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.

Copyright 2011 PR Newswire

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