BCD Semiconductor Manufacturing Limited Announces Financial Results for the Fiscal First Quarter of 2012
02 Mayo 2012 - 3:01PM
BCD Semiconductor Manufacturing Limited ("BCD Semiconductor" or the
"Company") (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 first quarter
ended March 31, 2012.
The results for the fiscal first quarter ended March 31, 2012
were as follows:
- Revenue was $31.0 million, a slight decrease from $31.3 million
for the fourth quarter of fiscal year 2011 and approximately flat
from $31.0 million for the first quarter of fiscal year 2011.
- Gross margin was 23.6%, compared to 26.2% for the fourth
quarter of fiscal year 2011 and 29.1% for the first quarter of
fiscal year 2011.
- Operating expenses were $7.3 million, compared to $8.6 million
for the fourth quarter of fiscal year 2011 and $6.0 million for the
first quarter of fiscal year 2011. Operating expenses for the first
quarter of fiscal year 2012 included $269 thousand in share-based
compensation expenses, $0 in impairment loss on acquired intangible
assets and $105 thousand in amortization of acquired intangible
assets, as compared to $445 thousand, $798 thousand and $140
thousand, respectively, for the fourth quarter of fiscal year 2011,
and $319 thousand in share-based compensation expenses for the
first quarter of fiscal year 2011.
- Income from operations after share-based compensation expenses,
impairment loss on acquired intangible assets and amortization of
acquired intangible assets was $4 thousand, compared to loss from
operations of $(360) thousand for the fourth quarter of fiscal
year 2011 and income from operations of $3.0 million for
the first quarter of fiscal year 2011.
- GAAP net income was $292 thousand, compared to $569 thousand
for the fourth quarter of fiscal year 2011 and $3.8 million for the
first quarter of fiscal year 2011.
- Non-GAAP adjusted net income was $715 thousand, compared to
$2.4 million for the fourth quarter of fiscal year 2011 and $3.5
million for the first quarter of fiscal year 2011.
- GAAP earnings per diluted American Depositary Share ("ADS")
(EPS) was $0.02, compared to $0.03 for the fourth quarter of fiscal
year 2011 and a loss per ADS of $(0.40) for the first quarter of
fiscal 2011.
- Non-GAAP earnings per diluted ADS share (non-GAAP EPS) was
$0.04, compared to $0.13 for the fourth quarter of fiscal year 2011
and $0.19 for the first quarter of fiscal year 2011.
- Number of weighted average fully diluted ADSs was
18,987,087.
- Cash and cash equivalents balance was $53.0 million as of March
31, 2012, compared to $64.1 million as of December 31, 2011 and
$81.8 million as of March 31, 2011.
- Cash flow from operating activities was $(2.9) million,
compared to $5.1 million for the fourth quarter of fiscal year 2011
and $(3.5) million for the first quarter of fiscal year 2011.
- Capital expenditures were $10.1 million, compared to $9.8
million for the fourth quarter of fiscal year 2011 and $2.7 million
for the first quarter of fiscal year 2011.
- We used $279 thousand of cash to repurchase 59,001 ADSs at an
average price of $4.69 per ADS under our authorized share
re-purchase program.
- We used approximately $1.6 million for an equity investment in
an IC packaging services company in China.
"Our first quarter financial results caught the high end of our
expectations and we are pleased to see market demand strengthening
in our core communications, computing and consumer end markets in
Asia," said Chieh Chang, Chief Executive Officer of BCD
Semiconductor. "While market visibility remains limited, we are
confident that we will continue to grow our business in the
multi-billion dollar analog power management industry."
Business Outlook
Revenue for the second quarter of fiscal year 2012 is expected
to be in the range of $35 to $39 million, representing a growth of
approximately 12.9% to 25.8% compared to the first quarter of
fiscal year 2012 and a decline of approximately 9.0% to a growth of
1.4% compared to the second quarter of fiscal year 2011. Gross
margins are expected to be in the range of 25.5% to 27.0% of
revenue. Operating expenses exclusive of share based compensation
expenses and amortization of acquired intangible assets are
expected to be approximately $7.6 million. We expect our effective
income tax rate to range between 9.0% and 10.0%. We expect our
capital expenditures to be approximately $8.0 million in the second
quarter of fiscal year 2012. The number of ADSs used to calculate
GAAP diluted earnings per share for the second quarter of fiscal
year 2012 is anticipated to be approximately 19.4 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 and our expectation of continuing to grow
our business in the analog power management industry.
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, 2011 filed on April 25, 2012,
and other filings with the SEC. Underlying assumptions subsequently
proving to be incorrect or other unknown or unpredictable factors
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
first quarter ended March 31, 2012, its outlook for the second
quarter of 2012 and other business matters today, May 2, 2012 at
2:00 pm PT / 5:00 pm ET.
