BEIJING, Aug. 23 /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 second
quarter of 2007 ended June 30, 2007. (Logo:
http://www.newscom.com/cgi-bin/prnh/20070528/CNM014LOGO ) Second
Quarter of 2007 - (Unaudited) Net revenue in the second quarter of
2007 was $26.5 million as compared to $16.9 million reported in the
first quarter of 2007 and $32.9 million in the second quarter of
2006. Second quarter 2007 net income was $0.2 million, compared
with a net loss of $3.8 million in the first quarter of 2007 and
net income of $1.8 million in the second quarter of 2006. Earnings
per ADS (each representing four ordinary shares) were $0.01,
compared with a loss per ADS of ($0.11) in the first quarter of
2007 and earnings per ADS of $0.05 in the second quarter of 2006.
Non-GAAP net income in the second quarter, which excluded $1.4
million in share-based compensation expense, was $1.6 million
compared to a net loss of $2.5 million in the first quarter of 2007
and net income of $2.6 million in the second quarter of 2006.
Non-GAAP earnings per ADS for the second quarter of 2007 were
$0.04, compared with a loss of ($0.07) in the first quarter of 2007
and earnings per ADS of $0.07 in the second quarter of 2006.
Business Outlook "I am pleased to see the strong pick up in our
results this quarter. Our increased efforts on global sales and
marketing as well as our new R&D initiatives have resulted in
better revenue and net profit," said Dr. John Deng, Chairman and
Chief Executive Officer of Vimicro. "I am positive on the continual
growth of our core PC/Notebook multimedia products as the market
continues to expand. Additionally, we remain excited about the new
multimedia opportunities related to the 3G rollout in China, which
will further drive the long-term growth of Vimicro." Second Quarter
2007 Financial Results Conference Call and Web Cast Vimicro will
host a conference call and Web cast today, August 23, 2007, at 5:00
p.m., Eastern Time, to discuss the Company's second quarter 2007
financial results. Investors and other interested parties may
access the call by dialing 866-356-4279 (or +1-617-597-5394 outside
of the U.S.), with the pass code 21800344, 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 August 30,
2007 at midnight (ET). The replay number is 888-286-8010 with a
pass code of 79542796. 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." Disclosure of Home Country Practice Vimicro
followed home country practice with respect to distribution of
annual reports in 2006 and 2007. Vimicro has posted its annual
reports on http://www.vimicro.com/english/investors.htm and will
send its shareholders a written notice containing the website
address for its annual reports and informing them that upon receipt
of request from any of its shareholders, Vimicro would deliver a
hard copy of the annual report to such shareholder. 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; that multimedia opportunities
associated with the 3G build out in China will make a significant
contribution to our longer-term growth; our ability to increase our
penetration of the PC and notebook multimedia markets; 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 August 23, 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 June 30, 2007, depending on the period discussed (the second
quarter of 2007), which were RMB 7.6155 to US$1.00. Vimicro
International Corporation Consolidated Balance Sheets (Amounts
expressed in thousands of U.S. dollars, except number of share
data) 06/30/07 12/31/06 (unaudited) (audited) Assets Current
assets: Cash 118,003 114,834 Accounts receivable, net 5,324 6,315
Notes receivable 911 2,435 Inventories, net 10,535 11,955
Prepayments and other current assets, net 2,477 3,353 Deferred tax
assets 179 170 Total current assets 137,429 139,062 Investment in
an associated company 150 146 Property, equipment and software, net
10,237 8,498 Other assets 1,855 644 Total assets 149,671 148,350
