BCD Semiconductor Manufacturing Limited Announces Financial Results for the Fiscal Fourth Quarter and Fiscal Year of 2012
BCD Semiconductor Manufacturing Limited Announces Financial Results for the
Fiscal Fourth Quarter and Fiscal Year of 2012
SHANGHAI, China, Feb. 4, 2013 (GLOBE NEWSWIRE) -- BCD Semiconductor
Manufacturing Limited ("BCD Semiconductor," the "Company," "we," or "us")
(Nasdaq:BCDS), a leading analog integrated device manufacturer, or IDM, based
in China, specializing in the design, manufacture and sale of power management
integrated circuits, or ICs, today announced financial results for the fiscal
fourth quarter and the fiscal year ended December 31, 2012.
The results for the fiscal fourth quarter ended December 31, 2012 were as
follows:
* Revenue was $37.0 million, a decrease of 2.8% from $38.0 million for the
third quarter of fiscal year 2012 and an increase of 17.9% from $31.3
million for the fourth quarter of fiscal year 2011.
* Gross margin was 28.1%, compared to 29.1% for the third quarter of fiscal
year 2012 and 26.2% for the fourth quarter of fiscal year 2011.
* Operating expenses were $8.3 million, compared to $8.0 million for the
third quarter of fiscal year 2012 and $8.6 million for the fourth quarter
of fiscal year 2011. Operating expenses for the fourth quarter of fiscal
year 2012 included $285 thousand in share-based compensation expenses and
$118 thousand in expenses related to acquired intangible assets, as
compared to $193 thousand and $182 thousand, respectively, for the third
quarter of fiscal year 2012, and $445 thousand and $140 thousand,
respectively, for the fourth quarter of fiscal year 2011.
* Income (loss) from operations after share-based compensation expenses,
expenses related to acquired intangible assets and impairment loss of
acquired intangible assets was $2.1 million, compared to $3.0 million for
the third quarter of fiscal year 2012 and $(360) thousand for the fourth
quarter of fiscal year 2011.
* GAAP net income was $2.4 million, compared to $3.6 million for the third
quarter of fiscal year 2012 and $569 thousand for the fourth quarter
of fiscal year 2011.
* Non-GAAP adjusted net income was $3.5 million, compared to $4.0 million
for the third quarter of fiscal year 2012 and $2.4 million for the fourth
quarter of fiscal year 2011.
* GAAP earnings per diluted American Depositary Share ("ADS") (EPS) was
$0.13, compared to $0.19 for the third quarter of fiscal year 2012 and
$0.03 for the fourth quarter of fiscal year 2011.
* Non-GAAP earnings per ADS share (non-GAAP EPS) was $0.19, compared to
$0.22 for the third quarter of fiscal year 2012 and $0.13 for the fourth
quarter of fiscal year 2011.
* Number of weighted average fully diluted ADSs was 18,325,553.
* Cash balance was $36.6 million as of December 31, 2012, compared to $38.9
million as of September 30, 2012 and $64.1 million as of December 31,
2011.
* Cash flow from operating activities was a net inflow of $2.6 million,
compared to $4.2 million for the third quarter of fiscal year 2012 and
$5.1 million for the fourth quarter of fiscal year 2011.
* Capital expenditures were $12.6 million, compared to $8.9 million for the
third quarter of fiscal year 2012 and $9.8 million for the fourth quarter
of fiscal year 2011.
* We used $304 thousand of cash to repurchase 75,361 ADSs at an average
price of $4.04 per ADS under our authorized share repurchase program.
The results for the fiscal year ended December 31, 2012 are as follows:
* Revenue was $142.8 million, an increase of 2.1% from $139.9 million for
fiscal year 2011.
* Gross margin was 27.6%, compared to 28.2% for fiscal year 2011.
* Income from operations was $7.6 million, or 5.3% of revenue, compared to
$10.3 million, or 7.4% of revenue, for fiscal year 2011.