To listen to the live conference call, please dial 855-500-8701
(or +65 6723 9385 if dialing from outside the U.S.A.). The
conference ID number is 64847332. 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 for the replay is 64847332.
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 adjusted 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, impairment loss and amortization
of acquired intangible assets, impairment of equity investments and
related tax impact. 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 adjusted 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 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 efforts 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) |
|
|
|
|
As
of |
|
March 31, 2011 |
December 31,
2011 |
March 31, 2012 |
ASSETS |
|
|
|
CURRENT ASSETS |
|
|
|
Cash and cash equivalents |
$81,751 |
$64,137 |
$52,972 |
Restricted cash |
5,487 |
7,702 |
6,762 |
Accounts receivable, net |
17,295 |
20,444 |
20,931 |
Inventories |
27,293 |
27,966 |
26,235 |
Excess value-added tax paid |
1,701 |
2,414 |
2,717 |
Receivable from Zi Zhu |
-- |
4,028 |
2,443 |
Prepaid expenses and other current
assets |
4,421 |
6,379 |
3,073 |
Total current
assets |
137,948 |
133,070 |
115,133 |
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT,
NET |
33,882 |
66,421 |
71,220 |
LAND USE RIGHT, NET |
3,011 |
3,081 |
3,067 |
ACQUIRED INTANGIBLE ASSETS,
NET |
-- |
2,019 |
1,965 |
INVESTMENT IN EQUITY
SECURITIES |
1,603 |
1,115 |
2,705 |
GOODWILL |
-- |
284 |
291 |
OTHER ASSETS |
2,353 |
3,274 |
5,692 |
TOTAL |
$178,797 |
$209,264 |
$200,073 |
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
CURRENT LIABILITIES |
|
|
|
Short-term bank loans |
$6,101 |
$8,300 |
$10,300 |
Accounts payable |
18,514 |
17,004 |
16,382 |
Notes payable |
13,803 |
21,449 |
14,402 |
Accrued expenses |
4,022 |
3,791 |
2,990 |
Payable for purchase of property, plant
and equipment |
1,370 |
10,676 |
6,889 |
Withholding tax liability |
1,992 |
1,828 |
1,859 |
Other current liabilities |
2,645 |
2,126 |
2,652 |
Total current
liabilities |
48,447 |
65,174 |
55,474 |
|
|
|
|
OTHER LIABILITIES |
|
|
|
Deferred rent-noncurrent |
127 |
121 |
117 |
Performance obligation |
3,751 |
3,903 |
3,907 |
Obligation under capital lease -
noncurrent |
255 |
206 |
185 |
Deferred grant-noncurrent |
172 |
411 |
357 |
Total other
liabilities |
4,305 |
4,641 |
4,566 |
Total
liabilities |
52,752 |
69,815 |
60,040 |
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
Ordinary shares |
111 |
111 |
112 |
Additional paid-in capital |
159,930 |
160,242 |
160,335 |
Accumulated other comprehensive
income |
9,118 |
12,568 |
12,766 |
Accumulated deficit |
(43,114) |
(33,470) |
(33,178) |
Treasury stock |
-- |
(2) |
(2) |
Total shareholders'
equity |
126,045 |
139,449 |
140,033 |
TOTAL |
$178,797 |
$209,264 |
$200,073 |
|
|
BCD Semiconductor
Manufacturing Limited |
Condensed Consolidated
Statements of Income - GAAP |
(in thousands of US
dollars, except percentages) |
(Unaudited) |
|
|
|
|
|
|
|
|
Three Months
Ended |
|
March 31, 2011 |
December 31,
2011 |
March 31, 2012 |
NET REVENUE |
|
|
IC products |
$28,446 |
$29,249 |
$29,723 |
Foundry services |
2,507 |
2,100 |
1,305 |
Total net revenue |
30,953 |
31,349 |
31,028 |
COST OF REVENUE |
|
|
IC products |
20,648 |
22,081 |
22,862 |
Foundry services |
1,285 |
1,053 |
832 |
Total cost of revenue |
21,933 |
23,134 |
23,694 |
GROSS PROFIT |
9,020 |
8,215 |
7,334 |
|
29.1% |
26.2% |
23.6% |
OPERATING EXPENSES |
|
|
|
Research and development |
1,982 |
2,921 |
2,565 |
Selling and marketing |
2,031 |
2,265 |
2,376 |
General and administrative |
2,035 |
2,451 |
2,284 |
Amortization of acquired intangible
assets |
-- |
140 |
105 |
Impairment loss of acquired intangible
assets |
-- |
798 |
-- |
Total operating expenses |
6,048 |
8,575 |
7,330 |
INCOME FROM OPERATIONS |
