Vimicro Reports Fourth Quarter 2006, Fiscal Year 2006 and First Quarter 2007 Financial Results
13 7월 2007 - 5:15AM
PR Newswire (US)
BEIJING, July 12 /Xinhua-PRNewswire/ -- Vimicro International
Corporation (NASDAQ:VIMC), a leading fabless semiconductor company
that designs and develops multimedia semiconductor products and
solutions, today announced its financial results for the fourth
quarter of 2006, fiscal year ended December 31, 2006 and the first
quarter of 2007 ended March 31, 2007. (Logo:
http://www.newscom.com/cgi-bin/prnh/20070528/CNM014LOGO ) Fourth
Quarter and Fiscal Year Ended December 31, 2006 (Unaudited) Net
revenue in the fourth quarter of 2006 was $34.2 million as compared
to $33.1 million reported in the third quarter of 2006 and $27.5
million in the fourth quarter of 2005. Fourth quarter 2006 net
income prepared in accordance with U.S. generally accepted
accounting principles (GAAP) was $1.6 million, compared with net
income of $2.5 million in the third quarter of 2006 and net income
of $5.7 million in the fourth quarter of 2005. Fully diluted
earnings per ADS (each representing four ordinary shares) were
$0.04, compared with $0.07 in the third quarter of 2006 and $0.17
in the fourth quarter of 2005. Non-GAAP net income in the fourth
quarter, which excludes $1.3 million in share-based compensation
expense was $2.9 million compared with $3.2 million in the third
quarter of 2006 and $6.0 million in the fourth quarter of 2005.
Non-GAAP diluted net earnings per ADS for the fourth quarter of
2006 were $0.08 compared with $0.09 in the third quarter of 2006
and $0.18 in the fourth quarter of 2005. For the fiscal year ended
Dec. 31, 2006, net revenue was $126.6 million as compared to $95.3
million in the fiscal year ended Dec. 31, 2005. Fiscal year 2006
net income prepared in accordance with U.S. GAAP was $9.7 million,
compared with a net income of $16.4 million in fiscal year 2005.
Non-GAAP net income for fiscal year 2006 was $13.2 million, which
excludes $3.5 million for the amortization of stock-based
compensation expenses, as compared to non-GAAP net income of $18.1
million in 2005, which excludes $1.7 million for the amortization
of stock-based compensation expenses. Diluted earnings per ADS for
the fiscal year 2006 were $0.26 and non-GAAP diluted earnings per
ADS for the fiscal year 2006 were $0.36. First Quarter ended March
31, 2007 Net revenue in the first quarter of 2007 was $16.9 million
as compared to $26.4 million reported in the first quarter of 2006.
First quarter 2007 net income prepared in accordance with U.S. GAAP
was a loss of $3.8 million, compared with net income of $3.8
million in the first quarter of 2006. The US GAAP loss per ADS
(each representing four ordinary shares) was ($0.11), compared with
earnings per ADS of $0.10 in the first quarter of 2006. Non-GAAP
net income in the first quarter, which excludes $1.3 million in
share-based compensation expense, was a loss of $2.5 million
compared with net income of $4.5 million in the first quarter of
2006. Non-GAAP loss per ADS for the first quarter of 2007 was
($0.07) compared with earnings per ADS $0.12 in the first quarter
of 2006. Business Outlook "There is no doubt that Vimicro has
experienced its share of challenges over the past quarter. Our
first quarter results were impacted by a number of factors
including a longer than expected delay in the release of
Microsoft's Vista Operating System, the seasonality resulting from
an overall business slowdown associated with the Chinese New Year
Holiday as well as pricing pressure within some of our product
lines," said Dr. John Deng, Chairman and Chief Executive Officer of
Vimicro. Deng continued, "In order to improve our competitive
position and gain further market share, we have taken a number of
key steps including a more focused sales strategy at the high-end
of the market, as well as new R&D initiatives. Additionally, we
have introduced several cost-down versions of our major product
lines with lower power consumption to the market to further improve
our competitive position. Furthermore, we have increased our sales
efforts and FAE support in Taiwan, which will allow us to provide
additional on-time support to key PC and notebook OEMs and ODMs. On
the mobile front, Vimicro's focus on the 3G multimedia market and
our strategic partnerships with key TD-SCMDA players in China will
provide unique sources of growth opportunities. As a result, we
achieved significant top line growth for the second quarter of 2007
and remain positive in our outlook for the remainder of the year."
Fourth Quarter 2006, Fiscal Year 2006 and First Quarter 2007
Financial Results Conference Call and Web cast Vimicro will host a
conference call and Web cast today, July 12, 2007, at 5:30 p.m.
