Parade Technologies Reports Second Quarter 2013 Results

Posted August 1st, 2013

Financial Highlights:

  • 2Q13 consolidated revenue US$27.2 million, up 29.73% from previous quarter
  • 2Q13 consolidated net income US$4.0 million; Basic and Fully diluted after-tax EPS US$0.08 (NT$2.26) and US$0.07 (NT$2.20), respectively

Parade Technologies, Ltd. today announced its financial results for the second quarter of 2013. Consolidated revenue was US$27.2 million and consolidated net income was US$4.0 million for the second quarter ended June 30, 2013. It also reported that its basic and fully diluted after-tax earnings per share (“EPS”) were US$0.08 (NT$2.26) and US$0.07 (NT$2.20), respectively.

Quarter-over-quarter, in US dollars, consolidated revenue in the second quarter of 2013 increased 29.73% and consolidated net income increased 137.29%. As compared to the same period of 2012, second quarter results represented a decrease of 41.04% in consolidated revenue and a decrease of 70.42% in consolidated net income.

The gross profit in the second quarter of 2013 was US$12.7 million, a increase of 30.79% from the previous quarter, and a decrease of 46.73% as compared to the same quarter of last year.

Based on the current business outlook, management anticipates overall performance for the third quarter of 2013 to be as follows:

  • Revenue: US$36 ~40 Million
  • Gross Margin: 42% ~45%
  • Operating Expense: US$10 ~11 Million

During the Q2 2013, Parade announced two DisplayPort-to-VGA converter chips PS8613 and PS8617 for the personal computer market. The PS8613 enables personal computer to offer a VGA output even if the host processor and video processor have migrated to the DisplayPort only interface. And the PS8617 enables computer industry to offer dongles that incorporate DisplayPort-to-VGA converters for new personal computer with only a DisplayPort output. Both devices feature lower power consumption and smaller package sizes.

In addition, in July 2013, Parade has filed with Hong Kong Inland Revenue Department (“IRD”) the offshore claim for prior years’ offshore profit to be free from income taxes. If the filing is agreed by IRD, the Company will have the tax adjustment and refund arising from this offshore claim. As the application is currently under review by IRD, the exact amount of income tax benefits to be received cannot be determined yet.

The financial figures detailed above for the second quarter of 2013 have been reviewed by the Company’s 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 “standards-plus” design philosophy, Parade ICs have been designed into products offered by nearly every leading computer and display vendor worldwide.