Parade Technologies Reports Third Quarter 2015 Financial Results

Posted October 28th, 2015

Financial Highlights:

  • Q315 consolidated revenue US$60.82 million, compared with US$58.98 million in the year-ago quarter
  • Q315 Consolidated net income US$10.04 million; Basic and Fully diluted after-tax EPS US$0.13 (NT$4.28) and US$0.13 (NT$4.22), respectively

Parade Technologies, Ltd. today announced financial results for the third quarter fiscal 2015 ended September 30, 2015, and provided guidance for the fourth quarter of fiscal year 2015 that is first full quarter with TrueTouch mobile business.

Parade completed the acquisition of Cypress’s TrueTouch mobile business on August 1, 2015. Parade believes this acquisition will substantially expand Parade’s addressable market, increase company scale, and diversify its revenue and customer base. Cypress’s state-of-the-art technology in capacitive touch-sensing will also help extend Parade’s leadership position in display market and enable Parade’s roadmap for display and touch integration solutions. The financial results presented below include the operating results from TrueTouch starting in the third quarter of 2015.

Consolidated revenue was US$60.82 million and consolidated net income was US$10.04 million. Basic and fully diluted after-tax earnings per share (“EPS”) were US$0.13 (NT$4.28) and US$0.13 (NT$4.22), respectively. These results compared to consolidated revenue US$58.98 million and consolidated net income of US$12.72 million, or US$0.17 (NT$5.13) and US$0.17 (NT$5.03) per basic and fully diluted share, in the year-ago quarter.

In US dollars, the third quarter consolidated revenue increased 23.35% sequentially and was up 3.12% year-over-year.

The gross profit in the third quarter of 2015 was US$24.33 million, representing an increase of 19.59% from the previous quarter and a decrease of 1.03% compared to the same quarter of last year.

Based on current business outlook, Parade is providing the following guidance for the fourth quarter of fiscal 2015:

  • Revenue: US$61 ~67 Million
  • Gross Margin: 40% ~43%
  • Operating Expense: US$16.5 ~17.5 Million

On October 27, 2015, Parade announced the first eDP Timing Controllers (TCONs) that comply to the newly released eDP 1.4b Standard. The two eDP TCON devices, DP691 and DP693, support the latest iteration of Panel Self Refresh (PSR) – defined as PSR2 in eDP 1.4 standard – which enables reduced power, lower BOM cost, and increased system compatibility. Production is expected to begin in 2016.

On August 10, 2015, Parade also announced two new DisplayPort™ to HDMI™ converters, which provide conversion from DP 1.2a or DP 1.3 to HDMI 2.0a. The PS175 was developed for mother board applications in portable and desktop systems. The PS176 was developed for protocol adapters or dongles, including DisplayPort Alt Mode over USB Type-C™ to HDMI 2.0a adapters. Both devices support the HDMI 2.0a maximum data rate up to 6Gbit/sec with Parade’s proprietary jitter cleaning capability.

The financial figures detailed above for the third quarter of 2015 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™, USB Type-C™, 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 “Standards-plus” design philosophy, Parade ICs have been designed into products offered by nearly every leading computer and display vendor worldwide.