SANTA CLARA, Calif.--(EON: Enhanced Online News)--Parade Technologies, Ltd. (Taipei Exchange: 4966.TWO), a leading video display and interface IC supplier, today announced financial results for the fourth fiscal quarter and fiscal year 2016 ended December 31, 2016, and provided guidance for the first quarter of fiscal year 2017.
Consolidated revenue was US$77.02 million and consolidated net income was US$12.05 million. Basic and fully diluted after-tax earnings per share (“EPS”) were US$0.16 (NT$4.99) and US$0.15 (NT$4.87), respectively. These results compared to consolidated revenue US$67.65 million and consolidated net income of US$9.12 million, or US$0.12 (NT$3.95) and US$0.12 (NT$3.89) per basic and fully diluted share, in the year-ago quarter.
In US dollars, the fourth quarter of 2016 consolidated revenue increased 16.94% sequentially and was up 13.85% year-over-year.
The gross profit in the fourth quarter of 2016 was US$31.02 million, representing an increase of 12.21% from the previous quarter and an increase of 14.62% compared to the same quarter of last year.
The Company also reported financial results for fiscal year 2016. Consolidated revenue was US$282.29 million, representing an increase of 24.95% from US$225.93 million in the prior year. Gross profit was US$115.89 million and operating income was US$46.08 million. Net income for fiscal year 2016 was US$43.17 million, or US$0.57 (NT$18.52) per basic share and US$0.56 (NT$18.06) per fully diluted share. These results compared with net income of US$36.03 million, or US$0.48 (NT$15.30) per basic share and US$0.47 (NT$15.00) per fully diluted share in the prior year.
Based on current business outlook, Parade is providing the following guidance for the first quarter of fiscal 2017:
- Revenue: US$70 ~77 Million
- Gross Margin: 40% ~43%
- Operating Expense: US$16.75 ~17.75 Million
On February 6, 2017, Parade announced a new eDP Tcon that supports 4K resolution and embedded panels that include self-refresh and partial self-refresh capabilities. The company also announced a new complementary Source Driver that features Parade’s exclusive SIPI™ interface. The new DP696 eDP Tcon and TC2070 Source Driver, designed to be used in combination, offer the feature set and performance to enable very high LCD panel resolutions along with low power consumption to extend system battery life.
In the past, use of the high display quality and low power LTPS LCD panel was limited to the high-volume smartphone market. But with newly expanded LPTS panel capacity in Asia, it is now feasible to apply this same technology to notebook/tablet applications. This is helping to drive 4K embedded displays into thin form factor portable systems, and the DP696 and TC2070 are ideal for such panel applications.
The financial figures detailed above for the fourth quarter of 2016 and for the year ended December 31, 2016 have not been audited or reviewed by independent accountants.
About Parade Technologies, Ltd.
Parade Technologies, Ltd. (Stock Code: 4966) is a leading fabless supplier of mixed-signal ICs for a variety of popular display, touch controller 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®, SATA, PCI Express and USB ICs for display, touch, 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
|USD in Thousands||
NTD in Thousands
|Sequential Quarter||Three Months ended||
Twelve Months ended
|Sequential Quarter||Three Months ended||Twelve Months ended|
|Dec 31,||Sept 30,||Dec 31,||Dec 31,||Dec 31,||Dec 31,||Dec 31,||Sept 30,||Dec 31,||Dec 31,||Dec 31,||Dec 31,|
|Cost of goods sold||45,993||38,216||45,993||40,584||166,406||134,768||1,461,192||1,212,205||1,461,192||1,323,840||5,368,177||4,289,253|
|Research & development expenses||11,182||11,304||11,182||10,703||44,380||32,352||355,250||358,565||355,250||349,110||1,431,431||1,031,362|
|Sales & marketing expenses||4,129||4,151||4,129||4,099||16,714||12,578||131,176||131,654||131,176||133,706||539,294||400,942|
|General & administrative expenses||2,268||2,033||2,268||2,107||8,712||8,124||72,066||64,503||72,066||68,740||281,170||258,008|
|Total operating expenses||17,579||17,488||17,579||16,909||69,806||53,054||558,492||554,722||558,492||551,556||2,251,895||1,690,312|
|Non-operating income and expenses||215||72||215||64||319||908||6,836||2,306||6,836||2,100||10,160||28,970|
