BCD Semiconductor Manufacturing Limited Announces Financial Results for the Fiscal Third Quarter of 2011
24 Outubro 2011 - 6:01PM
BCD Semiconductor Manufacturing Limited ("BCD Semiconductor")
(Nasdaq:BCDS), a leading analog integrated device manufacturer, or
IDM, based in China, specializing in the design, manufacture and
sale of power management integrated circuits, or ICs, today
announced financial results for the fiscal third quarter ended
September 30, 2011.
The results for the fiscal quarter ended September 30, 2011 are
as follows:
- Revenue was $39.1 million, a sequential increase of 1.6% from
$38.5 million for the second quarter of fiscal year 2011, and a
1.3% increase from $38.6 million for the third quarter of fiscal
year 2010.
- Gross margin was 27.4%, compared to 30.0% for the second
quarter of fiscal year 2011 and 34.7% for the third quarter of
fiscal year 2010.
- Operating expenses were $7.6 million, compared to $6.9 million
for the second quarter of fiscal year 2011 and $5.9 million for the
third quarter of fiscal year 2010. Operating expenses for the third
quarter of fiscal year 2011 included share-based compensation
expenses of $643 thousand, as compared to $359 thousand and $526
thousand for the second quarter of fiscal year 2011 and for the
third quarter of fiscal year 2010, respectively.
- Operating profit was $3.1 million, or 7.9% of revenue, compared
to $4.6 million, or 11.9% of revenue, for the second quarter of
fiscal year 2011 and $7.4 million, or 19.3% of revenue, for the
third quarter of fiscal year 2010.
- GAAP net income was $4.0 million compared to $5.1 million for
the second quarter of fiscal year 2011, and $7.0 million for the
third quarter of fiscal year 2010.
- Non-GAAP adjusted net income was $4.9 million, compared to $5.5
million for the second quarter of fiscal year 2011 and $7.4 million
for the third quarter of fiscal year 2010.
- GAAP earnings per diluted ADS share (EPS) was $0.21 compared to
$0.26 for the second quarter of fiscal year 2011.
- Non-GAAP earnings per ADS share (non-GAAP EPS) was $0.25
compared to $0.28 for the second quarter of fiscal 2011.
- Number of weighted average fully diluted American Depositary
Shares (ADS) was 19,372,622.
- Cash balance was $61.3 million as of September 30, 2011,
compared to approximately $72.0 million as of June 30, 2011 and
$34.9 million as of September 30, 2010.
- Cash flow from operating activities was $8.4 million compared
to $3.4 million for the second quarter of fiscal year 2011 and $6.0
million for the third quarter of fiscal year 2010.
- Capital expenditures were $9.8 million compared to $6.0 million
for the second quarter of fiscal year 2011 and $7.3 million for the
third quarter of fiscal year 2010.
- We used $1.1 million of cash to repurchase 183,651 American
Depositary Shares (ADS) at an average price of $5.80 per ADS under
our authorized share re-purchase program.
"As we reported in our updated guidance, demand across our three
main end markets including consumer, computing and communications
was softer than we expected when we entered the typical holiday
buying season in September," said Chieh Chang, Chief Executive
Officer of BCD Semiconductor. "While we continue to see sluggish
demand heading into the fourth quarter, we remain focused on
executing on our strategic initiatives. We are pleased with the
market acceptance of several of our newly introduced products
especially in the AC/DC product category. We also continue to be on
track with our Fab 2 build-out and are looking forward to running
test wafers in the first half of next year and generating revenues
in the second half of next year."
Business Outlook
Revenue for the fourth quarter of fiscal year 2011 is expected
to be in the range of $30 to $34 million, representing a decline of
approximately 5.0% to a growth of 7.7% when compared to the fourth
quarter of 2010 and a decline of approximately 23.3% to 13.0% when
compared to the third quarter of 2011. Gross margins are expected
to be in the range of 26% to 27% of revenue. Operating expenses
exclusive of the share based compensation expenses and amortization
of acquired intangible assets are expected to be in the range of
$7.0 to $7.2 million. We expect our effective income tax rate to
range between 7.0% and 9.0%. We expect our capital expenditures to
be approximately $15.0 million in the fourth quarter. The number of
ADS shares used to calculate GAAP earnings per share for the fourth
quarter is anticipated to be approximately 19.3 million.
