SEOUL, South Korea, June 16 /PRNewswire-FirstCall/ -- Pixelplus
Co., Ltd. (NASDAQ:PXPL), a fabless semiconductor company in Korea
that designs, develops, and markets CMOS image sensors for various
consumer electronics applications, today announced unaudited
financial results for the fourth quarter of fiscal 2007, which
ended on December 31, 2007, and also for the first quarter of
fiscal 2008, which ended on March 31, 2008. Fourth Quarter of 2007
and Fiscal 2007 Revenue for the fourth quarter of fiscal 2007 was
US$3.2 million, compared to US$4.8 million in the third quarter of
fiscal 2007, and US$7.2 million in the fourth quarter of fiscal
2006. The Company's revenue in the fourth quarter of 2007 is
consistent with the guidance the Company provided during its third
quarter 2007 earnings call held on October 31, 2007. Net loss in
the fourth quarter of fiscal 2007 was US$3.7 million, or a net loss
of US$0.28 per diluted ADS, compared to a net loss of US$1.5
million, or a net loss of US$0.11 per diluted ADS, in the third
quarter of fiscal 2007, and a net loss of US$5.1 million, or a net
loss of US$0.40 per diluted ADS, in the fourth quarter of fiscal
2006. Revenue for fiscal 2007 was US$17.8 million, compared to
US$32.4 million for fiscal 2006. Net loss for fiscal 2007 was
US$7.9 million, or a net loss of US$0.61 per diluted ADS, compared
to a net loss of US$17.6 million, or a net loss of US$1.40 per
diluted ADS, for fiscal 2006. The Company sold roughly 3.0 million
image sensors in the fourth quarter of 2007, which represented a
decrease of about 1.2 million from its sale of around 4.2 million
units in the third quarter of 2007. Further, the Company sold about
11.6 million image sensors in fiscal 2007, which represented a
decrease of about 2.4 million units from its sale of roughly 14.0
million image sensors in fiscal 2006. Separately, the Company
furnished approximately 1.2 million image sensors arising from its
supply of services to a leading Japanese module maker in the fourth
quarter of 2007, and provided over 19.0 million image sensors
arising from its supply of services to this Japanese module maker
in fiscal 2007. So, in terms of combined figures, the Company sold
and supplied a total of about 4.2 million image sensors in the
fourth quarter of 2007 and a total of roughly 30.6 million image
sensors in fiscal 2007. Gross margin for the fourth quarter of
fiscal 2007 was negative 7.9%, compared to 26.1% in the third
quarter of fiscal 2007. The negative gross margin was mainly
attributed to the Company's lower-than-expected sales of its 1.3
megapixel products which caused the Company to incur excess
inventory of those products and sustain a valuation loss of US$0.9
million arising from that excess inventory. Had the Company not
recorded the inventory valuation loss, it would have reported a
positive gross margin of 18.9% in the fourth quarter of 2007. First
Quarter of 2008 Revenue for the first quarter of fiscal 2008 was
US$3.4 million, compared to US$3.2 million in the fourth quarter of
fiscal 2007, and US$4.2 million in the first quarter of fiscal
2007. The Company's lower-than-expected revenue was primarily due
to the seasonality of sluggish sales in Asia typically exhibited
annually in the first quarter, especially with respect to the
seasonally slow first quarter in China which caused the Company to
sustain weaker-than-anticipated sales to Chinese distributors and
module makers. Net loss in the first quarter of fiscal 2008 was
US$2.5 million, or a net loss of US$0.19 per diluted ADS, compared
to a net loss of US$3.7 million, or a net loss of US$0.28 per
diluted ADS, in the fourth quarter of fiscal 2007, and a net loss
of US$1.1 million, or a net loss of US$0.08 per diluted ADS, in the
first quarter of fiscal 2007. The Company sold approximately 4.3
million image sensors in the first quarter of 2008, which
represented an increase of about 1.3 million units from its sale of
around 3.0 million units in the fourth quarter of 2007. Separately,
the Company provided approximately 1.1 million image sensors
arising from its supply of services to a leading Japanese module
maker in the first quarter of 2008, which represented a decrease of
about 0.1 million units from its supply of around 1.2 million units
in the fourth quarter of 2007. So, in terms of combined figures,
the Company sold and supplied a total of about 5.4 million image
sensors in the first quarter of 2008, which represented an increase
of roughly 1.2 million units from its sale and supply of around 4.2
million units in the fourth quarter of 2007. Gross margin for the
first quarter of fiscal 2008 was 11.5%, compared to negative 7.9%
in the fourth quarter of fiscal 2007. The Company's
lower-than-expected gross margin was mainly due to its
weaker-than-expected revenues arising from its supply of services
to a leading Japanese module maker. However, as Pixelplus is
currently working very closely with this Japanese module maker to
co-develop and transition to the Company's new line of third
generation image sensors featuring its PlusPixel2(TM) technology
and incorporating the Japanese module maker's pixel design and
architecture based on its CCD technology, the Company believes its
gross margin will improve in subsequent quarters. The Company
expects its revenue in the second quarter of fiscal 2008 to sustain
a percentage increase of at least 10% over the first quarter of
fiscal 2008. The Company also expects to engage in its second
quarter 2008 earnings announcement and earnings call on or before
July 31, 2008. "We are confident that the Company's complete and
successful transition to our new SoC image sensors based on
PlusPixel2(TM) technology will enable us to achieve our goals, and
we will continue to dedicate all of our efforts and energies on
achieving our long-term growth targets and business strategies
through developing new products, entering new markets, and securing
new design wins," said Dr. S.K. Lee, CEO and Founder of Pixelplus.
