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Parade Technologies Reports First Quarter 2019 Financial Results
Financial Highlights:
-
Q119 consolidated revenue US$93.72 million, compared with US$80.65
million in the year-ago quarter
-
Q119 consolidated net income US$18.59 million; Basic and Fully diluted
after-tax EPS US$0.24 (NT$7.42) and US$0.23 (NT$7.13), 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 first quarter fiscal year 2019 ended March 31, 2019, and provided
guidance for the second quarter of fiscal year 2019.
Consolidated revenue was US$93.72 million and consolidated net income
was US$18.59 million. Basic and fully diluted after-tax earnings per
share (“EPS”) were US$0.24 (NT$7.42) and US$0.23 (NT$7.13),
respectively. These results compared to consolidated revenue US$80.65
million and consolidated net income of US$13.81 million, or US$0.18
(NT$5.30) and US$0.17 (NT$5.08) per basic and fully diluted share, in
the year-ago quarter.
In US dollars, the first quarter of 2019 consolidated revenue decreased
7.43% sequentially and was up 16.20% year-over-year.
The gross profit in the first quarter of 2019 was US$39.24 million,
representing a decrease of 7.50% from the previous quarter and an
increase of 19.14% compared to the same quarter of last year.
On March 6, 2019, Parade announced a new offering in its eDP Timing
Controller (Tcon) embedded driver (TED) product category. The new
TC3220, similar to the TC3210 introduced last year, is an IC developed
for thin-profile LCD display panels. The TC3220 was developed for
Chip-on-Glass (COG) applications and provides a single-chip display
driver solution to replace the traditional eDP Tcon mated with separate
source driver chips. The TC3220 provides a lower cost alternative to the
TC3210 by not including the PSR (Panel Self Refresh) feature that
requires an integrated frame buffer. The TC3220 also provides a narrower
COG package dimension to reduce the display’s bottom border thickness
while offering footprint compatibility with the TC3210.
On March 19, 2019, Parade introduced the TC3318, an integrated display
driver and touchscreen controller solution. The TC3318 extends Parade’s
TDDI (Touch and Display Driver Integrated) product family and uniquely
offers a slimmer profile COG package that is optimal for
space-constrained, full screen smartphone panels. This slim profile
avoids the need for a more expensive Chip on Film (COF) package commonly
used on bezel-less and borderless smartphone displays. Like other Parade
TDDI products, the TC3318 includes Parade’s exclusive TrueTouch
touchscreen technology.
Based on current business outlook, Parade is providing the following
guidance for the second quarter of fiscal 2019:
- Revenue: US$85 ~94 Million
- Gross Margin: 40% ~43%
- Operating Expense: US$20 ~21 Million
The financial figures detailed above for the first quarter of 2019 have
been reviewed by independent accountants.
About Parade Technologies, Ltd.
Parade Technologies, Ltd. is a leading supplier of mixed-signal ICs for
a variety of popular display and high-speed interface standards used in
computers, consumer electronics and display panels. The fabless
semiconductor company was founded in 2005 and publicly listed on Taipei
Exchange (“TPEx”) in 2011 (stock code: 4966). Parade’s portfolio of
IC products serves the growing demand for HDMI, DisplayPort, SATA, and
USB ICs for display, storage and interface applications.
In addition to being a technology innovator, Parade is an active
participant and leader in industry standards-setting
organizations. Parade Technologies, Inc., a wholly owned US-based
subsidiary of Parade Technologies, Ltd., is a member of VESA (Video
Electronics Standard Association). Parade Technologies, Inc. has made
key contributions to the development of VESA’s DisplayPort digital
video interface standard.
Parade leverages its close relationships with market leading Tier-1 OEMs
to develop ICs that provide unique system capabilities. Many of the
company’s devices integrate proprietary technologies that offer superior
system signal integrity, advanced system integration and enhanced power
efficiency. As a result of the company’s “standards-plus” design
philosophy, Parade ICs have been designed into products offered by
nearly every leading computer and display vendor worldwide.
Parade Technologies, Ltd. and Subsidiaries.
