BCD Semiconductor Manufacturing Limited Announces Financial Results for the Fiscal Second Quarter of 2012
30 Julio 2012 - 3:01PM
BCD Semiconductor Manufacturing Limited ("BCD Semiconductor," the
"Company," "we," "our" or "us") (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 second quarter ended June 30, 2012.
The results for the fiscal second quarter ended June 30, 2012
were as follows:
- Revenue was $36.8 million, an increase of 18.7% from the first
quarter of fiscal year 2012 and a decrease of 4.2% from the second
quarter of fiscal year 2011.
- Gross margin was 29.1%, compared to 23.6% for the first quarter
of fiscal year 2012 and 30.0% for the second quarter of fiscal year
2011.
- Operating expenses were $8.3 million, compared to $7.3 million
for the first quarter of fiscal year 2012 and $6.9 million for the
second quarter of fiscal year 2011. Operating expenses for the
second quarter of fiscal year 2012 included $452 thousand in
share-based compensation expenses and $109 thousand in amortization
of acquired intangible assets, as compared to $269 thousand and
$105 thousand, respectively, for the first quarter of fiscal year
2012, and $359 thousand and $69 thousand, respectively, for the
second quarter of fiscal year 2011.
- Income from operations after share-based compensation expenses
and amortization of acquired intangible assets was $2.4 million,
compared to income from operations of $4 thousand for the first
quarter of fiscal year 2012 and income from operations of $4.6
million for the second quarter of fiscal year 2011.
- GAAP net income was $2.1 million, compared to $292 thousand for
the first quarter of fiscal year 2012 and $5.1 million for the
second quarter of fiscal year 2011.
- Non-GAAP adjusted net income was $2.5 million, compared to $715
thousand for the first quarter of fiscal year 2012 and $5.5 million
for the second quarter of fiscal year 2011.
- GAAP earnings per diluted American Depositary Share ("ADS")
(EPS) was $0.11, compared to $0.02 for the first quarter of fiscal
year 2012 and $0.26 for the second quarter of fiscal 2011.
- Non-GAAP earnings per diluted ADS share (non-GAAP EPS) was
$0.13, compared to $0.04 for the first quarter of fiscal year 2012
and $0.28 for the second quarter of fiscal year 2011.
- Number of weighted average fully diluted ADSs was 19,031,141.
- Cash balance was $49.9 million as of June 30, 2012, compared to
$53.0 million as of March 31, 2012 and $72.0 million as of June 30,
2011.
- Cash flow from operating activities was a net inflow of $3.8
million, compared to a net outflow of $2.9 million for the first
quarter of fiscal year 2012 and a net inflow of $3.4 million for
the second quarter of fiscal year 2011.
- Capital expenditures were $7.9 million, compared to $10.1
million for the first quarter of fiscal year 2012 and $6.0 million
for the second quarter of fiscal year 2011.
- We used $732 thousand of cash to repurchase 151,204 ADSs at an
average price of $4.84 per ADS under our authorized share
re-purchase program.
"We are encouraged by our second quarter financial results as
all of our product lines have achieved substantial sequential
growth with improved gross margins," said Chieh Chang, Chief
Executive Officer of BCD Semiconductor. "While the global economic
environment remains uncertain, we will stay focused on our business
model and are confident that we will continue to gain market in our
industry through competitive products and services to our
customers."
Business Outlook
Revenue for the third quarter of fiscal year 2012 is expected to
be in the range of $37 to $41 million, representing a growth of
approximately 0.5% to 11.4% compared to the second quarter of
fiscal year 2012 and a decline of approximately 5.4% to a growth of
4.9% compared to the third quarter of fiscal year 2011. Gross
margins are expected to be in the range of 27.0% to 30.0% of
revenue. Operating expenses exclusive of share based compensation
expenses and amortization of acquired intangible assets are
expected to be approximately $7.8 million. We expect our effective
income tax rate to range between 9.0% and 11.0%. We expect our
capital expenditures to be approximately $7.0 million in the third
quarter of fiscal year 2012. The number of ADSs used to calculate
GAAP earnings per share for the third quarter of fiscal year 2012
is anticipated to be approximately 19.0 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 and gain market share 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 products; 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 we undertake 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
second quarter ended June 30, 2012, its outlook for the third
quarter of 2012 and other business matters today, July 30, 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 97923048. 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 97923048.
