BEIJING, June 13, 2012 /PRNewswire-Asia-FirstCall/ --
Vimicro International Corporation (NASDAQ: VIMC) ("Vimicro" or the
"Company"), a leading PC-camera processor and IP-based surveillance
solution provider, today announced the results for the first
quarter ended March 31, 2012.
(Logo:
http://photos.prnewswire.com/prnh/20070528/CNM014LOGO)
First-Quarter 2012 Results
Net revenue in the first quarter of 2012 was $11.6 million, as compared to net revenue from
continuing operations of $12.1
million in the first quarter and $16.4 million in the fourth quarter, both of
2011. (Results for 2011 have been adjusted for continuing
operations to reflect the divestiture of the mobile-phone
multimedia processor business, which was completed in the fourth
quarter of 2011.) The 4.1% year-over-year revenue decrease
was due to lower revenues in the PC/notebook business due to
product mix, slightly offset by modestly higher revenues in the
surveillance business year over year.
Gross profit in the first quarter was $3.5 million, as compared with $4.1 million in the year-ago quarter. The
gross margin in the first quarter was 30.6%, compared with 33.6% in
the year-ago quarter, owing to price declines in both segments.
Operating expenses in the first quarter of 2012 were
$9.0 million, as compared to
$10.7 million in the year-ago
quarter. Operating expenses decreased year-over-year due to
the success of the Company's cost-reduction program. The non-GAAP
net loss attributable to Vimicro International Corporation, was
$3.5 million, or approximately
$0.10 per ADS, as compared to a loss
attributable to Vimicro of $2.4
million, or $0.07 per ADS from
continuing operations in the year-ago quarter.
As of March 31, 2012, the Company
had cash and cash equivalents of approximately $24.8 million, held-to-maturity securities of
$13.3 million, and restricted cash of
$8.6 million, totaling $46.7 million. Total current assets were
approximately $95.6 million, and
Vimicro had working capital of approximately $65.8 million and $1.1
million of notes payable and $4.8
million of long-term bank loans on its balance sheet, as of
March 31, 2012.
Dr. John Deng, Vimicro's Chairman
and Chief Executive Officer, commented, "In the first quarter, we
began to see the early results of the business adjustments we have
made over the past two years and the cost reductions we have put in
place. Our PC/camera business has stabilized, and we are
encouraged by growth in our surveillance business alongside the
China Ministry of Public Security's endorsement of the SVAC
standard. We believe China's "Safe
City Projects" will adopt the SVAC standard with the Fuzhou
Municipal Government being the first one."
Summary of Full-Year and Fourth-Quarter 2011
Results
Total net revenue in the fourth quarter of 2011, including
continuing and discontinued operations, was $22.0 million, which was in the guidance range of
$22 to $25 million provided in the
third-quarter earnings release.
Results for 2010 and 2011 have been adjusted for continuing
operations to reflect the divestiture of the mobile-phone
multimedia processor business, which was completed in the fourth
quarter. Revenues for full-year 2011 from continuing operations
were $63.7 million, as compared to
$76.5 million in 2010. Although
our surveillance business grew more than 100% in 2011 with revenue
increased from $7.8 million to
$16.8 million, due to weak economic
environment worldwide and the corresponding decreases in our PC
camera business, our revenue for 2011 declined by 16.7%.
The loss attributable to Vimicro from continuing operations in
2011 was $15.6 million or
$0.43 per ADS, of which $6.6 million was related with asset impairment
charges or approximately $0.18 per
ADS.
Business Outlook
For the second quarter of 2012, Vimicro expects revenues to
increase approximately 40% from the first quarter of 2012. As
a result of the Company's continued cost reduction efforts, Vimicro
expects a non-GAAP net loss attributable to Vimicro Corporation to
be around $1.5 million for the second
quarter of 2012.
First-Quarter Earnings Release and Conference Call
Information
The Company plans to release its first-quarter 2012 results on
Wednesday, June 13 before the market
opens. The Company will also hold a conference call at
8:00 a.m. EDT on Wednesday, June 13, 2012, to discuss results for
its first quarter ended March 31,
2012.
To participate in the conference call, please dial one of the
following numbers five to ten minutes prior to the scheduled
conference call time: (800) 573-4752 or (617) 224-4324. The
conference call ID number is 93752723.
If you are unable to participate in the call at this time, a
replay will be available starting on Wednesday, June 13, 2012 at 10:00 a.m. Eastern Daylight Time, through
11:59 p.m. Eastern Daylight Time Wednesday,
June 20, 2012. To access the replay, dial (888) 286-8010 or
(617) 801-6888. The conference call ID number is 23604276.
This conference call will also be broadcast live over the
Internet and can be accessed by all interested parties by clicking
on http://www.media-server.com/m/p/r4rx5636. Please access the link
at least fifteen minutes prior to the start of the call to
register, download, and install any necessary audio software.
