BEIJING, July 29 /Xinhua-PRNewswire-FirstCall/ -- Vimicro
International Corporation (NASDAQ:VIMC), a leading fabless
semiconductor company that designs and develops multimedia
semiconductor products and solutions, today announced financial
results for the second quarter ended June 30, 2008. (Logo:
http://www.newscom.com/cgi-bin/prnh/20070528/CNM014LOGO ) Second
Quarter 2008 Financial Results (Unaudited) Net revenue in the
second quarter of 2008 was $23.1 million as compared to $16.2
million reported in the first quarter of 2008 and $26.5 million in
the second quarter of 2007. Non-GAAP net income in the second
quarter of 2008, which excluded $1.3 million in share-based
compensation expense, was $0.3 million, compared to a net loss of
$1.4 million in the first quarter of 2008 and net income of $1.6
million in the second quarter of 2007. Non-GAAP diluted earnings
per ADS (each representing four ordinary shares) for the second
quarter of 2008 were $0.01, compared with a loss per ADS of $0.04
in the first quarter of 2008 and earnings per ADS of $0.04 in the
second quarter of 2007. Net loss in the second quarter of 2008,
prepared in accordance with U.S. Generally Accepted Accounting
Principles (GAAP), was $1.0 million, compared with a net loss of
$3.2 million in the first quarter of 2008 and net income of $0.2
million in the second quarter of 2007. Diluted loss per ADS was
$0.03 in the second quarter of 2008, compared with a loss per ADS
of $0.09 in the first quarter of 2008 and earnings per ADS of $0.01
in the second quarter of 2007. "Our second quarter 2008 results
reflect a significant increase in unit shipments but a slight
decline in average selling prices sequentially," commented Dr. John
Deng, Vimicro's Chairman and Chief Executive Officer. 'Looking
forward, we have a good opportunity to grow on several market
trends both within our existing markets of PC and Notebook Cameras
and Mobile Multimedia, as well as the surveillance market for which
we have invested heavily in R&D. We look forward to a return to
growth in the near future, as we anticipate that many of our recent
design wins will result in revenue growth opportunities when our
customers' products are released to the market.' Business Outlook
For the third quarter of 2008, Vimicro expects revenue to range
between $21 million and $25 million. Second Quarter 2008 Financial
Results Conference Call and Web Cast Vimicro will host a conference
call and Web cast today, July 29, 2008, at 5:30 p.m., Eastern Time,
to discuss the Company's second quarter 2008 financial results.
Investors and other interested parties may access the call by
dialing 800-798-2801 (or +617-614-6205 outside of the U.S.), with
the pass code 89521625, 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 5, 2008 at
midnight (ET). The replay number is 888-286-8010 with a pass code
of63044768. International callers should dial +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; 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 July 29, 2008, 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 (loss)/income from operations,
non-GAAP net (loss)/income and non-GAAP diluted net (loss)/income
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 rate quoted by the Bank of China
as of June 30, 2008, which was RMB 6.8591 to US$1.00. Vimicro
International Corporation Consolidated Balance Sheets (Amounts
expressed in thousands of U.S. dollars, except number of share
data) 06/30/08 12/31/07 (unaudited) (audited) Assets Current
assets: Cash and cash equivalents 115,520 116,958 Accounts
receivable, net 6,392 5,842 Notes receivable -- 297 Inventories
15,073 13,443 Prepayments and other current assets 3,192 2,898
Deferred tax assets 301 283 Total current assets 140,478 139,721
Investment in an associate 168 157 Property, equipment and
software, net 8,619 8,249 Land use rights 7,349 4,939 Other assets
975 965 Total assets 157,589 154,031 Liabilities and Shareholders'
Equity Current liabilities: Accounts payable 8,191 7,853 Taxes
payable 1,180 1,226 Advances from customers 314 154 Due to an
associate 60 60 Accrued expenses and other current liabilities
3,801 3,510 Deferred grants 144 -- Total current liabilities 13,690
12,803 Non-current liabilities: Deferred tax liabilities 26 26
Total liabilities 13,716 12,829 Commitments and contingencies
Shareholders' equity: Ordinary shares, $.0001 par value.
140,942,614 and 140,301,378 shares issued and outstanding as of
June 30, 2008 and December 31, 2007, respectively 14 14 Additional
paid-in capital 139,490 136,418 Accumulated other comprehensive
income 9,243 5,367 Accumulated deficit (7,656) (3,379) Statutory
reserve 2,782 2,782 Total shareholders' equity 143,873 141,202
Total liabilities and shareholders' equity 157,589 154,031 Vimicro
International Corporation Consolidated Statements of Operations and
Comprehensive Income (Amounts expressed in thousands of U.S.
dollars, except number of share data) 2008 Q2 2008 Q1 2007 Q2
(unaudited) (unaudited) (unaudited) Net revenue 23,145 16,234
26,496 Cost of revenue (16,425) (11,108) (18,416) Gross profit
6,720 5,126 8,080 Operating expenses*: Research and development,
net (4,840) (5,668) (5,019) Selling and marketing (1,108) (1,126)
(1,169) General and administrative (2,777) (2,963) (2,557) Loss
from operations (2,005) (4,631) (665) Other income/ (expense):
Interest income 609 772 1,065 Others, net 347 631 (147) (Loss)/
income before income taxes (1,049) (3,228) 253 Income taxes expense
-- -- (48) Net (loss)/ income (1,049) (3,228) 205 Other
comprehensive income: Foreign currency translation adjustment 1,484
2,392 697 Comprehensive income/ (loss) 435 (836) 902 (Loss)/income
per share -- Basic (0.01) (0.02) 0.00 -- Diluted (0.01) (0.02) 0.00
(Loss)/ income per ADS -- Basic (0.03) (0.09) 0.01 -- Diluted
(0.03) (0.09) 0.01 Weighted-average number of ordinary shares
outstanding -- Basic 140,660,796 140,059,154 139,507,099 -- Diluted
140,660,796 140,059,154 143,126,310 Weighted-average number of ADS
outstanding -- Basic 35,165,199 35,014,788 34,876,775 -- Diluted
35,165,199 35,014,788 35,781,578 * Components of share- based
compensation expenses Research and development, net (603) (700)
(693) Selling and marketing (208) (261) (191) General and
administrative (501) (835) (502) 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 June 30, 2008
GAAP Adjustment Non-GAAP Result Results (Loss)/ income from
operations (2,005) 1,312 (693) Net (loss)/ income (1,049) 1,312 263
Diluted (loss)/ income per ADS (0.03) 0.04 0.01 Three months ended
March 31, 2008 GAAP Adjustment Non-GAAP Result Results (Loss)/
income from operations (4,631) 1,796 (2,835) Net (loss)/ income
(3,228) 1,796 (1,432) Diluted (loss)/ income per ADS (0.09) 0.05
(0.04) Three months ended June 30, 2007 GAAP Adjustment Non-GAAP
Result Results (Loss)/ income from operations (665) 1,385 720 Net
(loss)/ income 205 1,385 1,590 Diluted (loss)/ income per ADS 0.01
0.03 0.04 (*) The adjustment is to exclude non-cash for share-based
compensation for employees and non-employees. For further
information about Vimicro, please contact: Investor 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 - Shelton Group Investor Relations, Ryan Bright,
+1-972-239-5119 x159, or Web site: http://www.vimicro.com/
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