Forward-Looking Statements
This press release contains forward-looking statements that are
based on current expectations, estimates, forecasts and projections
of future performance based on management's judgment, beliefs,
current trends, and anticipated product performance. These
forward-looking statements include, without limitation, projected
revenues, gross margins, operating expenses, income tax rate,
capital expenditures and shares used to calculate earnings per
share under the section titled "Business Outlook," statements
regarding market demand, our Fab 2 build-out and our expectation of
revenue generation next year. Forward-looking statements involve
risks and uncertainties that may cause actual results to differ
materially from those contained in the forward-looking statements.
These factors include, but are not limited to, our ability to
introduce or develop new and enhanced products that achieve market
acceptance; the actual product performance in volume production;
the quality and reliability of our product; our ability to achieve
design wins; general business and economic conditions; our ability
to identify and consummate strategic transactions; the state of the
semiconductor industry and seasonality of our markets; and other
risks and uncertainties as described in our filings with the U.S.
Securities and Exchange Commission ("SEC"), including our Annual
Report on Form 20-F for the fiscal year ended December 31, 2010
filed on May 25, 2011, and other filings with the SEC. Other
unknown or unpredictable factors or underlying assumptions
subsequently proving to be incorrect could cause actual results to
differ materially from those in the forward-looking statements.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, level of activity, performance, or achievements.
You should not place undue reliance on these forward-looking
statements. All information provided in this press release is as of
today's date, unless otherwise stated, and BCD Semiconductor
undertakes no duty to update such information, except as required
under applicable law.
Conference Call and Webcast
BCD Semiconductor plans to conduct an investor teleconference
and live webcast to discuss the financial results for the fiscal
third quarter ended September 30, 2011, our outlook for the fourth
quarter of 2011 and other business matters today, October 24, 2011
at 3:30 pm PT / 6:30 pm ET. To participate in the live call,
analysts and investors should dial 866-405-2350 (or +65 6 723 9388
if dialing from outside the U.S.A.). The conference ID number is
15438877. A live webcast of the call will also be available in the
"Event Calendar" section of the company's investor relations
website, http://ir.bcdsemi.com/. The webcast replay will be
available for seven days after the live call on the same website.
To listen to the webcast replay, please dial 866-214-5335 (or +61 2
8235 5000 if dialing from outside the U.S.A.). The conference ID
number is 15438877.
Use of Non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements
presented on a basis consistent with GAAP, we disclose certain
non-GAAP financial measures, including non-GAAP net income and
non-GAAP EPS. These supplemental measures exclude share-based
compensation expenses that are non-cash charges, gain or loss on
valuation of warrant liabilities and amortization of acquired
intangible assets. We believe that non-GAAP financial measures can
provide useful information to both management and investors by
excluding certain non-cash expenses that are not indicative of our
core operating results. In addition, our management uses non-GAAP
measures to compare our performance relative to forecasts and to
benchmark our performance externally against competitors. Our use
of non-GAAP financial measures has certain limitations in that the
non-GAAP financial measures we use may not be directly comparable
to those reported by other companies. For example, the term used in
this press release, non-GAAP net income, does not have a
standardized meaning. Other companies may use the same or similarly
named measures, but exclude different items, which may not provide
investors with a comparable view of our performance in relation to
other companies. We seek to compensate for this limitation by
providing a detailed reconciliation of the non-GAAP financial
measures to the most directly comparable GAAP measures in the
tables attached to this press release. Investors are encouraged to
review the related GAAP financial measures and the reconciliation
of these non-GAAP financial measures to their most directly
comparable GAAP financial measure.
About BCD Semiconductor
BCD Semiconductor Manufacturing Limited ("BCD Semiconductor") is
a leading analog integrated device manufacturer, or IDM, based in
China, specializing in the design, manufacture and sale of power
management integrated circuits, or ICs. Our broad portfolio of
power management ICs primarily targets rapidly growing, high volume
markets such as mobile phones, LCD televisions and monitors,
personal computers, adapters and chargers and other electronics
products. As an IDM, BCD Semiconductor integrates product design
and process technology to optimize product performance and cost. We
offer system-level solutions with the quality, performance and
reliability required by our customers. Our China-based operations
provide proximity to the rapidly growing electronics industry in
Asia, enabling us to align our product development effort with
customers and market trends and to provide timely and effective
technical support. For more information, please visit
http://www.bcdsemi.com.
The following consolidated financial statements are prepared in
accordance with United States generally accepted accounting
principles ("GAAP").