* GAAP net income was $8.4 million, compared to $13.5 million for fiscal
year 2011.
* Non-GAAP adjusted net income was $10.7 million, compared to $16.3 million
for fiscal year 2011.
* Cash flow from operating activities was $7.7 million, compared to $13.3
million for fiscal year 2011.
* Capital expenditures were $39.5 million, compared to $28.3 million for
fiscal year 2011.
"We are pleased with our performance in the fourth quarter of 2012 as it
reflects a return to normal seasonality and increased traction of our AC/DC
solutions on the market," said Chieh Chang, Chief Executive Officer of BCD
Semiconductor. "Entering 2013, we remain optimistic as we continue to stay
focused on our business model and roll out innovative analog power management
solutions."
Business Outlook
Revenue for the first quarter of fiscal year 2013 is expected to be in the
range of $33 to $37 million, representing at mid-point a decrease of
approximately 5.3% compared to the fourth quarter of fiscal year 2012 and a
growth of approximately 11.8% compared to the first quarter of fiscal year
2012. Gross margins are expected to be in the range of 20.0% to 24.0% of
revenue. Operating expenses exclusive of share based compensation expenses and
expenses related to acquired intangible assets are expected to be
approximately $7.9 million. We expect our capital expenditures to be
approximately $3.0 million in the first quarter of fiscal year 2013. As
previously announced, on December 26, 2012, BCD Semiconductor entered into an
Agreement and Plan of Merger with Diodes Incorporated pursuant to which Diodes
Incorporated will acquire BCD Semiconductor. The forecasts for the first
quarter of fiscal year 2013 provided in this paragraph do not account for any
impact that may result from the completion of such acquisition.
Forward-Looking Statements
This press release contains forward-looking statements that are based on
current expectations, estimates, forecasts and projections of future
performance based on management's judgment, beliefs, current trends, and
anticipated product performance. These forward-looking statements include,
without limitation, projected revenues, gross margins, operating expenses,
income tax rate, capital expenditures and shares used to calculate earnings
per share under the section titled "Business Outlook," statements regarding
our expectation of continuing to roll out innovative analog power management
solutions. Forward-looking statements involve risks and uncertainties that may
cause actual results to differ materially from those contained in the
forward-looking statements. These risks and uncertainties include, but are not
limited to, our ability to introduce or develop new and enhanced products that
achieve market acceptance; the actual product performance in volume
production; the quality and reliability of our products; our ability to
achieve design wins; general business and economic conditions; our ability to
identify and consummate strategic transactions; the state of the semiconductor
industry and seasonality of our markets; any impact that may result from the
sale of our company to Diodes Incorporated; and other risks and uncertainties
as described in our filings with the U.S. Securities and Exchange Commission
("SEC"), including our Annual Report on Form 20-F for the fiscal year ended
December 31, 2011 filed on April 25, 2012, and other filings with the SEC.
Underlying assumptions subsequently proving to be incorrect or other unknown
or unpredictable factors could also cause actual results to differ materially
from those in the forward-looking statements. Although we believe that the
expectations reflected in the forward-looking statements are reasonable, we
cannot guarantee future results, level of activity, performance, or
achievements. You should not place undue reliance on these forward-looking
statements. All information provided in this press release is as of today's
date, unless otherwise stated, and BCD Semiconductor undertakes no duty to
update such information, except as required under applicable law.
Conference Call and Webcast
BCD Semiconductor plans to conduct an investor teleconference and live webcast
to discuss the financial results for the fiscal fourth quarter and fiscal year
ended December 31, 2012, its outlook for the first quarter of 2013 and other
business matters today, February 4, 2013 at 2:00 pm PT / 5:00 pm ET. To listen
to the live conference call, please dial 855-500-8701 (or +65 6723 9385 if
dialing from outside the U.S.A.). The conference ID number is 87107622. A live
webcast of the call will also be available in the "Event Calendar" section of
the Company's investor relations website, http://ir.bcdsemi.com/. The webcast
replay will be available for seven days after the live call on the same
website. To listen to the conference call replay, please dial 855-452-5696 (or
+61 2 8199 0299 if dialing from outside the U.S.A.) The conference ID number
for the replay is 87107622.