"Strong and steadily growing demand for our third generation image
sensors based on PlusPixel2(TM) technology is expected to
positively affect the Company's results of operations, with
revenues projected to increase considerably starting in the third
quarter of 2008, based on the assumption that current order flows
continue. Our new products, including our PO4010 CIF
'System-on-a-Chip' or "SoC", PO6030 VGA SoC, and PC1030 NTSC/PAL
image sensors, as well as our PM1002, which is the Company's new
SoC processor for various image recognition applications, continue
to perform in line with our expectations, and we have more products
in various stages of development and deployment than ever in our
history. In addition, we are very encouraged that we continue to
effectively manage our operating expenses, and believe this
demonstrates that we have significantly lowered our breakeven point
over the course of the last few quarters. We also continue to
develop our core strategic business with first and second-tier
mobile camera phone manufacturers in Korea, with key distributors
as well as manufacturers of security and surveillance applications
and notebook embedded cameras in China, Hong Kong, and Taiwan, and
with a leading module marker in Japan through our co-development of
image sensors, and we will do everything possible to ramp new
sources of revenue in moving forward. We are highly encouraged by
our prospects and expect to significantly improve our growth and
return to profitability in the second half of 2008 fueled by the
strength of our new product line, as well as growth within the
mobile, security and surveillance, and automotive applications
markets which is expected to continue and ramp sharply upward later
this year." Pixelplus will hold an investor conference call at 5:00
PM Monday, June 16 (New York) / 10:00 PM Monday, June 16 (London) /
5:00 AM Tuesday, June 17 (Hong Kong/Singapore) / 6:00 AM Tuesday,
June 17 (Seoul/Tokyo). To access the Pixelplus investor call,
please dial one of the following numbers: +1 480 629 1990 (North
America) / +1 480 629 1990 (Europe) / +81 3 3570 8179 (Asia). To
obtain replay details for the call, available for a limited time,
please contact Taylor Rafferty at the numbers provided below. About
Pixelplus Co., Ltd. Pixelplus is a South Korea-based developer of
high-performance, high-resolution, and cost-effective CMOS image
sensors for use primarily in mobile camera phones. In addition to
mobile phones, Pixelplus provides CMOS image sensors and SoC
solutions for use in webcams and notebook embedded cameras, toys
and games, and security and surveillance system applications. As a
fabless semiconductor company, Pixelplus is focused on creating
proprietary design technologies to develop CMOS image sensors with
sharp, colorful and enhanced image quality, size efficiency, and
low power consumption. Forward Looking Statement This press release
contains certain statements that are not historical in nature but
are "forward-looking statements" within the meaning of the
"safe-harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally can be
identified by the use of forward-looking terminology, such as
"may," "will," "expect," "intend," "estimate," "anticipate,"
"believe," "project," or "continue" or the negative of such words
or other similar words. Pixelplus cautions readers that
forward-looking statements are based on the Company's current
expectations, estimates and assumptions about our company and our
industry, and are subject to a number of risks and uncertainties.
Actual results may differ materially from those contained in such
forward-looking statements. Investors are directed to Pixelplus'
reports and documents filed from time to time with the U.S.
Securities and Exchange Commission for a description of various
factors that should be considered before investing in Pixelplus'
securities. These factors may cause Pixelplus' results to differ
materially from the forward-looking statements made in this
release. The forward-looking statements speak only as of the date
of this press release and Pixelplus assumes no duty or obligation
to update them to reflect new, changing, or unanticipated events or
circumstances. The financial results for the fourth quarter of
2007, fiscal year 2007, and first quarter of 2008 contained in this
document have not been audited by Pixelplus' independent registered
public accountants. Contact: Shane Y. Hong Pixelplus Co., Ltd. 6th
Floor, Gyeonggi R&DB Center 906-5 Iui-dong, Yeongtong-gu
Suwon-si, Gyeonggi-do, 443-766 Republic of Korea +82-31-888-5300 OR
Taylor Rafferty: London - Emilia Whitbread at +44 (0) 20 7614 2900
New York - Jessica McCormick at +1 212 889 4350 Tokyo - Jason
Wagers at +81 (0) 3 3221 9513 E-mail Pixelplus Co., Ltd.
