Pixelplus Reports Financial Results for Fiscal Second Quarter 2011 and Fiscal Third Quarter 2011
SEOUL, South Korea, Dec. 6, 2011 /PRNewswire/ -- Pixelplus Co., Ltd. (PXPLY: PK), a fabless semiconductor company in South Korea that designs, develops, and markets CMOS image sensors for various consumer electronics applications, today announced unaudited financial results for the second quarter of fiscal 2011, which ended on June 30, 2011, and also for the third quarter of fiscal 2011, which ended on September 30, 2011.
Second Quarter of Fiscal 2011
Based on unaudited results of operations which were prepared in accordance with Korean GAAP on a non-consolidated basis, revenue for the second quarter of fiscal 2011 was 12.4 billion Korean won (US$10.5 million), compared to 6.8 billion Korean won (US$5.8 million) in the second quarter of fiscal 2010.
Net income in the second quarter of fiscal 2011 was 3.3 billion Korean won (US$2.8 million), or a net income of 964 Korean won (US$0.82) per diluted ADS, compared to a net income of 0.7 billion Korean won (US$0.6 million), or a net income of 213 Korean won (US$0.18) per diluted ADS, in the second quarter of fiscal 2010.
Gross margin for the second quarter of fiscal 2011 was 40.1%, compared to 36.8% in the first quarter of fiscal 2011.
The Company's SG&A expenses were about 1.3 billion Korean won (US$1.1 million) in the second quarter of fiscal 2011, compared to about 1.0 billion Korean won (US$0.9 million) in the first quarter of fiscal 2011, and approximately 0.8 billion Korean won (US$0.7 million) in the second quarter of fiscal 2010. Moreover, the Company's operating expenses were around 1.7 billion Korean won (US$1.4 million) in the second quarter of fiscal 2011, compared to about 1.6 billion Korean won (US$1.4 million) in the first quarter of fiscal 2011, and approximately 1.4 billion Korean won (US$1.2 million) in the second quarter of fiscal 2010.
Third Quarter of Fiscal 2011
Based on unaudited results of operations which were prepared in accordance with Korean GAAP on a non-consolidated basis, revenue for the third quarter of fiscal 2011 was 12.3 billion Korean won (US$10.4 million), compared to 7.0 billion Korean won (US$5.9 million) in the third quarter of fiscal 2010.
Net income in the third quarter of fiscal 2011 was 2.9 billion Korean won (US$ 2.4 million), or a net income of 841 Korean won (US$0.71) per diluted ADS, compared to a net income of 1.6 billion Korean won (US$1.4 million), or a net income of 470 Korean won (US$0.4) per diluted ADS, in the third quarter of fiscal 2010.
Gross margin for the third quarter of 2011 was 39.4%, compared to 40.1% in the second quarter of fiscal 2011.
The Company's SG&A expenses were about 1.6 billion Korean won (US$1.3 million) in the third quarter of fiscal 2011, compared to about 1.3 billion Korean won (US$1.1 million) in the second quarter of fiscal 2011, and approximately 0.9 billion Korean won (US$0.8 million) in the third quarter of fiscal 2010. Moreover, the Company's operating expenses were around 2.1 billion Korean won (US$1.8 million) in the third quarter of fiscal 2011, compared to about 1.7 billion Korean won (US$1.4 million) in the second quarter of fiscal 2011, and approximately 1.2 billion Korean won (US$1.0 million) in the third quarter of fiscal 2010.
The U.S. dollar amounts disclosed in this earnings release are presented solely for the convenience of the reader, and have been converted at the rate of 1180.9 Korean won to one U.S. dollar, which is the noon buying rate of the U.S. Federal Reserve Bank of New York in effect on September 30, 2011. Such conversions should not be construed as representations that the Korean won amounts represent, have been, or could be, converted into, U.S. dollars at that or any other rate.