Liabilities and Shareholders' Equity Current liabilities: Accounts
payable 6,540 5,379 Taxes payable 1,095 1,500 Advances from
customers 77 246 Due to an associated company 56 56 Accrued
expenses and other current liabilities 6,474 6,072 Deferred grants
269 210 Total current liabilities 14,511 13,463 Non-current
liabilities: Deferred tax liabilities 30 30 Total liabilities
14,541 13,493 Shareholders' equity: Ordinary shares, $.0001 par
value. 140,026,937 and 139,782,585 shares issued and outstanding as
of June 30, 2007 and December 31, 2006, respectively 14 14
Additional paid-in capital 134,202 131,449 Deferred stock-based
compensation -- -- Accumulated other comprehensive income (loss)
3,137 1,987 Accumulated deficit (4,955) (1,325) Statutory reserve
2,732 2,732 Total shareholders' equity 135,130 134,857 Total
liabilities, redeemable convertible preferred shares and
shareholders' equity 149,671 148,350 Vimicro International
Corporation Consolidated Statements of Income (Amounts expressed in
thousands of U.S. dollars, except number of share data) 2007 2Q
2007 1Q 2006 2Q (unaudited) (unaudited) (unaudited) Net revenue
26,496 16,880 32,864 Cost of revenue (18,416) (11,633) (22,485)
Gross profit 8,080 5,247 10,379 Operating expenses* Research and
development, net (5,019) (5,708) (3,849) Sales and marketing
(1,169) (1,394) (1,434) General and administrative (2,557) (2,776)
(4,061) Income (loss) from operations (665) (4,631) 1,035 Other
income (expense): Interest income 1,065 1,096 1,100 Others, net
(147) (353) (127) Income(loss) before income taxes and share of
loss of associated company and minority interest 253 (3,888) 2,008
Income taxes expense (48) 53 (221) Net income (loss) before share
of loss of associated company and minority interest 205 (3,835)
1,787 Share of loss of associated company, net of tax -- -- (1) Net
income (loss) before minority interest 205 (3,835) 1,786 Net income
(loss) 205 (3,835) 1,786 Other comprehensive income (loss): Foreign
currency translation adjustment 697 453 113 Comprehensive income
(loss) 902 (3,382) 1,899 Income (loss) per share -Basic 0.00 (0.03)
0.01 -Diluted 0.00 (0.03) 0.01 Income (loss) per ADS -Basic 0.01
(0.11) 0.05 -Diluted 0.01 (0.11) 0.05 Weighted average number of
ordinary shares outstanding -Basic 139,507,099 139,435,920
136,915,297 -Diluted 143,126,310 139,435,920 148,648,334 Weighted
average number of ADS outstanding -Basic 34,876,775 34,858,980
34,228,824 -Diluted 35,781,578 34,858,980 37,162,083 *Components of
share- based compensation expenses are included in the following
expense captions: Research and development (693) (682) (573) Sales
and marketing (191) (206) (205) General and administrative (502)
(448) (54) Total (1,385) (1,336) (832) Reconciliations of non-GAAP
results of operations measures to the nearest comparable GAAP
measures (*) (Amounts expressed in thousands of U.S. dollars,
except per share data, unaudited) Three months ended Three months
ended June 30, 2007 March 31, 2006 GAAP Adjust Non-GAAP GAAP Adjust
Non-GAAP Result ment Results Result ment Results Income (Loss) from
operations (665) 1,385 720 (4,631) 1,336 (3,295) Net income (loss)
205 1,385 1,590 (3,835) 1,336 (2,499) Diluted income (loss) per ADS
0.01 0.03 0.04 (0.11) 0.04 (0.07) Three months ended June 30, 2006
GAAP Adjustment Non-GAAP Result Results Income (Loss) from
operations 1,035 832 1,867 Net income (loss) 1,786 832 2,618
Diluted income (loss) per ADS 0.05 0.02 0.07 (*) The adjustment is
to exclude non-cash for share-based compensation for employees and
non-employees. For further information about Vimicro, please
contact: Shelton Group Investor Relations Ryan Bright Tel:
+1-972-239-5119 x159 Email:
http://www.newscom.com/cgi-bin/prnh/20070528/CNM014LOGO DATASOURCE:
Vimicro International Corporation CONTACT: Investor Contact - Ryan
Bright of 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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