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, amortization of
acquired intangible assets and change in acquisition earn-out
payment. 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 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. Our broad product portfolio targets
primarily rapidly growing, high volume market segments such as
mobile phones, LCD televisions and monitors, personal computers,
adapters and chargers. As an IDM, we integrate product design and
process technology to optimize product performance and cost, and
offer system-level solutions with quality and reliability. Our
China-based operations also give us immediate access to the fast
growing electronics industry in Asia, enabling us to align our
product development efforts with market trends and provide timely
and effective technical support to our customers. 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 |
|
June 30, 2011 |
March 31, 2012 |
June 30, 2012 |
ASSETS |
|
|
|
CURRENT ASSETS |
|
|
|
Cash and cash equivalent |
$ 72,029 |
$ 52,972 |
$ 49,940 |
Restricted cash |
5,136 |
6,762 |
4,824 |
Accounts receivable, net |
21,297 |
20,931 |
23,859 |
Inventories, net |
28,282 |
26,235 |
27,516 |
Excess value-added tax paid |
1,654 |
2,717 |
3,539 |
Receivable from ZiZhu |
-- |
2,443 |
2,431 |
Prepaid expenses and other current
assets |
4,919 |
3,073 |
2,997 |
Total current
assets |
133,317 |
115,133 |
115,106 |
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT,
NET |
39,277 |
71,220 |
76,860 |
LAND USE RIGHT, NET |
3,034 |
3,067 |
3,034 |
ACQUIRED INTANGIBLE ASSETS,
NET |
3,326 |
1,965 |
1,831 |
INVESTMENT IN EQUITY
SECURITIES |
1,624 |
2,705 |
2,692 |
GOODWILL |
305 |
291 |
287 |
OTHER ASSETS |
2,750 |
5,692 |
5,886 |
TOTAL |
$ 183,633 |
$ 200,073 |
$ 205,696 |
|
|
|
|
LIABILITIES, AND SHAREHOLDERS'
EQUITY |
|
|
|
CURRENT LIABILITIES |
|
|
|
Short-term bank loans |
$ 3,000 |
$ 10,300 |
$ 10,800 |
Accounts payable |
21,374 |
16,382 |
21,949 |
Notes payable |
11,589 |
14,402 |
11,779 |
Accrued expenses |
3,656 |
2,990 |
3,622 |
Payable for purchase of property, plant
and equipment |
1,507 |
6,889 |
6,781 |
Withholding tax liability |
1,954 |
1,859 |
1,828 |
Other current liabilities |
3,150 |
2,652 |
3,075 |
Total current
liabilities |
46,230 |
55,474 |
59,834 |
|
|
|
|
OTHER LIABILITIES |
|
|
|
Deferred rent-noncurrent |
125 |
117 |
113 |
Performance obligation |
3,800 |
3,907 |
3,888 |
Obligation under capital lease -
noncurrent |
240 |
185 |
162 |
Deferred grant-noncurrent |
560 |
357 |
394 |
Total other
liabilities |
4,725 |
4,566 |
4,557 |
Total
liabilities |
50,955 |
60,040 |
64,391 |
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
Ordinary shares |
111 |
112 |
112 |
Additional paid-in capital |
160,318 |
160,335 |
160,127 |
Accumulated other comprehensive
income |
10,278 |
12,766 |
12,175 |
Accumulated deficit |
(38,029) |
(33,178) |
(31,106) |
Treasury stock |
-- |
(2) |
(3) |
Total shareholders'
equity |
132,678 |
140,033 |
141,305 |
TOTAL |
$ 183,633 |
$ 200,073 |
$ 205,696 |
|
|
BCD Semiconductor
Manufacturing Limited |
Condensed Consolidated
Statements of Income - GAAP |
(in thousands of US
dollars, except for percentages) |
(Unaudited) |
|
|
|
|
|
Three Months
Ended |
|
June 30, 2011 |
March 31, 2012 |
June 30, 2012 |
NET REVENUE |
|
|
|
IC products |
$ 35,685 |
$ 29,723 |
$ 34,046 |
Foundry services |
2,771 |
1,305 |
2,791 |
Total net revenue |
38,456 |
31,028 |
36,837 |
COST OF REVENUE |
|
|
|
IC products |
25,643 |
22,862 |
24,666 |
Foundry services |
1,284 |
832 |
1,464 |
Total cost of revenue |
26,927 |
23,694 |
26,130 |