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 PC/Notebook, consumer electronics and surveillance
markets. Vimicro is aggressively expanding business into the
surveillance market with system-level solutions and semiconductor
products to capitalize on China's
domestic demand. 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: the company's ability to develop and sell
new mobile multimedia products; the expected growth of the mobile
multimedia market; the company's ability to increase sales of
notebook camera multimedia processors; the company's ability to
retain existing customers and acquire new customers and respond to
competitive market conditions; the company's 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 company's ability to secure sufficient
foundry capacity in a timely manner; the company's 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 Vimicro's 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.
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, inventory reserves related to divested
assets and discontinued operations. 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 which
was RMB 6.3009 to $1.00 on
December 31, 2011, and RMB 6.2943 to $1.00 on March 31, 2012.
Financial tables follow –
Vimicro
International Corporation
|
|
|
|
|
|
|
Consolidated Balance Sheets
|
|
|
|
|
|
|
(Amounts
expressed in thousands of U.S. dollars, except number of share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/2012
|
|
12/31/2011
|
|
12/31/2010
|
|
|
(unaudited)
|
|
(audited)
|
|
(audited)
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
24,800
|
|
49,227
|
|
69,491
|
Short-term time
deposits
|
|
-
|
|
-
|
|
12,380
|
Held-to-maturity
securities
|
|
13,345
|
|
-
|
|
-
|
Restricted cash
|
|
8,598
|
|
3,520
|
|
4,958
|
Marketable equity
securities
|
|
-
|
|
-
|
|
1,436
|
Accounts and notes
receivable, net of provision for doubtful accounts of
$418,$1,822 and $2,069 as of
December 31, 2010, December 31, 2011 and
March 31, 2012,
respectively
|
|
17,138
|
|
17,895
|
|
18,647
|
Amounts due from related
party
|
|
5,799
|
|
4,831
|
|
10,465
|
Inventories
|
|
20,748
|
|
18,734
|
|
13,751
|
Prepayments and other
current assets, net of provision for doubtful
accounts of $18, $162 and $181
as of December 31, 2010, December 31,
2011 and March 31, 2012,
respectively
|
|
4,861
|
|
4,057
|
|
4,191
|
Deferred tax
assets
|
|
356
|
|
356
|
|
2
|
Total current assets
|
|
95,645
|
|
98,620
|
|
135,321
|
Investment
in an unconsolidated affiliate
|
|
1,515
|
|
1,520
|
|
87
|
Property,
equipment and software, net
|
|
14,163
|
|
14,266
|
|
9,600
|
Land use
rights
|
|
21,434
|
|
21,488
|
|
20,703
|
Intangible
assets, net
|
|
-
|
|
-
|
|
2,929
|
Goodwill
|
|
-
|
|
-
|
|
2,082
|
Deferred
tax assets-non current
|
|
112
|
|
112
|
|
-
|
Other
assets
|
|
1,292
|
|
1,291
|
|
1,203
|
Total assets
|
|
134,161
|
|
137,297
|
|
171,925
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
8,606
|
|
9,280
|
|
7,378
|
Notes payable
|
|
1,064
|
|
1,013
|
|
30
|
Amounts due to related
party
|
|
964
|
|
963
|
|
4,848
|
Taxes payable
|
|
1,370
|
|
1,209
|
|
1,001
|
Advances from
customers
|
|
2,359
|
|
1,916
|
|
291
|
Accrued expenses and other
current liabilities
|
|
7,206
|
|
8,333
|
|
7,613
|
Deferred government
grant
|
|
8,254
|
|
5,910
|
|
4,550
|
Total current liabilities
|
|
29,823
|
|
28,624
|
|
25,711
|
Non-Current liabilities:
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
33
|
|
33
|
|
40
|
Product warranty
|
|
328
|
|
300
|
|
142
|
Long-term bank
loan
|
|
4,763
|
|
-
|
|
-
|
Total liabilities
|
|
34,947
|
|
28,957
|
|
25,893
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
Ordinary shares,$0.0001
par value, 500,000,000 shares authorized,
147,135,996,
139,953,296 and 127,743,748 shares issued and
outstanding as of
December 31, 2010, December 31, 2011 and March
31, 2012,
respectively
|
|
15
|
|
15
|
|
15
|
Additional paid-in
capital
|
|
159,059
|
|
158,879
|
|
156,415
|
Treasury stock
|
|
(10,309)
|
|
(6,490)
|
|
(3,836)
|
Accumulated other
comprehensive income
|
|
12,865
|
|
12,850
|
|
12,383
|
Accumulated
deficit
|
|
(86,306)
|
|
(82,630)
|
|
(54,430)
|
Statutory reserve
|
|
2,782
|
|
2,782
|
|
2,782
|