BCD Semiconductor
Manufacturing Limited |
|
|
Condensed Consolidated
Balance Sheets - GAAP |
|
(in thousands of US
dollars) |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
September 30,
2010 |
June 30,
2011 |
September 30,
2011 |
ASSETS |
|
|
|
CURRENT ASSETS |
|
|
|
Cash |
$34,928 |
$72,029 |
$61,278 |
Restricted cash |
7,658 |
5,136 |
10,235 |
Accounts receivable, net |
22,365 |
21,297 |
22,981 |
Inventories |
19,827 |
28,282 |
28,670 |
Excess value-added tax paid |
1,135 |
1,654 |
2,645 |
Receivable from Zi Zhu |
-- |
-- |
7,140 |
Prepaid expenses and other current
assets |
5,416 |
4,919 |
5,585 |
Total current
assets |
91,329 |
133,317 |
138,534 |
|
|
|
|
PROPERTY,PLANT AND EQUIPMENT,
NET |
29,974 |
39,277 |
47,815 |
LAND USE RIGHT, NET |
2,979 |
3,034 |
3,072 |
ACQUIRED INTANGIBLE ASSETS,
NET |
-- |
3,326 |
2,935 |
INVESTMENT IN EQUITY
SECURITIES |
1,568 |
1,624 |
1,654 |
GOODWILL |
-- |
305 |
282 |
OTHER ASSETS |
2,083 |
2,750 |
2,982 |
TOTAL |
$127,933 |
$183,633 |
$197,274 |
|
|
|
|
|
|
|
|
LIABILITIES,CONVERTIBLE REDEEMABLE
PREFERENCE SHARES AND SHAREHOLDERS' EQUITY |
|
|
|
CURRENT LIABILITIES |
|
|
|
Short-term bank loans |
$7,969 |
$3,000 |
$6,000 |
Accounts payable |
20,105 |
21,374 |
21,907 |
Notes payable |
14,296 |
11,589 |
18,175 |
Accrued expenses |
5,820 |
3,656 |
3,570 |
Payable for purchase of property, plant
and equipment |
1,700 |
1,507 |
1,192 |
Withholding tax liability |
1,806 |
1,954 |
1,805 |
Warrant liability |
1,260 |
-- |
-- |
Other current liabilities |
2,729 |
3,150 |
2,078 |
Total current
liabilities |
55,685 |
46,230 |
54,727 |
|
|
|
|
OTHER LIABILITIES |
|
|
|
Deferred rent-noncurrent |
115 |
125 |
124 |
Performance obligation |
3,073 |
3,800 |
3,870 |
Obligation under capital lease -
noncurrent |
278 |
240 |
224 |
Deferred grant-noncurrent |
-- |
560 |
468 |
Total other
liabilities |
3,466 |
4,725 |
4,686 |
Total
liabilities |
59,151 |
50,955 |
59,413 |
|
|
|
|
CONVERTIBLE REDEEMABLE PREFERENCE
SHARES |
90,569 |
-- |
-- |
|
|
SHAREHOLDERS'
EQUITY(CAPITAL DEFICIENCY) |
|
Ordinary shares |
17 |
111 |
111 |
Additional paid-in capital |
12,518 |
160,318 |
161,163 |
Accumulated other comprehensive
income |
7,259 |
10,278 |
11,698 |
Accumulated deficit |
(41,581) |
(38,029) |
(34,039) |
Treasury stock |
-- |
-- |
(1,072) |
Total shareholders'
equity(Capital deficiency) |
(21,787) |
132,678 |
137,861 |
TOTAL |
$127,933 |
$183,633 |
$197,274 |
|
|
|
|
BCD Semiconductor
Manufacturing Limited |
|
Condensed Consolidated
Statements of Income - GAAP |
|
(in thousands of US
dollars, except percentages) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
Three Months
Ended |
|
September 30,
2010 |
June 30,
2011 |
September 30,
2011 |
NET REVENUE |
|
|
IC products |
35,528 |
35,685 |
36,420 |
Foundry services |
3,041 |
2,771 |
2,685 |
Total net revenue |
38,569 |
38,456 |
39,105 |
COST OF REVENUE |
|
|
IC products |
23,829 |
25,643 |
27,074 |
Foundry services |
1,361 |
1,284 |
1,332 |
Total cost of revenue |
25,190 |
26,927 |
28,406 |
GROSS PROFIT |
13,379 |
11,529 |
10,699 |
|
|
|
|
OPERATING EXPENSES |
34.7% |
30.0% |
27.4% |