Use of Non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements presented on a
basis consistent with GAAP, we disclose certain non-GAAP financial measures,
including non-GAAP adjusted net income and non-GAAP EPS. These supplemental
measures exclude share-based compensation expenses that are non-cash charges,
gain or loss on valuation of warrant liabilities, impairment loss and expenses
related to acquired intangible assets, impairment of equity investments and
related tax impact. We believe that non-GAAP financial measures can provide
useful information to both management and investors by excluding certain
non-cash expenses that are not indicative of our core operating results. In
addition, our management uses non-GAAP measures to compare our performance
relative to forecasts and to benchmark our performance externally against
competitors. Our use of non-GAAP financial measures has certain limitations in
that the non-GAAP financial measures we use may not be directly comparable to
those reported by other companies. For example, the term used in this press
release, non-GAAP adjusted net income, does not have a standardized meaning.
Other companies may use the same or similarly named measures, but exclude
different items, which may not provide investors with a comparable view of our
performance in relation to other companies. We seek to compensate for this
limitation by providing a detailed reconciliation of the non-GAAP financial
measures to the most directly comparable GAAP measures in the tables attached
to this press release. Investors are encouraged to review the related GAAP
financial measures and the reconciliation of these non-GAAP financial measures
to their most directly comparable GAAP financial measure.
About BCD Semiconductor
BCD Semiconductor Manufacturing Limited ("BCD Semiconductor") is a leading
analog integrated device manufacturer, or IDM, based in China, specializing in
the design, manufacture and sale of power management integrated circuits. Our
broad product portfolio targets primarily rapidly growing, high volume market
segments such as mobile phones, LCD televisions and monitors, personal
computers, adapters and chargers. As an IDM, we integrate product design and
process technology to optimize product performance and cost, and offer
system-level solutions with quality and reliability. Our China-based
operations also give us immediate access to the fast growing electronics
industry in Asia, enabling us to align our product development efforts with
market trends and provide timely and effective technical support to our
customers. For more information, please visit http://www.bcdsemi.com.
The following consolidated financial statements are prepared in accordance
with United States generally accepted accounting principles ("GAAP").
BCD Semiconductor Manufacturing
Limited
Condensed Consolidated Balance Sheets
- GAAP
(in thousands of US dollars)
(Unaudited)
As of
December 31, September 30, December 31,
2011 2012 2012
ASSETS
CURRENT ASSETS
Cash and cash equivalent $ 64,137 $ 38,944 $ 36,553
Restricted cash 7,702 9,935 10,041
Accounts receivable, net 20,444 26,762 22,743
Inventories, net 27,966 31,344 34,294
Excess value-added tax paid 2,414 4,381 5,046
Receivable from Zi Zhu 4,028 1,637 855