The reader is advised that these consolidated financial statements have
been prepared originally in NT$ 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 |
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, | ||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||
Revenue | 93,720 | 101,242 | 93,720 | 80,653 | 2,889,378 | 3,123,334 | 2,889,378 | 2,363,141 | |||||||||
Cost of goods sold | 54,478 | 58,816 | 54,478 | 47,715 | 1,679,571 | 1,814,490 | 1,679,571 | 1,398,037 | |||||||||
Gross profit | 39,242 | 42,426 | 39,242 | 32,939 | 1,209,807 | 1,308,844 | 1,209,807 | 965,104 | |||||||||
Research & development expenses | 12,787 | 12,693 | 12,787 | 12,202 | 394,207 | 391,583 | 394,207 | 357,526 | |||||||||
Sales & marketing expenses | 4,535 | 4,173 | 4,535 | 4,126 | 139,814 | 128,748 | 139,814 | 120,892 | |||||||||
General & administrative expenses | 3,100 | 2,989 | 3,100 | 2,752 | 95,577 | 92,202 | 95,577 | 80,621 | |||||||||
Total operating expenses | 20,422 | 19,855 | 20,422 | 19,080 | 629,598 | 612,533 | 629,598 | 559,039 | |||||||||
Operating income | 18,820 | 22,571 | 18,820 | 13,859 | 580,209 | 696,311 | 580,209 | 406,065 | |||||||||
Non-operating income and expenses | 525 | 236 | 525 | (58) | 16,201 | 7,277 | 16,201 | (1,700) | |||||||||
Income before income taxes | 19,345 | 22,807 | 19,345 | 13,800 | 596,410 | 703,588 | 596,410 | 404,365 | |||||||||
Income tax expense (benefit) | 755 | 365 | 755 | (10) | 23,273 | 11,248 | 23,273 | (283) | |||||||||
Net income | 18,590 | 22,442 | 18,590 | 13,810 | 573,137 | 692,340 | 573,137 | 404,648 | |||||||||
EPS – Basic (In Dollar) | $0.24 | $0.29 | $0.24 | $0.18 | $7.42 | $9.01 | $7.42 | $5.30 | |||||||||
Shares used in computing EPS-Basic (In thousands) | 77,228 | 76,822 | 77,228 | 76,287 | 77,228 | 76,822 | 77,228 | 76,287 | |||||||||
EPS – Diluted (In Dollar) | $0.23 | $0.28 | $0.23 | $0.17 | $7.13 | $8.66 | $7.13 | $5.08 | |||||||||
Shares used in computing EPS-Diluted (In thousands) | 80,332 | 79,965 | 80,332 | 79,653 | 80,332 | 79,965 | 80,332 | 79,653 | |||||||||
UNAUDITED CONSOLIDATED BALANCE SHEETS | USD in Thousands | NTD in Thousands | ||||||||||
As of March 31, 2019 and 2018 | Mar 31, | Mar 31, | Mar 31, | Mar 31, | ||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Current assets | ||||||||||||
Cash & cash equivalents | 203,678 | 157,611 | 6,277,354 | 4,588,044 | ||||||||
Accounts receivable, net | 51,892 | 53,763 | 1,599,309 | 1,565,045 | ||||||||
Inventories, net | 35,399 | 42,948 | 1,090,995 | 1,250,218 | ||||||||
Other current assets | 15,819 | 12,434 | 487,547 | 361,965 | ||||||||
Total current assets | 306,788 | 266,756 | 9,455,205 | 7,765,272 | ||||||||
Non-current assets | ||||||||||||
Property, plant and equipment, net | 10,047 | 8,558 | 309,639 | 249,114 | ||||||||
Right-of-use assets | 6,590 | – | 203,108 | – | ||||||||
Intangible assets | 82,812 | 87,265 | 2,552,250 | 2,540,284 | ||||||||
Deferred income tax assets | 2,239 | 1,592 | 69,009 | 46,345 | ||||||||
Other non-current assets | 883 | 846 | 27,232 | 24,619 | ||||||||
Total non-current assets | 102,571 | 98,261 | 3,161,238 | 2,860,362 | ||||||||
Total Assets | 409,359 | 365,017 | 12,616,443 | 10,625,634 | ||||||||
Current Liabilities | ||||||||||||
Accounts payable | 23,454 | 24,726 | 722,867 | 719,763 | ||||||||
Other payables | 17,767 | 17,140 | 547,571 | 498,957 | ||||||||
Current income tax liabilities | 16,800 | 19,715 | 517,773 | 573,908 | ||||||||
Lease liabilities – current | 2,055 | – | 63,333 | – | ||||||||
Other current liabilities | 6,921 | 5,369 | 213,295 | 156,285 | ||||||||
Total current liabilities | 66,997 | 66,950 | 2,064,839 | 1,948,913 | ||||||||
Non current Liabilities | ||||||||||||
Lease liabilities – non-current | 4,535 | – | 139,775 | – | ||||||||
Total non current liabilities | 4,535 | – | 139,775 | – | ||||||||
Equity | ||||||||||||
Ordinary shares | 26,058 | 25,837 | 791,299 | 784,525 | ||||||||
Capital reserves | 93,031 | 84,799 | 2,812,895 | 2,569,165 | ||||||||
Retained earnings | 243,192 | 204,742 | 7,452,955 | 6,279,516 | ||||||||
Other equity | (17,862 | ) | (17,311 | ) | (441,870 | ) | (956,485 | ) | ||||
Treasury shares | (6,592 | ) | – | (203,450 | ) | – | ||||||
Total equity | 337,827 | 298,067 | 10,411,829 | 8,676,721 | ||||||||
Total liabilities and equity | 409,359 | 365,017 | 12,616,443 | 10,625,634 | ||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS | USD in Thousands | NTD in Thousands | ||||||||||
For three months ended March 31, 2019 and 2018 | Mar 31, | Mar 31, | Mar 31, | Mar 31, | ||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Cash flows from operating activities |
||||||||||||