"We continue to design and introduce cutting-edge products and technologies and release to the market other innovative technologies," said Dr. S.K. Lee, CEO and Founder of Pixelplus. "For this purpose, we continue to develop our core strategic business for automobile, security and surveillance applications, and positively collaborate with medical endoscope manufacturers in South Korea as well as key distributors and manufacturers in China, Hong Kong, Taiwan, and Japan. In parallel, we continue to vigorously pursue cost-control measures and are encouraged that we continue to effectively manage our operating expenses on a reliable and consistent basis. Also, to improve profitability, we are committed to enhancing the quality, capacity, and production yields for all of our products and are working vigorously with all parts of our supply chain to increase efficiencies, streamline the production process, and drive down costs to ensure that we operate under the most cost-effective model possible."
Korean GAAP
The financial results mentioned in this earnings release were prepared and presented in accordance with Korean GAAP on a non-consolidated basis. Significant differences exist between Korean GAAP and U.S. GAAP, including accounting principles with respect to the consolidation of financial results of any subsidiary, which might be material to the non-consolidated financial information provided in this release.
About Pixelplus Co., Ltd.
Pixelplus is a South Korea-based developer of high-performance, high-resolution, and cost-effective CMOS image sensors for use primarily in mobile camera phones. In addition to mobile phones, Pixelplus provides CMOS image sensors and SoC solutions for use in webcams and notebook embedded cameras, toys and games, and security and surveillance system applications.
As a fabless semiconductor company, Pixelplus is focused on creating proprietary design technologies to develop CMOS image sensors with sharp, colorful and enhanced image quality, size efficiency, and low power consumption.
Forward Looking Statement
This earnings release contains certain statements that are not historical in nature but are "forward-looking statements" within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project," or "continue" or the negative of such words or other similar words. Pixelplus cautions readers that forward-looking statements are based on the Company's current expectations, estimates and assumptions about our company and our industry, and are subject to a number of risks and uncertainties. Actual results may differ materially from those contained in such forward-looking statements. These factors may cause Pixelplus' results to differ materially from the forward-looking statements made in this release. The forward-looking statements speak only as of the date of this earnings release, and Pixelplus assumes no duty or obligation to update them to reflect new, changing, or unanticipated events or circumstances. The financial results for the second quarter of fiscal 2011 and also for the third quarter of fiscal 2011 contained in this document have not been audited by Pixelplus' independent registered public accountants.
Contact:
Hae-Su Hwang
Pixelplus Co., Ltd.
6th Floor, Gyeonggi R&DB Center
906-5 Iui-dong, Yeongtong-gu
Suwon-si, Gyeonggi-do, 443-766
Republic of Korea
+82-31-888-5307
OR
King Worldwide:
London – Miles Chapman at +44 (0) 20 7614 2916
Rob Newman at +44 (0) 20 7614 2900
E-mail: [email protected]
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Pixelplus Co., Ltd. |
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Non-Consolidated Statements of Operations |
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(In millions of Korean won, except per ADS data)
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THREE MONTHS ENDED |
SIX MONTHS ENDED |
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June. 30 2011 |
June. 30 |
June. 30 |
June. 30 |
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||||||||||
| Revenues |
12,435 |
6,833 |
19,802 |
10,896 |
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Products |
12,431 |
6,677 |
19,735 |
10,433 |
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Services |
4 |
156 |
67 |
462 |
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| Cost of revenues |
7,452 |
4,539 |
12,108 |
6,955 |
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Products |
7,452 |
4,539 |
12,108 |
6,953 |
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Services |
- |
- |
- |
2 |
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| Gross profit |
4,983 |
2,294 |
7,694 |
3,940 |
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| Operating expenses |
1,708 |
1,410 |
3,334 |
2,664 |
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Selling, general and administrative |
1,320 |
831 |
2,364 |
1,660 |
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Research and development, net of government grants |
388 |
579 |
970 |
1,004 |
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| Income(loss) from operations |
3,275 |
883 |
4,360 |
1,276 |
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| Other income(expense) |
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Interest income(expense), net |
(22) |
(55) |
(72) |
(155) |
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Foreign exchange gain (loss), net |
(45) |
(42) |
(99) |
(44) |
