Parade Technologies Reports First Quarter 2019 Financial Results

Posted May 2nd, 2019

Financial Highlights:

  • Q119 consolidated revenue US$93.72 million, compared with US$80.65 million in the year-ago quarter
  • Q119 consolidated net income US$18.59 million; Basic and Fully diluted after-tax EPS US$0.24 (NT$7.42) and US$0.23 (NT$7.13), respectively

Parade Technologies, Ltd. today announced its financial results for the first quarter fiscal year 2019 ended March 31, 2019, and provided guidance for the second quarter of fiscal year 2019.

Consolidated revenue was US$93.72 million and consolidated net income was US$18.59 million. Basic and fully diluted after-tax earnings per share (“EPS”) were US$0.24 (NT$7.42) and US$0.23 (NT$7.13), respectively. These results compared to consolidated revenue US$80.65 million and consolidated net income of US$13.81 million, or US$0.18 (NT$5.30) and US$0.17 (NT$5.08) per basic and fully diluted share, in the year-ago quarter.

In US dollars, the first quarter of 2019 consolidated revenue decreased 7.43% sequentially and was up 16.20% year-over-year.

The gross profit in the first quarter of 2019 was US$39.24 million, representing a decrease of 7.50% from the previous quarter and an increase of 19.14% compared to the same quarter of last year.

On March 6, 2019, Parade announced a new offering in its eDP Timing Controller (Tcon) embedded driver (TED) product category. The new TC3220, similar to the TC3210 introduced last year, is an IC developed for thin-profile LCD display panels. The TC3220 was developed for Chip-on-Glass (COG) applications and provides a single-chip display driver solution to replace the traditional eDP Tcon mated with separate source driver chips. The TC3220 provides a lower cost alternative to the TC3210 by not including the PSR (Panel Self Refresh) feature that requires an integrated frame buffer.  The TC3220 also provides a narrower COG package dimension to reduce the display’s bottom border thickness while offering footprint compatibility with the TC3210.

On March 19, 2019, Parade introduced the TC3318, an integrated display driver and touchscreen controller solution. The TC3318 extends Parade’s TDDI (Touch and Display Driver Integrated) product family and uniquely offers a slimmer profile COG package that is optimal for space-constrained, full screen smartphone panels. This slim profile avoids the need for a more expensive Chip on Film (COF) package commonly used on bezel-less and borderless smartphone displays. Like other Parade TDDI products, the TC3318 includes Parade’s exclusive TrueTouch™ touchscreen technology.

Based on current business outlook, Parade is providing the following guidance for the second quarter of fiscal 2019:

  • Revenue: US$85 ~94 Million
  • Gross Margin: 40% ~43%
  • Operating Expense: US$20 ~21 Million

The financial figures detailed above for the first quarter of 2019 have been reviewed by independent accountants.

About Parade Technologies, Ltd.

Parade Technologies, Ltd. is a leading supplier of mixed-signal ICs for a variety of popular display and high-speed interface standards used in computers, consumer electronics and display panels.  The fabless semiconductor company was founded in 2005 and publicly listed on Taipei Exchange (“TPEx”) in 2011 (stock code: 4966). Parade’s portfolio of IC products serves the growing demand for HDMI™, DisplayPort™, SATA, and USB ICs for display, storage and interface applications.

In addition to being a technology innovator, Parade is an active participant and leader in industry standards-setting organizations. Parade Technologies, Inc., a wholly owned US-based subsidiary of Parade Technologies, Ltd., is a member of VESA (Video Electronics Standard Association). Parade Technologies, Inc. has made key contributions to the development of VESA’s DisplayPort™ digital video interface standard.

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 “standards-plus” design philosophy, Parade ICs have been designed into products offered by nearly every leading computer and display vendor worldwide.