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 August 2010
Commission File Number: 000-51606
VIMICRO
INTERNATIONAL CORPORATION
15/F Shining Tower
No. 35 Xueyuan Road, Haidian District
Beijing 100191, 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
2
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
/ J
OHN
Z
HONGHAN
D
ENG
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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: August 11, 2010
3
Exhibit 99.1
Vimicro Reports Second Quarter 2010 Financial Results
BEIJING August 10, 2010 Vimicro International Corporation (NASDAQ: VIMC) (Vimicro), a leading multimedia semiconductor and
solution provider, today announced financial results for the second quarter ended June 30, 2010.
Second Quarter 2010
Net revenue in the second quarter of 2010 was $26.4 million, above the Companys guidance of $24 million to $26 million and an increase of 31%
compared to $20.1 million in the first quarter of 2010 and 41% from the $18.7 million in the second quarter of 2009. The growth in revenue reflects increases in demand for the Companys notebook camera processor and mobile multimedia products.
Gross margin improved to 34.3% compared to 33.6% in the previous quarter driven by continued strength in notebook products and a favorable mix of higher margin mobile products.
Dr. John Deng, Vimicros Chairman and Chief Executive Officer, commented, Vimicros revenue growth in the quarter reflects increased
volume for the Companys notebook and mobile product lines with shipments in our notebook segment increasing 30% from our tier-one global brand customers. In addition, revenue from our TD-SCDMA based 3G mobile multimedia processors increased
over last quarter as we continue to ramp shipments of higher ASP products in this segment. Also during the quarter, our gross margin further improved driven by increased sales of our higher margin products.
Second quarter 2010 net loss, prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP),
was $4.3 million, which included $0.9 million in share-based compensation expense and $1.0 million IP/Software purchase expense. After excluding loss attributable to non-controlling interest, net loss attributed to Vimicro was $2.8 million
in the second quarter, or $0.08 loss per ADS (each representing four ordinary shares), compared to a net loss of $4.4 million, or $0.12 loss per ADS, in the first quarter of 2010.
Dr. Deng concluded, As we look to the second half of the year, we expect continued strong demand for notebook embedded camera products and
mobile multimedia products. In the surveillance market, we are well positioned to benefit from new product cycles. We expect our surveillance business to expand as projects that are currently in the bidding process materialize, and we begin
delivering on potential opportunities under the governments Peace City initiatives. We look forward to further growth and achieving profitability as the Company expands our penetration of these large and growing markets.
Business Outlook
For the third quarter
of 2010, the Company expects revenue to range between $27 million and $31 million, representing 31.7% to 51.2% growth over the $20.5 million reported in the third quarter of 2009, and 2.4% to 17.6% sequential growth over the second quarter.
Financial Results Conference Call and Webcast
Vimicro will host a conference call and Webcast August 10, 2010 at 6:30 p.m. Eastern Time to discuss the Companys recent results. Investors and
other interested parties may access the call by dialing 866-730-5769 (or +1-857-350-1593 outside of the U.S.) with the pass code 67825167, at least 10 minutes prior to the start of the call.
4
In addition, an audio Webcast will be available in the Investor Relations section of the Companys Web
site at http://www.vimicro.com. Following the live Webcast, an archived version will be available on the Companys Web site. A telephone replay of the call will also be available approximately two hours after the call and will be available
until August 17, 2010 at midnight (ET). The replay number is 888-286-8010 with a pass code of 52640454. 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 leading multimedia semiconductor and solution provider that designs, develops and markets
mixed-signal semiconductor products and system-level solutions that enable multimedia capabilities in a variety of products for the consumer electronics and communications markets. Vimicro is also expanding business into the surveillance market with
system-level solutions and semiconductor products. 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 forward-looking statement, including but not limited to the following:
the companys ability to develop and sell new mobile multimedia products; the expected growth of the mobile multimedia market; the companys ability to increase sales of notebook camera multimedia processors; the companys ability to
retain existing customers and acquire new customers and respond to competitive market conditions; the companys ability to respond in a timely manner to the evolving multimedia market and changing consumer preferences and industry standards and
to stay abreast of technological changes; the companys ability to secure sufficient foundry capacity in a timely manner; the companys ability to effectively protect its intellectual property and the risk that it may infringe on the
intellectual property of others; and cyclicality of the semiconductor industry. Further information regarding these and other risks is included in Vimicros 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 the date hereof, and Vimicro undertakes no duty to update such information,
except as required under applicable law.
