Parade Technologies Reports First Quarter 2014 Results
Posted May 5th, 2014
Financial Highlights:
- 1Q14 consolidated revenue US$44.5 million, compared with US$20.9 million in the year-ago quarter
- 1Q14 consolidated net income US$8.5 million; Basic and Fully diluted after-tax EPS US$0.11 (NT$3.47) and US$0.11 (NT$3.41), respectively
Parade Technologies, Ltd. today announced its financial results for the first quarter of fiscal 2014 ended March 31, 2014. Consolidated revenue was US$44.5 million and consolidated net income was US$8.5 million. The Company reported that its basic and fully diluted after-tax earnings per share (“EPS”) were US$0.11 (NT$3.47) and US$0.11 (NT$3.41), respectively. These results compare to consolidated revenue US$20.9 million and consolidated net income of US$1.7 million, or US$0.02 (NT$0.68) and US$0.02 (NT$0.66) per basic and fully diluted share, in the year-ago quarter.
Quarter-over-quarter, in US dollars, the first quarter of 2014 consolidated revenue decreased 18.36% sequentially, and up 112.69% year-over-year. The first quarter consolidated net income decreased 25.55% sequentially, and an increase of 410.19% from the year-ago quarter.
The gross profit in the first quarter of 2014 was US$18.5 million, a decrease of 17.52% from the previous quarter, and an increase of 89.67% as compared to the same quarter of last year.
Based on the current business outlook, Parade is providing the following guidance for its second quarter of fiscal 2014:
- Revenue: US$42 ~46 Million
- Gross Margin: 40% ~43%
- Operating Expense: US$9.0 ~10.0 Million
During the Q1 2014, Parade announced two low power MIPI DSI-to-eDP converter chips PS8642 and PS8640 for mobile devices. These two devices provide conversion from MIPI DSI to eDP and enable MIPI DSI based mobile devices to leverage existing high volume eDP panels on the market plus to drive higher resolution eDP based display panels.
The financial figures detailed above for the first quarter of 2014 have been reviewed by independent accountants.
About Parade Technologies, Ltd.
Parade Technologies, Ltd. (GTSM: 4966) is a leading fabless supplier of mixed-signal ICs for a variety of popular display and high-speed interface standards used in computers, consumer electronics and display panels. Parade’s portfolio of IC products serves the growing demand for DisplayPort™, eDP™ (Embedded DisplayPort), HDMI™, MHL®, SATA, and USB ICs for display, storage and interface applications.
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 “Standard-plus” design philosophy, Parade ICs have been designed into products offered by nearly every leading computer and display vendor worldwide.