Eastern Time to discuss the Company's fourth quarter 2006, fiscal
year 2006 and first quarter 2007 financial results. Investors and
other interested parties may access the call by dialing
800-299-9630 (+1-617-786- 2904 outside of the U.S.), with the pass
code 46758716, at least 10 minutes prior to the start of the call.
In addition, an audio Web cast will be available in the Investor
Relations section of the Company's Web site at
http://www.vimicro.com/. Following the live Web cast, an archived
version will be available on the Company's Web site. A telephone
replay of the call will also be available approximately two hours
after the call and will be available until July 19, 2007 at
midnight (ET). The replay number is 888-286-8010 with a pass code
of 58394314. International callers should dial +1-617-801-6888 and
enter the same pass code at the prompt. About Vimicro International
Corporation Vimicro International Corporation is a worldwide
leading fabless semiconductor company that designs, develops and
markets proprietary embedded multimedia signal processing chips and
solutions that enable multimedia applications for mobile phones
over 2.5G/3G networks and PCs over broadband Internet. Vimicro's
ADSs, each of which represents four ordinary shares, are currently
trading on the NASDAQ global market under the ticker symbol "VIMC."
Forward-Looking Statements This announcement contains
forward-looking statements. These statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "confident"
and similar statements. Among other things, the quotations from
management in this announcement, as well as Vimicro's expectations
and forecasts, contain forward-looking statements. Vimicro may also
make written or oral forward- looking statements in its periodic
reports to the U.S. Securities and Exchange Commission on forms
20-F and 6-K, etc., in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about Vimicro's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward- looking
statement, including but not limited to the following: our limited
history of achieving net profit; our growth strategies; our future
business development, results of operations and financial
condition; our ability to develop and sell mobile multimedia
processors that meet changing consumer preferences and industry
standards; decrease in the demand for our notebook and PC camera
multimedia processors and third-party image sensors which we bundle
with some of our PC camera multimedia processors; our ability to
secure sufficient foundry capacity in a timely manner; our ability
to maintain existing customers and attract new customers; and the
expected growth of the mobile multimedia processor market. Further
information regarding these and other risks is included in our
annual report on Form 20-F filed with the Securities and Exchange
Commission. Vimicro does not undertake any obligation to update any
forward-looking statement, except as required under applicable law.
All information provided in this press release is as of July 12,
2007, and Vimicro undertakes no duty to update such information,
except as required under applicable law. Non-GAAP Measures To
supplement the consolidated financial statements presented in
accordance with GAAP, Vimicro uses non-GAAP measures of non-GAAP
net income and non-GAAP diluted net earnings per ADS, which are
adjusted from the most directly comparable financial measures
calculated and presented in accordance with GAAP to exclude
amortization of share-based compensation expenses. These non-GAAP
financial measures are provided to enhance investors' overall
understanding of the company's financial performance as they
exclude share- based expenses that are not expected to result in
future cash payments. The non-GAAP measures should be considered in
addition to results prepared in accordance with GAAP, but should
not be considered a substitute for or superior to GAAP results. A
limitation of using these non-GAAP financial measures is that these
non-GAAP measures exclude share-based compensation charges that
have been and will continue to be significant recurring expenses in
our business for the foreseeable future. We compensate for these
limitations by providing the relevant disclosure of our share-based
compensation charges in our reconciliations to the GAAP measures.
For more information on the non-GAAP financial measures, please see
the tables captioned "Reconciliation of non-GAAP results of
operations measures to the nearest comparable GAAP measures" set
forth at the end of this release. Vimicro believes that both
management and investors benefit from referring to these non-GAAP
measures in assessing the performance of Vimicro's liquidity and
when planning and forecasting future periods. These non-GAAP
financial measures also facilitate management's internal
comparisons to Vimicro's historical liquidity. Vimicro computes its
non-GAAP financial measures using the same consistent method from
quarter to quarter. The accompanying tables have more details on
the GAAP financial measures that are most comparable to non-GAAP
financial measures and the related reconciliations between
financial measures. Currency Translation This announcement contains
translations of certain RMB amounts into U.S. dollars. Unless
otherwise noted, all translations from RMB to U.S. dollars are
based on the applicable exchange rates quoted by the Bank of China
as of December 31, 2006 and March 31, 2007, depending on the period
discussed (the last business day of the fourth quarter 2006 and the
first quarter of 2007), which were RMB 7.8087 to US$1.00 and RMB
7.7342 to US$1.00, respectively.
http://www.newscom.com/cgi-bin/prnh/20070712/LNTH100 DATASOURCE:
Vimicro International Corporation CONTACT: Ryan Bright, Shelton
Group Investor Relations, +1-972-239-5119 ext. 159, or , for
Vimicro International Corporation Web site: http://www.vimicro.com/
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