2,972 |
(360) |
4 |
|
9.6% |
-1.1% |
0.0% |
OTHER INCOME (EXPENSE) |
|
|
Interest income and expenses |
86 |
292 |
267 |
Impairment of equity investment |
-- |
(549) |
-- |
Other-net |
1,014 |
1,168 |
50 |
Other income (expenses), net |
1,100 |
911 |
317 |
|
|
|
|
INCOME BEFORE INCOME TAX EXPENSE
(BENEFIT) |
4,072 |
551 |
321 |
|
|
|
|
INCOME TAX EXPENSE (BENEFIT) |
247 |
(18) |
29 |
|
|
|
|
NET INCOME |
$3,825 |
$569 |
$292 |
|
|
|
|
|
|
BCD Semiconductor
Manufacturing Limited |
|
|
Condensed Consolidated
Cash Flows Statement - GAAP |
|
|
(in thousands of US
dollars) |
|
|
(Unaudited) |
|
|
|
|
Three
Months Ended |
|
March 31, 2011 |
December 31,
2011 |
March 31, 2012 |
|
|
|
|
NET INCOME |
$3,825 |
$569 |
$292 |
|
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES |
|
|
|
Depreciation and amortization |
1,216 |
1,628 |
2,409 |
Impairment loss of acquired intangible
assets |
-- |
798 |
-- |
Other adjustments to net income |
(448) |
2,678 |
1,682 |
Changes in assets and liabilities |
(8,141) |
(547) |
(7,324) |
Net cash provided by operating
activities |
$(3,548) |
$5,126 |
$(2,941) |
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
Capital expenditures |
(2,701) |
(9,811) |
(10,106) |
Investment in equity securities |
-- |
-- |
(1,587) |
Financing to ZiZhu, receivable |
-- |
3,219 |
1,585 |
Other cash flow from investing
activities |
765 |
2,213 |
151 |
Net cash used in investing
activities |
$(1,936) |
$(4,379) |
$(9,957) |
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
|
Share repurchase |
-- |
(425) |
(279) |
Net borrowings |
(5,939) |
2,300 |
2,000 |
Initial public offerings proceeds |
49,085 |
-- |
-- |
Other cash flow from financing
activities |
(1,160) |
46 |
36 |
Net cash provided by (used in)
financing activities |
$41,986 |
$1,921 |
$1,757 |
|
|
|
|
Effects of exchange rate changes |
532 |
191 |
(24) |
|
|
|
|
CHANGE IN CASH |
$37,034 |
$2,859 |
$(11,165) |
|
|
|
|
CASH, BEGINNING OF
PERIOD |
$44,717 |
$61,278 |
$64,137 |
|
|
|
|
CASH, ENDING OF PERIOD |
$81,751 |
$64,137 |
$52,972 |
|
|
|
|
|
|
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 |
|
March 31,
2011 |
December 31,
2011 |
March 31, 2012 |
|
|
|
|
GAAP net income |
$3,825 |
$569 |
$292 |
|
|
|
|
Share-based compensation (Note A): |
368 |
522 |
318 |
Amortization of acquired intangible
assets |
-- |
140 |
105 |
Impairment loss of acquired intangible
assets |
-- |
798 |
-- |
Impairment of equity investment |
-- |
549 |
-- |
Gain or loss on valuation of warrant
liability |
(745) |
-- |
-- |
|
|
|
|
Income tax impact in above items |
-- |
(137) |
-- |
|
|
|
|
Non-GAAP net income |
$3,448 |
$2,441 |
$715 |
|
|
|
|
EPS (ADS) fully diluted, GAAP (Note B): |
$(0.40) |
$0.03 |
$0.02 |
|
|
|
|
EPS (ADS) fully diluted, Non GAAP (Note
B): |
$0.19 |
$0.13 |
$0.04 |
|
|
|
|
|
|
|
|
Note A: |
Three Months
Ended |
Share-based compensation |
March 31, 2011 |
December 31,
2011 |
March 31, 2012 |
Cost of revenue |
$49 |
$77 |
$49 |
Research and development |
52 |
83 |
48 |
Selling, general and administrative |
267 |
362 |
221 |
Total share-based compensation |
$368 |
$522 |
$318 |
|
|
|
|
Note B (Three months ended March
31, 2011): |
|
|
The primary difference between
the GAAP loss per share of $(0.40) and the non-GAAP earnings per
share of $0.19 is that under GAAP, the 5 million ordinary shares at
a fair value of $9.1 million issued to the Series C preference
shareholders upon the IPO completion were accounted for as a deemed
dividend thereby reducing the earnings available to ordinary
shareholders, whereas no dividend was reflected in the calculation
of non-GAAP earnings per share. |
CONTACT: Jean-Claude Zhang
Chief Financial Officer
Tel: +86 21 2416 2298
IR@bcdsemi.com
The Blueshirt Group
Erica Abrams
Tel: 415-217-5864
erica@blueshirtgroup.com
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