UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2008
Commission File Number: 000-51606
VIMICRO INTERNATIONAL CORPORATION
15/F Shining Tower
No. 35 Xueyuan Road, Haidian District
Beijing 100083, Peoples Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F
X
Form
40-F
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes
No
X
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b): 82-
N/A
VIMICRO INTERNATIONAL CORPORATION
Form 6-K
TABLE OF CONTENTS
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
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VIMICRO INTERNATIONAL CORPORATION
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By:
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/s/ John Zhonghan Deng
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Name:
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John Zhonghan Deng
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Title:
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Chairman and Chief Executive Officer
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Date: October 24, 2008
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Exhibit 99.1
Vimicro Announces Preliminary Results for the Third Quarter of 2008
and Stock
Repurchase Plan
Beijing, China October 24, 2008
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 Companys
Board of Directors.
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 Companys 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 Vimicros 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 Companys 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. Vimicros 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 Vimicros 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 Vimicros 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
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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 companys 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
Phone: (+8610) 6894.8888 x
7143
denglifan@vimicro.com
Shelton Group
Ryan Bright
972.239.5119 ext. 159
rbright@sheltongroup.com
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