GROSS PROFIT |
11,529 |
7,334 |
10,707 |
|
30.0% |
23.6% |
29.1% |
OPERATING EXPENSES |
|
|
|
Research and development |
2,393 |
2,565 |
2,973 |
Selling and marketing |
2,081 |
2,376 |
2,676 |
General and administrative |
2,394 |
2,284 |
2,503 |
Amortization of acquired intangible
assets |
69 |
105 |
109 |
Total operating expenses |
6,937 |
7,330 |
8,261 |
INCOME FROM OPERATIONS |
4,592 |
4 |
2,446 |
|
11.9% |
0.0% |
6.6% |
OTHER INCOME (EXPENSE) |
|
|
|
Interest income and expenses |
364 |
267 |
162 |
Other-net |
510 |
50 |
(316) |
Other income (expenses), net |
874 |
317 |
(154) |
|
|
|
|
INCOME BEFORE INCOME TAX
EXPENSE |
5,466 |
321 |
2,292 |
|
|
|
|
INCOME TAX EXPENSE |
381 |
29 |
220 |
|
|
|
|
NET INCOME |
$ 5,085 |
$ 292 |
$ 2,072 |
|
|
BCD Semiconductor
Manufacturing Limited |
Condensed Consolidated
Cash Flows Statement - GAAP |
(in thousands of US
dollars) |
(Unaudited) |
|
|
|
|
|
Three Months
Ended |
|
June 30, 2011 |
March 31, 2012 |
June 30, 2012 |
|
|
|
|
NET INCOME |
$ 5,085 |
$ 292 |
$ 2,072 |
|
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES |
|
|
|
Depreciation and amortization |
1,345 |
2,409 |
2,504 |
Other adjustments to net income |
1,328 |
1,682 |
2,008 |
Changes in assets and liabilities |
(4,408) |
(7,324) |
(2,798) |
Net cash provided by (used in)
operating activities |
$ 3,350 |
$ (2,941) |
$ 3,786 |
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
Capital expenditures |
(6,008) |
(10,106) |
(7,932) |
Investment in equity securities |
(4,582) |
(1,587) |
-- |
Financing to ZiZhu,receivable |
-- |
1,585 |
-- |
Other cash flow from investing
activities |
282 |
151 |
1,477 |
Net cash used in investing
activities |
$ (10,308) |
$ (9,957) |
$ (6,455) |
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
|
Share repurchase |
-- |
(279) |
(732) |
Net borrowings |
(3,101) |
2,000 |
500 |
Other cash flow from financing
activities |
(366) |
36 |
9 |
Net cash provided by (used in)
financing activities |
$ (3,467) |
$ 1,757 |
$ (223) |
|
|
|
|
Effects of exchange rate changes |
703 |
(24) |
(140) |
|
|
|
|
CHANGE IN CASH |
$ (9,722) |
$ (11,165) |
$ (3,032) |
|
|
|
|
CASH, BEGINNING OF
PERIOD |
$ 81,751 |
$ 64,137 |
$ 52,972 |
|
|
|
|
CASH, ENDING OF PERIOD |
$ 72,029 |
$ 52,972 |
$ 49,940 |
|
|
BCD Semiconductor
Manufacturing Limited |
Reconciliation of GAAP to
Non-GAAP Net Income and EPS |
(in thousands of US
dollars, except for per ADS data) |
(Unaudited) |
|
|
|
|
GAAP to Non-GAAP Net
Income |
Three Months
Ended |
|
June 30, 2011 |
March 31, 2012 |
June 30, 2012 |
|
|
|
|
GAAP net income |
$ 5,085 |
$ 292 |
$ 2,072 |
|
|
|
|
Share-based compensation (Note A) |
380 |
318 |
495 |
Amortization of acquired intangible
assets |
69 |
105 |
109 |
Change in acquisition earn-out payment |
-- |
-- |
(148) |
|
|
|
|
Non-GAAP net income |
$ 5,534 |
$ 715 |
$ 2,528 |
|
|
|
|
EPS (ADS) fully diluted, GAAP: |
$ 0.26 |
$ 0.02 |
$ 0.11 |
|
|
|
|
EPS (ADS) fully diluted, Non GAAP: |
$ 0.28 |
$ 0.04 |
$ 0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
Note A: |
Three Months
Ended |
Share-based compensation |
June 30, 2011 |
March 31, 2012 |
June 30, 2012 |
Cost of revenue |
$ 21 |
$ 49 |
$ 43 |
Research and development |
24 |
48 |
51 |
Selling, general and administrative |
335 |
221 |
401 |
Total share-based compensation |
$ 380 |
$ 318 |
$ 495 |
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
Bcd Semiconductor Manufacturing Limited ADS (MM) (NASDAQ:BCDS)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
Bcd Semiconductor Manufacturing Limited ADS (MM) (NASDAQ:BCDS)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024