Parade Technologies Reports Fourth Quarter 2013 Results

Posted February 5th, 2014

Financial Highlights:

  • 4Q13 consolidated revenue US$54.5 million, up 38.99% from previous quarter
  • 4Q13 consolidated net income US$11.4 million; Basic and Fully diluted after-tax EPS US$0.15 (NT$4.56) and US$0.15 (NT$4.48), respectively

Parade Technologies, Ltd. today announced its financial results for the fourth quarter of 2013. Consolidated revenue was US$54.5 million and consolidated net income was US$11.4 million for the fourth quarter ended December 31, 2013. The Company reported that its basic and fully diluted after-tax earnings per share (“EPS”) were US$0.15 (NT$4.56) and US$0.15 (NT$4.48), respectively.

Quarter-over-quarter, in US dollars, consolidated revenue increased 38.99% and consolidated net income increased 96.17% in the fourth quarter of 2013. As compared to the same period of 2012, fourth quarter of 2013 results represented an increase of 72.05% in consolidated revenue and an increase of 50.61% in consolidated net income.

The gross profit in the fourth quarter of 2013 was US$22.4 million, an increase of 33.11% from the previous quarter, and an increase of 42.47% as compared to the same quarter of last year.

The Company also announced its financial results for fiscal year 2013. Consolidated revenue was US$141.9 million and net income was US$22.9 million for the year ended December 31, 2013, basic and fully diluted after-tax earnings per share were US$0.31 (NT$9.25) and US$0.30 (NT$9.02), respectively.

As compared to the fiscal year 2012, the result of fiscal year 2013 represented a 12.13% decrease in revenue. Gross margin for fiscal year 2013 was US$61.7 million, operating margin was US$25.7 million.

Based on the current business outlook, management anticipates overall performance for the first quarter of 2014 to be as follows:

  • Revenue: US$41 ~45 Million
  • Gross Margin: 40% ~43%
  • Operating Expense: US$9 ~10 Million

During December of 2013 and January of 2014, Parade announced two series of new products; PS8731/PS8733 and DP676/DP677/DP678/DP679. The PS8731/PS8733 series ICs are USB 3.0 redriver IC for next generation smartphones, Tablets and Ultra Mobile Devices. Those ICs offer the lowest power consumption and small package size. The DP676/DP677/DP678/DP679 series ICs are new very low power eDP Tcons consume less than half the power of Parade existing devices. Those ICs are compliant with eDP v1.2 and include unique features such as Parade’s exclusive Smart-BacklightTM feature for color and power optimization. They are ideal for embedded displays in slim profile notebooks and tablets.

The financial figures detailed above for the fourth quarter of 2013 and for the year ended December 31, 2013 have not been audited or 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.