5
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 attributed to Vimicro International Corporation 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 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 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 Vimicros
liquidity and when planning and forecasting future periods. These non-GAAP financial measures also facilitate managements internal comparisons to Vimicros 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, 2010, which was RMB 6.7909 to $1.00.
For further information about Vimicro, please contact:
Investor Contacts:
Jack Guo, Vice
President of Investor Relations
Phone: +86-10-6894-8888 ext. 7379
Email: jackguo@vimicro.com
Shelton Group
Investor Relations
Leanne K. Sievers, EVP
Phone: 949-224-3874
Email:
lsievers@sheltongroup.com
6
Vimicro International Corporation
Consolidated Balance Sheets
(Amounts
expressed in thousands of U.S. dollars, except number of share data)
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6/30/2010
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12/31/2009
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(unaudited)
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(audited)
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Assets
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Current assets:
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Cash and cash equivalents
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60,354
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84,510
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Short-term time deposits
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44,177
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43,935
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Restricted cash
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869
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132
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Marketable equity securities
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819
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543
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Accounts receivable, net of provision for doubtful accounts
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11,638
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9,462
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Inventories
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16,739
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8,804
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Prepayments and other current assets
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5,322
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4,155
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Deferred tax assets
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3
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3
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Total current assets
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139,921
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151,544
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Property, equipment and software, net
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9,047
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9,015
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land use rights
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20,291
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10,905
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Intangible assets, net
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3,348
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3,819
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Goodwill
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2,031
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2,019
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Other assets
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968
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973
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|
|
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Total assets
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175,606
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178,275
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Liabilities and Shareholders Equity
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Current liabilities:
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Accounts payable
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7,975
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4,958
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Notes payable
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|
386
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|
|
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Taxes payable
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|
1,226
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|
|
879
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|
Advances from customers
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|
571
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|
649
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Accrued expenses and other current liabilities
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4,927
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|
|
5,900
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Deferred government grants
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2,761
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3,844
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|
|
|
|
|
|
|
|
Total current liabilities
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|
17,846
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16,230
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Non-Current liabilities:
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|
|
|
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Deferred tax liabilities
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99
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196
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Product warranty
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|
49
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|
25
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|
|
|
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|
|
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Total liabilities
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17,994
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16,451
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Shareholders equity:
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Ordinary shares, $0.0001 par value, 500,000,000 shares authorized, 147,724,068 and 147,643,168 shares issued and outstanding as
of June 30, 2010 and December 31, 2009, respectively
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15
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15
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Additional paid-in capital
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154,390
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151,672
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Treasury stock
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(2,664
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)
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(2,664
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)
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Accumulated other comprehensive income