Consolidated Statements of Operations (In thousands, except per ADS
data) (unaudited) THREE MONTHS ENDED YEAR ENDED Mar. 31, Dec. 31,
Mar. 31, Dec. 31, Dec. 31, 2008 2007 2007 2007 2006 Revenues 3,428
3,208 4,162 17,794 32,364 Products 3,232 2,925 2,309 13,221 27,134
Services 196 283 1,853 4,573 5,230 Cost of revenues 3,034 3,462
3,079 13,703 31,568 Products 2,999 3,438 2,642 12,613 30,113
Services 35 24 437 1,090 1,455 Gross profit 394 (254) 1,083 4,091
796 Operating expenses 3,023 2,692 2,727 12,686 18,262 Selling,
general and administrative 1,898 1,348 1,301 7,585 12,361 Research
and development, net of government grants 1,125 1,344 1,426 5,101
5,901 Income (loss) from operations (2,629) (2,946) (1,644) (8,595)
(17,466) Other income (expense) Interest income (expense), net 13
73 46 244 301 Foreign exchange gain (loss), net 100 (153) 30 (144)
(1,255) Others, net 36 (687) 518 547 (115) Income (loss) before
income taxes (2,480) (3,713) (1,050) (7,948) (18,530) Income tax
expenses - - - - - Income (loss) before gain (loss) from equity
method investments, net and minority interest (2,480) (3,713)
(1,050) (7,948) (18,530) Gain (loss) from equity method
investments, net - - - - 5 Minority interest - - - - 827 Before
cumulative effect of change in accounting principle (2,480) (3,713)
(1,050) (7,948) (17,703) Cumulative effect of change in accounting
principle - - - - 133 Net Income (loss) (2,480) (3,713) (1,050)
(7,948) (17,570) Accretion of preferred shares - - - - - Net income
(loss) attributable to common shareholders (2,480) (3,713) (1,050)
(7,948) (17,570) Income (Loss) per ADS - basic and diluted (0.19)
(0.28) (0.08) (0.61) (1.40) ADSs used in computing Income (loss)
per ADS - basic and diluted 13,386,146 13,330,146 12,922,212
13,093,138 12,508,108 Pixelplus Co., Ltd. Consolidated Balance
Sheets (In thousands, except per ADS data) (Unaudited) Mar. 31,
Dec. 31, Dec. 31, 2008 2007 2006 Assets Cash and cash equivalents
165 635 12,365 Restricted cash 6,071 6,069 956 Accounts receivable,
net 5,112 3,201 5,047 Inventories, net 2,361 1,441 5,044 Other
current assets 1,954 1,950 2,271 Total current assets 15,663 13,296
25,683 Other non current assets 7,246 6,128 6,271 Total assets
22,909 19,424 31,954 Liabilities, minority interest and
Shareholders' equity Trade accounts payable 2,171 548 3,400 Other
accounts payable 518 835 1,322 Short-term borrowings 8,639 5,513
7,517 Other current liabilities 1,493 1,338 1,132 Total current
liabilities 12,821 8,234 13,371 Long-term borrowings 1,149 - 169
Other non current liabilities 506 427 473 Total liabilities 14,476
8,661 14,013 Shareholders' equity Common stock 3,435 3,371 3,250
Additional paid-in capital 40,618 40,543 39,951 Accumulated other
comprehensive loss (89) (100) (156) Accumulated deficit (35,531)
(33,051) (25,104) Total Shareholders' equity 8,433 10,763 17,941
Total liabilities, minority interest and Shareholders' equity
22,909 19,424 31,954 The Company's functional currency on a
consolidated basis is the Korean won. The U.S. dollar amounts
disclosed in the financial statements are presented solely for the
convenience of the reader, and have been converted at the rate of
988.6 Korean won to one U.S. dollar, which is the noon buying rate
of the U.S. Federal Reserve Bank of New York in effect on March 31,
2008. Such conversions should not be construed as representations
that the Korean won amounts represent, have been, or could be,
converted into, U.S. dollars at that or any other rate. Please note
that the numbers specified for the fiscal years 2006 and 2007 in
the financial statements provided in the Company's Form 20-F, which
were converted at the rates of 930.0 Korean won to one U.S. dollar
and 935.8 Korean won to one U.S. dollar in effect on December 31,
2006 and December 31, 2007, respectively, are different from the
numbers specified for the fiscal years 2006 and 2007 in the above
financial statements. DATASOURCE: Pixelplus Co., Ltd. CONTACT:
Shane Y. Hong of Pixelplus Co., Ltd., +82-31-888-5300; or Taylor
Rafferty: London - Emilia Whitbread, +44(0)20-7614-2900, New York -
Jessica McCormick, +1-212-889-4350, Tokyo - Jason Wagers,
+81(0)3-3221-9513, all for Pixelplus,
Copyright
Pixelplus CO Ltd (MM) (NASDAQ:PXPL)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Pixelplus CO Ltd (MM) (NASDAQ:PXPL)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024