Vimicro Announces Preliminary Results for the Third Quarter of 2008 and Stock Repurchase Plan
24 10월 2008 - 9:00PM
PR Newswire (US)
BEIJING, Oct. 24 /Xinhua-PRNewswire-FirstCall/ -- Vimicro
International Corporation (NASDAQ:VIMC), a leading fabless
semiconductor company that designs and develops multimedia
semiconductor products and solutions, today announced preliminary
financial results for the third quarter of 2008 as well as the
approval of a stock repurchase plan by the Company's Board of
Directors. (Logo:
http://www.newscom.com/cgi-bin/prnh/20070528/CNM014LOGO ) For the
three months ended September 30, 2008 the Company expects net
revenue to be approximately $ 24.9 million, which is at the
high-end of the Company's previously announced guidance range of
$21 million to $25 million. The Company also announced that for the
third quarter of 2008 it expects a non-GAAP net income of
approximately $0.3 million, or diluted earnings per ADS (each
representing four ordinary shares) of approximately $0.01, and a
GAAP net loss of approximately $1.1 million, or diluted loss per
ADS of approximately $0.03. Additionally, the Company announced
that its Board of Directors has approved a stock repurchase plan by
which Vimicro may repurchase up to $25 million of its American
Depository Shares (ADSs). The transactions will be made at prices
the Company deems to be attractive and may be made in the open
market or in privately negotiated transactions as permitted by and
in accordance with the applicable law, including Rule 10b-18 under
the U.S. Securities Exchange Act of 1934. The plan does not
obligate Vimicro to acquire any particular number of ADSs, may be
suspended at any time at Vimicro's discretion and is subject to a
number of factors including market conditions and applicable legal
requirements. Vimicro plans to report its third quarter 2008
financial results on or about November 5, 2008 following the close
of the market. Details regarding the conference call to discuss the
Company's third quarter results will be distributed via separate
press release. 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 October 24, 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, including non-GAAP net income and non-GAAP
diluted net 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 our
third quarter 2008 financial results when the results are released.
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 September 30, 2008,
which was RMB 6.8183 to US$1.00. For further information about
Vimicro, please contact: Investor Contact: Emilie Deng Investor
Relations Manager Tel: +86-10-6894-8888 x7143 Email: Shelton Group
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: Emilie
Deng, Investor Relations Manager, +86- 10-6894-8888 x7143, or ; Or
Ryan Bright of Shelton Group, +1-972-239-5119 x159, or Web site:
http://www.vimicro.com/
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