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10,549
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|
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9,967
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Accumulated deficit
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|
(42,989
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)
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(35,786
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)
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Statutory reserve
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2,782
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2,782
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|
|
|
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Total shareholders equity attributable to Vimicro International Corporation
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122,083
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125,986
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Noncontrolling interest
|
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35,529
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|
|
35,838
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|
|
|
|
|
|
|
|
Total shareholders equity
|
|
157,612
|
|
|
161,824
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders equity
|
|
175,606
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|
|
178,275
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|
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7
Vimicro International Corporation
Consolidated Statement Of Operations And Comprehensive Income
(Amounts expressed in thousands of U.S. dollars, except number of share data)
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|
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2010 Q2
|
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2010 Q1
|
|
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2009 Q2
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
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(unaudited)
|
|
Net revenue
|
|
26,368
|
|
|
20,110
|
|
|
18,717
|
|
Cost of revenue
|
|
(17,314
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)
|
|
(13,351
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)
|
|
(13,393
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)
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
9,054
|
|
|
6,759
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|
|
5,324
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|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Research and development, net
|
|
(8,801
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)
|
|
(8,750
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)
|
|
(7,371
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)
|
Selling and marketing
|
|
(1,969
|
)
|
|
(1,457
|
)
|
|
(1,129
|
)
|
General and administrative
|
|
(3,161
|
)
|
|
(3,208
|
)
|
|
(6,019
|
)
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
(13,931
|
)
|
|
(13,415
|
)
|
|
(14,519
|
)
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
(4,877
|
)
|
|
(6,656
|
)
|
|
(9,195
|
)
|
|
|
|
|
Other income/(expense):
|
|
|
|
|
|
|
|
|
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Interest income
|
|
292
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|
|
309
|
|
|
387
|
|
Foreign exchange (loss)/gain, net
|
|
54
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|
|
(35
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)
|
|
2
|
|
Gain on disposal of available-for-sale securities
|
|
|
|
|
|
|
|
512
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|
Others, net
|
|
750
|
|
|
861
|
|
|
53
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes
|
|
(3,781
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)
|
|
(5,521
|
)
|
|
(8,241
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)
|
|
|
|
|
Income taxes expense
|
|
(518
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)
|
|
(172
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
(4,299
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)
|
|
(5,693
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)
|
|
(8,241
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)
|
|
|
|
|
|
|
|
|
|
|
Less: (loss)/income attributable to non-controlling interest
|
|
(1,504
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)
|
|
(1,285
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)
|
|
135
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|
|
|
|
|
|
|
|
|
|
|
Loss attributed to Vimicro International Corporation
|
|
(2,795
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)
|
|
(4,408
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)
|
|
(8,376
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)
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment
|
|
458
|
|
|
33
|
|
|
73
|
|
Unrealized gain on marketable equity securities
|
|
263
|
|
|
13
|
|
|
315
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss
|
|
(3,578
|
)
|
|
(5,647
|
)
|
|
(7,853
|
)
|
Less: comprehensive (loss)/income attributable to non-controlling interest
|
|
(1,319
|
)
|
|
(1,285
|
)
|
|
188
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss attributable to Vimicro International Corporation
|
|
(2,259
|
)
|
|
(4,361
|
)
|
|
(8,041
|
)
|
|
|
|
|
|
|
|
|
|
|
Loss per share
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(0.02
|
)
|
|
(0.03
|
)
|
|
(0.06
|
)
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
(0.02
|
)
|
|
(0.03
|
)
|
|
(0.06
|
)
|
|
|
|
|
|
|
|
|
|
|
Loss per ADS
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(0.08
|
)
|
|
(0.12
|
)
|
|
(0.24
|
)
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
(0.08
|
)
|
|
(0.12
|
)
|
|
(0.24
|
)
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
147,690,245
|
|
|
147,657,701
|
|
|
138,706,574
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
147,690,245
|
|
|
147,657,701
|
|
|
138,706,574
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ADS outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
36,922,561
|
|
|
36,914,425
|
|
|
34,676,643
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
36,922,561
|
|
|
36,914,425
|
|
|
34,676,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components of share-based compensation expenses
are included in the following expense captions:
|
|
|
|
|
|
|
|
|
|
R&D
|
|
(422
|
)
|
|
(532
|
)
|
|
(1,634
|
)
|
S&M
|
|
(50
|
)
|
|
(56
|
)
|
|
(70
|
)
|
G&A
|
|
(477
|
)
|
|
(575
|
)
|
|
(3,963
|
)
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
(949
|
)
|
|
(1,163
|
)
|
|
(5,667
|
)
|
8
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,
2010
|
|
|
Three months ended
March 31,
2010
|
|
|
Three months ended
June 30,
2009
|
|
|
|
GAAP
Result
|
|
|
Adjustment
|
|
Non-GAAP
Results
|
|
|
GAAP
Result
|
|
|
Adjustment
|
|
Non-GAAP
Results
|
|
|
GAAP
Result
|
|
|
Adjustment
|
|
Non-GAAP
Results
|
|
Loss from operations
|
|
(4,877
|
)
|
|
949
|
|
(3,928
|
)
|
|
(6,656
|
)
|
|
1,163
|
|
(5,493
|
)
|
|
(9,195
|
)
|
|
5,667
|
|
(3,528
|
)
|
Loss attributed to Vimicro International Corporation
|
|
(2,795
|
)
|
|
949
|
|
(1,846
|
)
|
|
(4,408
|
)
|
|
1,163
|
|
(3,245
|
)
|
|
(8,376
|
)
|
|
5,667
|
|
(2,709
|
)
|
Diluted loss per ADS
|
|
(0.08
|
)
|
|
0.03
|
|
(0.05
|
)
|
|
(0.12
|
)
|
|
0.03
|
|
(0.09
|
)
|
|
(0.24
|
)
|
|
0.16
|
|
(0.08
|
)
|
(*)
|
The adjustment is to exclude non-cash for share-based compensation for employees and non-employees.
|
9
(MM) (NASDAQ:VIMC)
과거 데이터 주식 차트
부터 9월(9) 2024 으로 10월(10) 2024
(MM) (NASDAQ:VIMC)
과거 데이터 주식 차트
부터 10월(10) 2023 으로 10월(10) 2024