Prepaid expenses and other current 6,379 3,039 4,464
assets
Total current assets 133,070 116,042 113,996
PROPERTY, PLANT AND EQUIPMENT, NET 66,421 84,193 92,167
LAND USE RIGHT, NET 3,081 3,009 3,018
ACQUIRED INTANGIBLE ASSETS, NET 2,019 1,684 1,575
INVESTMENT IN EQUITY SECURITIES 1,115 2,685 1,935
GOODWILL 284 293 295
OTHER ASSETS 3,274 6,301 7,158
TOTAL $ 209,264 $ 214,207 $ 220,144
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term bank loans $ 8,300 $ 10,800 $ 17,800
Accounts payable 17,004 23,563 21,268
Notes payable 21,449 14,509 14,716
Accrued expenses 3,791 5,012 5,317
Payable for purchase of property, 10,676 7,562 4,579
plant and equipment
Withholding tax liability 1,828 1,832 1,830
Other current liabilities 2,126 2,923 3,528
Total current liabilities 65,174 66,201 69,038
OTHER LIABILITIES
Deferred rent-noncurrent 121 109 106
Performance obligation 3,903 3,878 3,692
Obligation under capital lease - 206 139 116
noncurrent
Deferred grant-noncurrent 411 310 262
Total other liabilities 4,641 4,436 4,176
Total liabilities 69,815 70,637 73,214
SHAREHOLDERS' EQUITY
Ordinary shares 111 109 110
Additional paid-in capital 160,242 159,012 159,072
Accumulated other comprehensive income 12,568 11,969 12,839
Accumulated deficit (33,470) (27,518) (25,088)
Treasury stock (2) (2) (3)
Total shareholders' equity 139,449 143,570 146,930
TOTAL $ 209,264 $ 214,207 $ 220,144
BCD Semiconductor
Manufacturing Limited
Condensed Consolidated
Statements of Income -
GAAP
(in thousands of US
dollars, except for
percentages)
(Unaudited)
Three Months Ended Fiscal Year Ended
December September December December December
31, 30, 31, 31, 31,
2011 2012 2012 2011 2012
NET REVENUE
IC products $ 29,249 $ 36,130 $ 35,296 $ 129,800 $ 135,195
Services and Other 2,100 1,893 1,661 10,063 7,650
Total net revenue 31,349 38,023 36,957 139,863 142,845
COST OF REVENUE
IC products 22,081 26,029 25,679 95,446 99,236
Services and Other 1,053 947 881 4,954 4,124
Total cost of revenue 23,134 26,976 26,560 100,400 103,360
GROSS PROFIT 8,215 11,047 10,397 39,463 39,485
26.2% 29.1% 28.1% 28.2% 27.6%
OPERATING EXPENSES
Research and development 2,921 2,543 2,632 9,963 10,713
Selling and marketing 2,265 2,642 3,061 8,857 10,755
General and administrative 2,451 2,634 2,504 9,139 9,925
Expenses related to 140 182 118 414 514
acquired intangible assets
Impairment loss of 798 -- -- 798 --
acquired intangible assets
Total operating expenses 8,575 8,001 8,315 29,171 31,907
INCOME (LOSS) FROM (360) 3,046 2,082 10,292 7,578
OPERATIONS
(1.1%) 8.0% 5.6% 7.4% 5.3%
OTHER INCOME (EXPENSE)
Interest income and 292 202 141 1,068 772
expenses
Impairment of equity (549) -- (773) (549) (773)
investment
Other, net 1,168 788 1,268 3,593 1,790
Other income (expenses), 911 990 636 4,112 1,789
net
INCOME BEFORE INCOME TAX 551 4,036 2,718 14,404 9,367
EXPENSE
INCOME TAX EXPENSE (18) 448 288 935 985
NET INCOME $ 569 $ 3,588 $ 2,430 $ 13,469 $ 8,382
BCD Semiconductor
Manufacturing
Limited
Condensed
Consolidated Cash
Flows Statement -
GAAP
(in thousands of US
dollars)
(Unaudited)
Three Months Ended Fiscal Year Ended
December September December December December
31, 30, 31, 31, 31,
2011 2012 2012 2011 2012
CASH FLOWS FROM
OPERATING
ACTIVITIES
Net income $ 569 $ 3,588 $ 2,430 $ 13,469 $ 8,382