|Income before income taxes||13,660||10,231||13,660||10,221||46,401||39,013||433,973||324,539||433,973||333,446||1,496,741||1,238,876|
|Income tax expense||1,610||669||1,610||1,102||3,235||2,980||51,149||21,224||51,149||35,980||104,070||94,530|
|EPS - Basic (In Dollar)||$||0.16||$||0.13||$||0.16||$||0.12||$||0.57||$||0.48||$||4.99||$||4.03||$||4.99||$||3.95||$||18.52||$||15.30|
|Shares used in computing EPS-Basic (In thousands)||76,667||75,312||76,667||75,355||75,190||74,806||76,667||75,312||76,667||75,355||75,190||74,806|
|EPS - Diluted (In Dollar)||$||0.15||$||0.12||$||0.15||$||0.12||$||0.56||$||0.47||$||4.87||$||3.94||$||4.87||$||3.89||$||18.06||$||15.00|
|Shares used in computing EPS-Diluted (In thousands)||78,652||77,011||78,652||76,511||77,124||76,297||78,652||77,011||78,652||76,511||77,124||76,297|
|UNAUDITED CONSOLIDATED BALANCE SHEETS||USD in Thousands||NTD in Thousands|
|As of December 31, 2016 and 2015||Dec 31,||Dec 31,||Dec 31,||Dec 31,|
|Cash & cash equivalents||124,987||87,961||4,030,839||2,887,751|
|Accounts receivable, net||47,558||38,162||1,533,751||1,252,871|
|Other current assets||7,802||8,046||251,611||264,159|
|Total current assets||206,676||152,865||6,665,321||5,018,557|
|Property, plant and equipment, net||4,417||4,828||142,448||158,494|
|Deferred income tax assets||2,181||1,185||70,325||38,893|
|Other non-current assets||845||1,103||27,247||36,223|
|Total non-current assets||99,830||98,178||3,219,511||3,223,186|
|Current tax liabilities||16,125||12,536||520,018||411,561|
|Other current liabilities||9,712||8,218||313,227||269,787|
|Total current liabilities||72,757||54,234||2,346,427||1,780,497|
|Total liabilities and equity||306,506||251,043||9,884,832||8,241,743|
|UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS||USD in Thousands||NTD in Thousands|
|For twelve months ended December 31, 2016 and 2015||Dec 31,||Dec 31,||Dec 31,||Dec 31,|
Cash flows from operating activities
|Income before income tax for the year||46,401||39,013||1,496,741||1,238,876|
|Depreciation and amortization||9,041||4,422||291,670||140,349|
|Loss on disposal of equipment||-||47||-||1,479|
|Share-based compensation cost||4,610||3,257||148,708||103,370|
|Income and expenses having no effect on cash flows||13,606||7,672||438,918||243,480|
|Other current assets||280||(1,830||)||9,038||(60,095||)|
|Other non-current assets||194||583||6,266||19,137|
|Net changes in assets relating to operating activities||(16,556||)||(10,187||)||(533,897||)||(334,463||)|
|Other current liabilities||1,495||4,478||48,206||147,011|
|Net changes in liabilities relating to operating activities||14,935||15,948||481,657||523,699|
|Cash provided by operations||58,386||52,446||1,883,419||1,671,592|
|Income taxes paid||(529||)||(787||)||(17,076||)||(24,967||)|
|Net cash provided by operating activities||57,801||51,718||1,864,519||1,648,482|
Cash flows from investing activities
|Decrease in available for sale financial assets - current||-||1,086||-||33,507|
|Acquisition of equipment||(1,857||)||(2,391||)||(59,919||)||(75,898||)|
|Acquisition of intangible assets||(7,668||)||(2,303||)||(247,366||)||(73,099||)|
|Decrease (increase) in refundable deposits||64||(185||)||2,070||(6,036||)|
|Acquisition of business combinations||-||(100,329||)||-||(3,168,405||)|
|Net cash used in investing activities||(9,461||)||(104,122||)||(305,215||)||(3,289,931||)|
Cash flows from financing activities
|Proceeds from exercise of employee stock options||583||411||18,798||13,051|
|Distribution of cash dividends||(11,573||)||(12,220||)||(381,897||)||(378,811||)|
|Purchase of treasury shares||-||(3,946||)||-||(125,902||)|
|Treasury shares reissued to employees||1,485||2,461||48,405||77,497|
|Cash dividend regain from canceled share-based compensation||12||3||385||92|
|Net cash used in financing activities||(9,493||)||(13,291||)||(314,309||)||(414,073||)|
|Effect of exchange rate changes on cash and cash equivalents||(1,821||)||8,303||(101,907||)||342,839|
|Increase (decrease) in cash and cash equivalents||37,026||(57,392||)||1,143,088||(1,712,683||)|
|Cash and cash equivalents at beginning of year||87,961||145,353||2,887,751||4,600,434|
|Cash and cash equivalents at end of year||124,987||87,961||4,030,839||2,887,751|