Research and development |
1,919 |
2,393 |
2,667 |
Selling and marketing |
1,923 |
2,081 |
2,480 |
General and administrative |
2,098 |
2,394 |
2,259 |
Amortization of acquired intangible
assets |
|
69 |
205 |
Total operating expenses |
5,940 |
6,937 |
7,611 |
INCOME FROM OPERATIONS |
7,439 |
4,592 |
3,088 |
|
19.3% |
11.9% |
7.9% |
OTHER INCOME (EXPENSE) |
|
|
Interest income and expenses |
(37) |
364 |
326 |
Other-net |
28 |
510 |
901 |
Other income (expenses), net |
(9) |
874 |
1,227 |
|
|
|
|
INCOME BEFORE INCOME TAX EXPENSE |
7,430 |
5,466 |
4,315 |
|
|
|
|
INCOME TAX EXPENSE |
420 |
381 |
325 |
|
|
|
|
NET INCOME |
7,010 |
5,085 |
3,990 |
|
|
|
|
|
|
BCD Semiconductor
Manufacturing Limited |
|
|
Condensed Consolidated
Cash Flows Statement - GAAP |
|
(in thousands of US
dollars) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
Three Months
Ended |
|
September 30,
2010 |
June 30,
2011 |
September 30,
2011 |
|
|
|
|
NET INCOME |
$7,010 |
$5,085 |
$3,990 |
|
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES |
|
|
Depreciation and amortization |
982 |
1,345 |
1,612 |
Other adjustments to net income |
486 |
1,328 |
1,521 |
Changes in assets and
liabilities |
(2,511) |
(4,408) |
1,282 |
Net cash provided by operating
activities |
$5,967 |
$3,350 |
$8,405 |
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
Capital expenditures |
(7,274) |
(6,008) |
(9,761) |
Acquisition of Aura Micro |
-- |
(4,582) |
-- |
Financing to ZiZhu,receivable |
-- |
-- |
(7,140) |
Other cash flow from investing
activities |
669 |
282 |
(4,794) |
Net cash used in investing
activities |
$(6,605) |
$(10,308) |
$(21,695) |
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
Share repurchase |
-- |
-- |
(1,072) |
Net borrowings |
2,079 |
(3,101) |
3,000 |
Other cash flow from financing
activities |
(35) |
(366) |
(198) |
Net cash provided by (used in)
financing activities |
$2,044 |
$(3,467) |
$1,730 |
|
|
|
|
Effects of exchange rate
changes |
633 |
703 |
809 |
|
|
|
|
CHANGE IN CASH |
$2,039 |
$(9,722) |
$(10,751) |
|
|
|
|
CASH, BEGINNING OF
PERIOD |
$32,889 |
$81,751 |
$72,029 |
|
|
|
|
CASH, ENDING OF
PERIOD |
$34,928 |
$72,029 |
$61,278 |
|
|
BCD Semiconductor
Manufacturing Limited |
Reconciliation of GAAP to
Non-GAAP Net Income and EPS |
(in thousands of US
dollars) |
|
(Unaudited) |
|
|
|
|
|
GAAP to Non-GAAP Net
Income |
Three Months
Ended |
|
September 30,
2010 |
June 30,
2011 |
September 30,
2011 |
GAAP net income |
$7,010 |
$5,085 |
$3,990 |
|
|
|
Share-based compensation: |
|
|
Cost of goods sold |
35 |
21 |
85 |
Research and development |
55 |
24 |
96 |
Selling, general and administrative |
471 |
335 |
547 |
Total share-based compensation |
561 |
380 |
728 |
|
|
|
|
Gain on valuation of warrant liability |
(217) |
-- |
-- |
|
|
|
|
Amortization of acquired intangible
assets |
-- |
69 |
205 |
|
|
|
|
Non-GAAP net income |
$7,354 |
$5,534 |
$4,923 |
|
|
|
|
EPS (ADS) fully diluted, GAAP |
n.a. |
$0.26 |
$0.21 |
|
|
|
|
EPS (ADS) fully diluted, Non GAAP |
n.a. |
$0.28 |
$0.25 |
CONTACT: Tom Krause
Investor Relations
IR@bcdsemi.com
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