Income before income tax for the period | 19,345 | 13,801 | 596,410 | 404,365 | ||||||||
Depreciation and amortization (including the right-of-use assets) | 3,661 | 2,791 | 112,876 | 81,775 | ||||||||
Share-based compensation cost | 2,118 | 1,888 | 65,334 | 55,329 | ||||||||
Interest income | (654 | ) | (20 | ) | (20,155 | ) | (584 | ) | ||||
Income and expenses having no effect on cash flows | 5,125 | 4,659 | 158,055 | 136,520 | ||||||||
Accounts receivable | (5,948 | ) | (1,491 | ) | (183,308 | ) | (43,397 | ) | ||||
Inventories | 402 | (8,673 | ) | 12,374 | (252,482 | ) | ||||||
Other current assets | 1,753 | (2,745 | ) | 54,016 | (79,936 | ) | ||||||
Net changes in assets relating to operating activities | (3,793 | ) | (12,909 | ) | (116,918 | ) | (375,815 | ) | ||||
Accounts payable | (8,172 | ) | (1,062 | ) | (251,861 | ) | (30,916 | ) | ||||
Other payables | (2,581 | ) | (3,493 | ) | (79,566 | ) | (101,680 | ) | ||||
Other current liabilities | (394 | ) | (2,912 | ) | (12,137 | ) | (84,754 | ) | ||||
Net changes in liabilities relating to operating activities | (11,147 | ) | (7,467 | ) | (343,564 | ) | (217,350 | ) | ||||
Cash provided by (used in) operations | 9,530 | (1,916 | ) | 293,983 | (52,280 | ) | ||||||
Interest received | 654 | 10 | 20,155 | 300 | ||||||||
Income tax paid | (235 | ) | (219 | ) | (7,238 | ) | (6,407 | ) | ||||
Net cash provided by (used in) operating activities | 9,949 | (2,125 | ) | 306,900 | (58,387 | ) | ||||||
Cash flows from investing activities |
||||||||||||
Acquisition of equipment | (418 | ) | (451 | ) | (12,899 | ) | (13,216 | ) | ||||
Acquisition of intangible assets | (1,620 | ) | (562 | ) | (49,944 | ) | (16,472 | ) | ||||
Increase in refundable deposits | (75 | ) | (28 | ) | (2,298 | ) | (807 | ) | ||||
Net cash used in investing activities | (2,113 | ) | (1,041 | ) | (65,141 | ) | (30,495 | ) | ||||
Cash flows from financing activities |
||||||||||||
Proceeds from exercise of employee stock options | 337 | 305 | 10,390 | 8,938 | ||||||||
Repayment of the principal portion of lease liabilities | (477 | ) | – | (14,691 | ) | – | ||||||
Cash dividend regain from canceled share-based compensation | 15 | 10 | 448 | 322 | ||||||||
Net cash used in (provided by) financing activities | (125 | ) | 315 | (3,853 | ) | 9,260 | ||||||
Effect of exchange rate changes on cash and cash equivalents | 266 | 407 | 27,520 | (95,561 | ) | |||||||
Increase (decrease) in cash and cash equivalents | 7,977 | (2,444 | ) | 265,426 | (175,183 | ) | ||||||
Cash and cash equivalents at beginning of period | 195,701 | 160,055 | 6,011,928 | 4,763,227 | ||||||||
Cash and cash equivalents at end of period | 203,678 | 157,611 | 6,277,354 | 4,588,044 | ||||||||
Contacts
Parade Technologies
Yo-Ming Chang, +886-2-2627-9109
[email protected]
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Humboldt Seed Company partners with Apollo Green to bring California cannabis genetics to the global marketplace
Apollo Green to distribute Humboldt Seed Company clonal cannabis genetics to Germany, Portugal and Australia
SAN FRANCISCO, April 30, 2024 /PRNewswire/ — Humboldt Seed Company (HSC), California’s leading cannabis seed producer, has announced a partnership with Canadian-based Apollo Green to make eight breeder cuts available to researchers, licensed commercial cultivators and home growers in legal markets worldwide. This first-to-market clonal genetics release is a significant milestone and will expand access to distinctive, high-quality cannabis genetics in both established and emerging global markets including Germany, Portugal and Australia.
The curated, breeder-verified selection includes pioneering triploid genetics, such as OG Triploid and Donutz Triploid alongside the legendary cult classic Blueberry Muffin. Also available are All Gas OG with a THC content of 21% and four high-THC strains in the 30-35% range: Golden Sands, Guzzlerz, Jelly Donutz and Orange Creampop. These selections represent the top .01% from HSC’s extensive California pheno-hunting program.
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Licensed since 2019, Apollo Green is Canada’s leader in cannabis genetics. The company’s mission is to provide an ever-growing bank of seeds and clones to medical patients and recreational consumers. Apollo Green provides clean, trusted cannabis seeds and clones, which are backed by the foremost tissue culture technology to reduce risks, costs and time-to-market for licensed producers around the world. Apollo Green is passionate about cannabis genetics.
For more information visit https://apollogreen.com/.
Media contact
Jaana Prall
[email protected]
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