SEOUL, South Korea,
May 31, 2011 /PRNewswire/ --
Pixelplus Co., Ltd. (PXPLY), 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 first quarter of fiscal 2011, which ended on
March 31, 2011.
Based on these unaudited results of operations which were
prepared in accordance with Korean GAAP on a non-consolidated
basis, revenue for the first quarter of fiscal 2011 was
7.3 billion Korean won (US$6.7 million), compared to 7.5 billion Korean won (US$6.8 million) in the fourth quarter of fiscal
2010, and 4.1 billion Korean won
(US$3.7 million) in the first quarter
of fiscal 2010.
Net income in the first quarter of fiscal 2011 was 1.0 billion Korean won (US$0.9 million), or a net income of 292 Korean won (US$0.27) per diluted ADS, compared to a net
income of 0.9 billion Korean won
(US$0.8 million), or a net income of
263 Korean won (US$0.24) per diluted ADS, in the fourth quarter
of fiscal 2010, and a net income of 0.3
billion Korean won (US$0.3
million), or a net income of 94
Korean won (US$0.09)per
diluted ADS, in the first quarter of fiscal 2010.
Gross margin for the first quarter of fiscal 2011 was 36.8%,
compared to 34.7% in the fourth quarter of fiscal 2010.
The Company's SG&A expenses in the first quarter of fiscal
2011 were about 1.0 billion Korean
won (US$0.9 million), compared
to roughly 1.0 billion Korean won
(US$0.9 million) in the fourth
quarter of fiscal 2010, and approximately 0.8 billion Korean won (US$0.8 million) in the first quarter of fiscal
2010. Moreover, the Company's operating expenses in the first
quarter of fiscal 2011 were around 1.6
billion Korean won (US$1.5
million), compared to about 1.5
billion Korean won (US$1.4
million) in the fourth quarter of fiscal 2010, and
approximately 1.3 billion Korean won
(US$1.1 million) in the first 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 1097.25 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 March 31,
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.
"The key to our consistent growth and success will be our
ability to transform our organization to achieve long-term
profitability. For this aim, I believe our strategic and
ongoing cost-control measures should help us decrease our cash
requirements, concentrate on our core business, maintain our
continuity, and improve the efficiency of our operations," said Dr.
S.K. Lee, CEO and Founder of
Pixelplus. "While we positively pursue these cost-control
measures, we continue to design and introduce new products,
technologies, and approaches to image sensor manufacturing and
release to the market other innovative technologies currently in
research and development later this year. We also continue to
develop our core strategic business for automobile and security and
surveillance applications, as well as with medical endoscope
manufacturers in South Korea and
key distributors and manufacturers in China, Hong
Kong, Taiwan, and
Japan. Separately, 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 first 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
Taylor Rafferty:
London –Emilia Whitbread at +44
(0)20 7614 2909
Rob Newman at +44 (0)20 7614
2900
E-mail pixelplus@taylor-rafferty.com
|
Pixelplus
Co., Ltd.
Non-Consolidated
Statements of
Operations
(In
millions of
Korean
won, except
per ADS data)
(Unaudited)
|
|
|
|
THREE MONTHS
ENDED
|
|
|
|
Mar. 31
2011
|
Mar. 31
2010
|
|
|
|
|
|
|
|
Revenues
|
7,367
|
4,063
|
|
|
Products
|
7,304
|
3,756
|
|
|
Services
|
63
|
306
|
|
|
|
|
|
|
|
Cost of revenues
|
4,656
|
2,416
|
|
|
Products
|
4,656
|
2,414
|
|
|
Services
|
0
|
2
|
|
|
|
|
|
|
|
Gross profit
|
2,711
|
1,646
|
|
|
|
|
|
|
|
Operating
expenses
|
1,627
|
1,254
|
|
|
Selling, general and
administrative
|
1,045
|
829
|
|
|
Research and development, net of
government grants
|
582
|
425
|
|
|
|
|
|
|
|
Income(loss) from
operations
|
1,084
|
393
|
|
|
|
|
|
|
|
Other income(expense)
|
|
|
|
|
Interest income(expense),
net
|
(50)
|
(99)
|
|
|
Foreign exchange gain (loss),
net
|
(54)
|
(2)
|
|
|
Others, net
|
13
|
75
|
|
|
Income(loss) before income
taxes
|
994
|
366
|
|
|
Income tax expenses
|
-
|
-
|
|
|
Income(loss) before gain(loss)
from equity method investments, net and minority
interest
|
994
|
366
|
|
|
Gain(loss) from equity method
investments, net
|
0
|
(45)
|
|
|
Minority interest
|
|
|
|
|
Before cumulative effect of
change in accounting principle
|
994
|
321
|
|
|
Cumulative effect of change in
accounting principle
|
0
|
0
|
|
|
Net Income (loss)
|
994
|
321
|
|
|
|
|
|
|
Accretion of preferred
shares
|
-
|
-
|
|
|
Net income(loss) attributable to
common shareholders
|
994
|
321
|
|
|
Income(Loss) per ADS
|
|
|
|
|
- basic and diluted
|
292
|
94
|
|
|
ADSs used in computing
Income(loss) per ADS
|
3,403,433
|
3,403,433
|
|
|
- basic and diluted
|
|
|
|
|
|
|
|
|
|
|
|
Pixelplus
Co., Ltd.
Non-Consolidated
Balance Sheets
(In
millions of
Korean
won, except per
ADS data)
(Unaudited)
|
|
|
|
Mar. 31,
2011
|
Dec. 31,
2010
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
2,350
|
2,851
|
|
|
Restricted cash
|
400
|
5,000
|
|
|
Accounts receivable,
net
|
131
|
133
|
|
|
Inventories, net
|
2,507
|
1,522
|
|
|
Other current assets
|
2,017
|
1,818
|
|
|
Total current assets
|
7,405
|
11,324
|
|
|
Other non current
assets
|
1,150
|
1,268
|
|
|
|
|
|
|
|
Total assets
|
8,555
|
12,592
|
|
|
|
|
|
|
|
Liabilities, minority interest
and Shareholders' equity
|
|
|
|
|
Trade accounts
payable
|
2,003
|
1,880
|
|
|
Other accounts
payable
|
383
|
413
|
|
|
Short-term borrowings
|
1,600
|
7,690
|
|
|
Bond with warrants
|
958
|
0
|
|
|
Other current
liabilities
|
106
|
276
|
|
|
Total current
liabilities
|
5,049
|
10,259
|
|
|
|
|
|
|
|
Long-term borrowings
|
|
|
|
|
Other non current
liabilities
|
1,106
|
971
|
|
|
Total liabilities
|
6,154
|
11,229
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
Common stock
|
3,403
|
3,403
|
|
|
Additional paid-in
capital
|
109
|
7,450
|
|
|
Accumulated other
comprehensive
|
|
|
|
|
loss
|
|
|
|
|
Accumulated deficit
|
(1,111)
|
(9,491)
|
|
|
Total Shareholders'
equity
|
2,401
|
1,362
|
|
|
Total liabilities, minority
interest and Shareholders' equity
|
8,555
|
12,592
|
|
|
|
|
|
|
|
|
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.