1,194   962   943   30,314   36,833   30,314   28,540
Net income   8,098   10,006   8,098   8,510   255,254   308,605   255,254   257,590
EPS - Basic (In Dollar) $ 0.11 $ 0.13 $ 0.11 $ 0.11 $ 3.42 $ 4.12 $ 3.42 $ 3.47
Shares used in computing EPS-Basic (In thousands) 74,707 74,976 74,707 74,177 74,707 74,976 74,707 74,177
EPS - Diluted (In Dollar) $ 0.11 $ 0.13 $ 0.11 $ 0.11 $ 3.36 $ 4.04 $ 3.36 $ 3.41
Shares used in computing EPS-Diluted (In thousands)   76,058       76,299       76,058       75,455     76,058       76,299     76,058       75,455

   
UNAUDITED CONSOLIDATED BALANCE SHEETS USD in Thousands NTD in Thousands
As of March 31, 2015 and 2014 March 31,   March 31, March 31,   March 31,
2015 2014 2015 2014
Current assets
Cash & cash equivalents 155,935 125,442 4,880,758 3,822,208
Available-for-sale financial assets - current 1,086 1,079 33,985 32,884
Accounts receivable, net 33,328 30,287 1,043,155 922,834
Inventories, net 15,856 15,117 496,308 460,625
Other current assets 8,597   3,226   269,081   98,289  
Total current assets 214,802   175,151   6,723,287   5,336,840  
Non-current assets
Property, plant and equipment, net 4,657 2,905 145,780 88,517
Intangible assets 183 244 5,735 7,438
Deferred income tax assets 141 111 4,407 3,395
Other non-current assets 1,351   1,913   42,301   58,292  
Total non-current assets 6,332   5,173   198,223   157,642  
Total Assets 221,134   180,324   6,921,510   5,494,482  
 
Current Liabilities
Accounts payable 19,926 21,617 623,697 658,658
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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