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Others, net |
74 |
(63) |
87 |
11 |
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| Income(loss) before income taxes |
3,282 |
723 |
4,276 |
1,090 |
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| Income tax expenses |
- |
- |
- |
- |
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| Income(loss) before gain(loss) from equity method investments, net and minority interest |
3,282 |
723 |
4,276 |
1,090 |
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| Gain(loss) from equity method investments, net |
- |
- |
- |
(45) |
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| Minority interest |
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| Before cumulative effect of change in accounting principle |
3,282 |
723 |
4,276 |
1,045 |
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| Cumulative effect of change in accounting principle |
- |
- |
- |
- |
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| Net Income (loss) |
3,282 |
723 |
4,276 |
1,045 |
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| Accretion of preferred shares |
- |
- |
- |
- |
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| Net income(loss) attributable to common shareholders |
3,282 |
723 |
4,276 |
1,045 |
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| Income(Loss) per ADS |
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| - basic and diluted |
964 |
213 |
1,256 |
307 |
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| ADSs used in computing Income(loss) per ADS |
3,403,433 |
3,403,433 |
3,403,433 |
3,403,433 |
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| - basic and diluted |
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Pixelplus Co., Ltd. |
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| Non-Consolidated Statements of Operations |
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| (In millions of Korean won, except per ADS data) |
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| (Unaudited)
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THREE MONTHS ENDED |
NINE MONTHS ENDED |
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Sep. 30 2011 |
Sep. 30 |
Sep. 30 |
Sep. 30 |
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| Revenues |
12,258 |
6,981 |
32,060 |
17,877 |
||||||||||||
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Products |
12,251 |
6,878 |
31,985 |
17,312 |
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Services |
8 |
102 |
74 |
565 |
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| Cost of revenues |
7,435 |
4,153 |
19,542 |
11,108 |
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Products |
7,435 |
4,150 |
19,542 |
11,103 |
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Services |
- |
3 |
- |
5 |
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| Gross profit |
4,824 |
2,828 |
12,518 |
6,769 |
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| Operating expenses |
2,081 |
1,157 |
5,416 |
3,821 |
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Selling, general and administrative |
1,588 |
919 |
3,952 |
2,579 |
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Research and development, net of government grants |
493 |
238 |
1,463 |
1,242 |
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| Income(loss) from operations |
2,742 |
1,671 |
7,102 |
2,947 |
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| Other income(expense) |
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Interest income(expense), net |
(6) |
(51) |
(78) |
(205) |
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Foreign exchange gain (loss), net |
264 |
(62) |
165 |
(106) |
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Others, net |
(137) |
41 |
(50) |
52 |
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| Income(loss) before income taxes |
2,863 |
1,599 |
7,139 |
2,689 |
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| Income tax expenses |
- |
- |
- |
- |
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| Income(loss) before gain(loss) from equity method investments, net and minority interest |
2,863 |
1,599 |
7,139 |
2,689 |
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| Gain(loss) from equity method investments, net |
- |
- |
- |
(45) |
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| Minority interest |
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| Before cumulative effect of change in accounting principle |
2,863 |
1,599 |
7,139 |
2,644 |
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| Cumulative effect of change in accounting principle |
- |
- |
- |
- |
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| Net Income (loss) |
2,863 |
1,599 |
7,139 |
2,644 |
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| Accretion of preferred shares |
- |
- |
- |
- |
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| Net income(loss) attributable to common shareholders |
2,863 |
1,599 |
7,139 |
2,644 |
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| Income(Loss) per ADS |
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- basic and diluted |
841 |
470 |
2,098 |
777 |
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| ADSs used in computing Income(loss) per ADS |
3,403,433 |
3,403,433 |
3,403,433 |
3,403,433 |
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- basic and diluted |
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||||||||||||