Depreciation and 1,628 2,647 2,240 5,801 9,800
amortization
Impairment loss of
acquired intangible 798 -- -- 798 --
assets
Other adjustments 2,678 474 415 5,079 4,579
to net income
Changes in assets (547) (2,513) (2,439) (11,814) (15,074)
and liabilities
Net cash provided
by operating $ 5,126 $ 4,196 $ 2,646 $ 13,333 $ 7,687
activities
CASH FLOWS FROM
INVESTING
ACTIVITIES
Capital (9,811) (8,867) (12,579) (28,281) (39,484)
expenditures
Acquisition of Aura -- -- -- (4,582) --
Micro
Investment in -- -- -- -- (1,587)
equity securities
Financing to 3,219 789 795 (3,921) 3,169
ZiZhu,receivable
Other cash flow
from investing 2,213 (5,714) (384) (1,534) (4,470)
activities
Net cash used in
investing $ (4,379) $ (13,792) $ (12,168) $ (38,318) $ (42,372)
activities
CASH FLOWS FROM
FINANCING
ACTIVITIES
Share repurchase (425) (1,406) (304) (1,497) (2,721)
Net borrowings 2,300 -- 7,000 (3,740) 9,500
Initial public -- -- -- 49,085 --
offerings proceeds
Other cash flow
from financing 46 20 27 (1,678) 92
activities
Net cash provided
by (used in) $ 1,921 $ (1,386) $ 6,723 $ 42,170 $ 6,871
financing
activities
EFFECTS OF EXCHANGE 191 (14) 408 2,235 230
RATE CHANGES
CHANGE IN CASH $ 2,859 $ (10,996) $ (2,391) $ 19,420 $ (27,584)
CASH, BEGINNING OF $ 61,278 $ 49,940 $ 38,944 $ 44,717 $ 64,137
PERIOD
CASH, ENDING OF $ 64,137 $ 38,944 $ 36,553 $ 64,137 $ 36,553
PERIOD
BCD Semiconductor
Manufacturing
Limited
Reconciliation of
GAAP to Non-GAAP Net
Income and EPS
(in thousands of US
dollars, except for
per ADS data)
(Unaudited)
GAAP to Non-GAAP Net Three Months Ended Fiscal Year Ended
Income
December September December December December
31, 30, 31, 31, 31,
2011 2012 2012 2011 2012
GAAP net income $ 569 $ 3,588 $ 2,430 $ 13,469 $ 8,382
Share-based
compensation (Note 522 237 327 1,998 1,377
A)
Gain or loss on
valuation of warrant -- -- -- (745) --
liability
Impairment loss of
acquired intangible 798 -- -- 798 --
assets
Expenses related to
acquired intangible 140 182 118 414 514
assets
Change in
acquisition earn-out -- -- -- -- (148)
payment
Impairment of equity 549 -- 773 549 773
investment
Income tax impact in (137) -- (193) (137) (193)
above items
Non-GAAP net income $ 2,441 $ 4,007 $ 3,455 $ 16,346 $ 10,705
EPS (ADS) fully $ 0.03 $ 0.19 $ 0.13 $ 0.23 $ 0.45
diluted, GAAP:
EPS (ADS) fully $ 0.13 $ 0.22 $ 0.19 $ 0.86 $ 0.57
diluted, Non GAAP:
Note A: Three Months Ended Fiscal Year Ended
Share-based December September December December December
compensation 31, 30, 31, 31, 31,
2011 2012 2012 2011 2012
Cost of revenue $ 77 $ 44 $ 42 $ 232 $ 178
Research and 83 (45) 39 255 93
development
Selling, general and 362 238 246 1,511 1,106
administrative
Total share-based $ 522 $ 237 $ 327 $ 1,998 $ 1,377
compensation
The GAAP earnings per share of $0.23 for the full year of 2011 takes into
account the 5 million ordinary shares at a fair value of $9.1 million issued
to the Series C preference shareholders upon IPO completion, which were
accounted for as deemed dividend reducing the earnings available to ordinary
shareholders, whereas no dividend was reflected in the calculation of non-GAAP
earnings per share.
CONTACT: Jean-Claude Zhang
Chief Financial Officer
Tel: +86 21 2416 2298
IR@bcdsemi.com
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