Parade Technologies Reports Third Quarter 2017 Financial Results
Posted November 2nd, 2017
- Q317 consolidated revenue US$90.62 million, compared with US$65.86 million in the year-ago quarter
- Q317 consolidated net income US$22.29 million; Basic and Fully diluted after-tax EPS US$0.29 (NT$8.89) and US$0.28 (NT$8.55), respectively
Parade Technologies, Ltd. today announced its financial results for the third quarter fiscal year 2017 ended September 30, 2017, and provided guidance for the fourth quarter of fiscal year 2017.
Consolidated revenue was US$90.62 million and consolidated net income was US$22.29 million. Basic and fully diluted after-tax earnings per share (“EPS”) were US$0.29 (NT$8.89) and US$0.28 (NT$8.55), respectively. These results compared to consolidated revenue US$65.86 million and consolidated net income of US$9.56 million, or US$0.13 (NT$4.03) and US$0.12 (NT$3.94) per basic and fully diluted share, in the year-ago quarter.
In US dollars, the third quarter of 2017 consolidated revenue increased 5.48% sequentially and was up 37.59% year-over-year.
The gross profit in the third quarter of 2017 was US$37.24 million, representing an increase of 7.99% from the previous quarter and an increase of 34.71% compared to the same quarter of last year.
In Year 2013, Parade engaged PwC Hong Kong to file a Section 70A Claim under the IRO (Inland Revenue Ordinance), applying for correction of tax assessment of years 2011 to 2012 based on ground that part of its profits shall be treated as profits derived from offshore sources and thus non-taxable. In August 2017, Hong Kong IRD (Inland Revenue Department) concluded the case and agreed the methodology adopted by the Company. Subsequently, the Company had received from Hong Kong IRD the tax refund of total HK$39.86 million (equivalent to $5.12 million) for tax overpaid for Years 2011 and 2012 which is reported as the income tax benefit in Q3 2017.
On September 19, 2017, Parade announced another addition to its portfolio of jitter cleaning devices for high speed data interfaces. The new PS8421 is an HDMI™ 2.0 jitter-cleaning repeater chip that includes a 2:1 input MUX, allowing the selection between one of two HDMI 2.0 inputs. Application for the device includes use within a personal computer to select between two HDMI 2.0 sources, such as between an integrated GPU and discrete GPU. The device can also be used within an Ultra High Definition 4K display to select between two HDMI 2.0 inputs.
Based on current business outlook, Parade is providing the following guidance for the fourth quarter of fiscal 2017:
- Revenue: US$83.5 ~91.5 Million
- Gross Margin: 40% ~43%
- Operating Expense: US$18.25 ~19.25 Million
The financial figures detailed above for the third quarter of 2017 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.