| Pixelplus Co., Ltd. |
|||
| Non-Consolidated Balance Sheets |
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| (In millions of Korean won, except per ADS data) |
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| (Unaudited) |
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June. 30, 2011 |
Dec. 31, 2010 |
|
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| Assets |
|
|
|
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Cash and cash equivalents |
4,266 |
2,851 |
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Restricted cash |
1,901 |
5,000 |
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Accounts receivable, net |
206 |
133 |
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Inventories, net |
2,280 |
1,522 |
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Other current assets |
2,323 |
1,818 |
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Total current assets |
10,976 |
11,324 |
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Other non current assets |
1,284 |
1,268 |
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Total assets |
12,260 |
12,592 |
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| Liabilities, minority interest and Shareholders' equity |
|
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Trade accounts payable |
2,035 |
1,880 |
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Other accounts payable |
848 |
413 |
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Short-term borrowings |
1,300 |
7,690 |
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Bond with warrants |
968 |
- |
|
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Other current liabilities |
247 |
276 |
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Total current liabilities |
5,398 |
10,259 |
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Long-term borrowings |
- |
- |
|
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Other non current liabilities |
1,179 |
971 |
|
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Total liabilities |
6,577 |
11,229 |
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| Shareholders' equity |
|
|
|
|
|
|
|
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|
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Common stock |
3,403 |
3,403 |
|
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Additional paid-in capital |
109 |
7,450 |
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Accumulated other comprehensive |
- |
- |
|
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loss |
|
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Retained earnings |
2,171 |
(9,491) |
|
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Total Shareholders' equity |
5,683 |
1,362 |
| Total liabilities, minority interest and Shareholders' equity |
12,260 |
12,592 |
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Pixelplus Co., Ltd. |
|||||
| Non-Consolidated Balance Sheets |
|||||
| (In millions of Korean won, except per ADS data) |
|||||
| (Unaudited)
|
|||||
|
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|
Sep. 30, 2011 |
Dec. 31, 2010 |
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| Assets |
|
|
|||
|
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Cash and cash equivalents |
5,046 |
2,851 |
||
|
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Restricted cash |
2,504 |
5,000 |
||
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Accounts receivable, net |
175 |
133 |
||
|
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Inventories, net |
3,469 |
1,522 |
||
|
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Other current assets |
2,538 |
1,818 |
||
|
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Total current assets |
13,732 |
11,324 |
||
|
|
|
|
|
||
|
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Other non current assets |
1,089 |
1,268 |
||
|
|
|
|
|
||
|
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Total assets |
14,821 |
12,592 |
||
|
|
|
|
|
||
| Liabilities, minority interest and Shareholders' equity |
|
|
|||
|
|
Trade accounts payable |
1,951 |
1,880 |
||
|
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Other accounts payable |
233 |
413 |
||
|
|
Short-term borrowings |
1,300 |
7,690 |
||
|
|
Bond with warrants |
980 |
- |
||
|
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Other current liabilities |
582 |
276 |
||
|
|
Total current liabilities |
5,046 |
10,259 |
||
|
|
|
|
|
||
|
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Long-term borrowings |
- |
- |
||
|
|
Other non current liabilities |
1,229 |
971 |
||
|
|
Total liabilities |
6,275 |
11,229 |
||
|
|
|
|
|||
| Shareholders' equity |
|
|
|||
|
|
|
|
|||
|
|
Common stock |
3,403 |
3,403 |
||
|
|
Additional paid-in capital |
109 |
7,450 |
||
|
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Accumulated other comprehensive |
- |
- |
||
|
|
loss |
|
|
||
|
|
Retained earnings |
5,034 |
(9,491) |
||
|
|
Total Shareholders' equity |
8,546 |
1,362 |
||
| Total liabilities, minority interest and Shareholders' equity |
14,821 |
12,592 |
|||
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The Company's functional currency on its financial statements is the Korean won. Please note that the above non-consolidated financial statements were prepared in accordance with Korean GAAP.
SOURCE Pixelplus Co., Ltd.
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