Parade Technologies Reports Fourth Quarter and Fiscal 2019 Financial Results
Posted February 13th, 2020
Parade Technologies Reports Fourth Quarter and Fiscal 2019 Financial Results
Financial Highlights:
- Q419 consolidated revenue US$96.18 million, compared with US$101.24 million in the year-ago quarter
- Q419 consolidated net income US$20.72 million; Basic and Fully diluted after-tax EPS US$0.27 (NT$8.18) and US$0.26 (NT$7.98), respectively
Parade Technologies, Ltd. today announced its financial results for the fourth fiscal quarter and fiscal year 2019 ended December 31, 2019, and provided guidance for the first quarter of fiscal year 2020.
Consolidated revenue was US$96.18 million and consolidated net income was US$20.72 million. Basic and fully diluted after-tax earnings per share (“EPS”) were US$0.27 (NT$8.18) and US$0.26 (NT$7.98), respectively. These results compared to consolidated revenue US$101.24 million and consolidated net income of US$22.44 million, or US$0.29 (NT$9.01) and US$0.28 (NT$8.66) per basic and fully diluted share, in the year-ago quarter.
In US dollars, the fourth quarter of 2019 consolidated revenue decreased 5.19% sequentially and was down 5.00% year-over-year.
The gross profit in the fourth quarter of 2019 was US$42.26 million, representing a decrease of 3.00% from the previous quarter and a decrease of 0.39% compared to the same quarter of last year.
The Company also reported financial results for fiscal year 2019. Consolidated revenue was US$382.05 million, representing an increase of 11.34% from US$343.15 million in the prior year. Gross profit was US$163.17 million and operating income was US$77.57 million. Net income for fiscal year 2019 was US$78.74 million, or US$1.02 (NT$31.54) per basic share and US$0.99 (NT$30.69) per fully diluted share. These results compared with net income of US$65.06 million, or US$0.85 (NT$25.67) per basic share and US$0.81 (NT$24.66) per fully diluted share in the prior year.
Based on current business outlook, Parade is providing the following guidance for the first quarter of fiscal 2020:
- Revenue: US$95 ~105 Million
- Gross Margin: 41.5% ~44.5%
- Operating Expense: US$21.75 ~22.75 Million
The financial figures detailed above for the fourth quarter of 2019 and for the year ended December 31, 2019 have not been audited or 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.