Total shareholders' equity attributable to Vimicro International
Corporation
|
|
78,106
|
|
85,406
|
|
113,329
|
Non-controlling
interest
|
|
21,108
|
|
22,934
|
|
32,703
|
Total shareholders' equity
|
|
99,214
|
|
108,340
|
|
146,032
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
134,161
|
|
137,297
|
|
171,925
|
Vimicro
International Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement Of Operations And
Comprehensive Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts expressed in thousands of U.S. dollars,
except number of shares and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Q1
|
|
2011 Q4
|
|
2011 Q3
|
|
2011 Q1
|
|
2010 Q4
|
|
FY2011
|
|
FY2010
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
|
(audited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
|
11,570
|
|
16,427
|
|
20,917
|
|
12,112
|
|
21,325
|
|
63,656
|
|
76,459
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
(8,027)
|
|
(10,784)
|
|
(14,665)
|
|
(8,046)
|
|
(15,357)
|
|
(42,932)
|
|
(51,117)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
3,543
|
|
5,643
|
|
6,252
|
|
4,066
|
|
5,968
|
|
20,724
|
|
25,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development, net
|
|
(3,482)
|
|
(5,097)
|
|
(5,722)
|
|
(4,831)
|
|
(5,051)
|
|
(21,326)
|
|
(19,641)
|
Selling
and marketing
|
|
(2,476)
|
|
(2,894)
|
|
(3,445)
|
|
(2,816)
|
|
(1,993)
|
|
(12,836)
|
|
(6,221)
|
General
and administrative
|
|
(3,041)
|
|
(3,727)
|
|
(3,009)
|
|
(3,046)
|
|
(3,130)
|
|
(12,735)
|
|
(9,491)
|
Assets
impairment
|
|
-
|
|
(6,599)
|
|
-
|
|
-
|
|
-
|
|
(6,599)
|
|
-
|
Total
operating expenses
|
|
(8,999)
|
|
(18,317)
|
|
(12,176)
|
|
(10,693)
|
|
(10,174)
|
|
(53,496)
|
|
(35,353)
|
Loss from
operations
|
|
(5,456)
|
|
(12,674)
|
|
(5,924)
|
|
(6,627)
|
|
(4,206)
|
|
(32,772)
|
|
(10,011)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
90
|
|
111
|
|
210
|
|
187
|
|
220
|
|
673
|
|
1,071
|
Foreign
exchange gain, net
|
|
36
|
|
340
|
|
617
|
|
274
|
|
259
|
|
1,678
|
|
634
|
Gain on
disposal of marketable equity securities
|
|
-
|
|
-
|
|
-
|
|
885
|
|
367
|
|
1,517
|
|
367
|
Others,
net
|
|
1
|
|
473
|
|
9
|
|
4
|
|
94
|
|
501
|
|
466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
before income taxes and share of profit of an
unconsolidated affiliate
|
|
(5,329)
|
|
(11,750)
|
|
(5,088)
|
|
(5,277)
|
|
(3,266)
|
|
(28,403)
|
|
(7,473)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes benefit (expense) / benefit
|
|
(194)
|
|
877
|
|
37
|
|
-
|
|
849
|
|
861
|
|
(750)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
before share of profit of an unconsolidated affiliate
|
|
(5,523)
|
|
(10,873)
|
|
(5,051)
|
|
(5,277)
|
|
(2,417)
|
|
(27,542)
|
|
(8,223)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
from continuing operations
|
|
(5,523)
|
|
(10,873)
|
|
(5,051)
|
|
(5,277)
|
|
(2,417)
|
|
(27,542)
|
|
(8,223)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
discontinued operations, net of income tax
|
|
-
|
|
(5,430)
|
|
(2,311)
|
|
(2,605)
|
|
(5,876)
|
|
(12,576)
|
|
(16,884)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(5,523)
|
|
(16,303)
|
|
(7,362)
|
|
(7,882)
|
|
(8,293)
|
|
(40,118)
|
|
(25,107)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
attributable to non-controlling interest
|
|
(1,847)
|
|
(5,629)
|
|
(2,096)
|
|
(1,925)
|
|
(2,110)
|
|
(11,918)
|
|
(6,463)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
attributed to Vimicro International Corporation
|
|
(3,676)
|
|
(10,674)
|
|
(5,266)
|
|
(5,957)
|
|
(6,183)
|
|
(28,200)
|
|
(18,644)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency translation adjustment
|
|
36
|
|
920
|
|
1,176
|
|
346
|
|
942
|
|
3,309
|
|
2,535
|
Unrealized
(loss)/gain on marketable equity securities
|
|
-
|
|
(401)
|
|
-
|
|
(417)
|
|
257
|
|
(1,368)
|
|
913
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss
|
|
(5,487)
|
|
(15,784)
|
|
(6,186)
|
|
(7,953)
|
|
(7,094)
|
|
(38,177)
|
|
(21,659)
|
Comprehensive loss attributable to non-controlling
interest
|
|
(1,826)
|
|
(5,406)
|
|
(1,571)
|
|
(1,601)
|
|
(1,720)
|
|
(10,444)
|
|
(5,431)
|
Comprehensive loss attributable to Vimicro
International Corporation
|
|
(3,661)
|
|
(10,378)
|
|
(4,615)
|
|
(6,352)
|
|
(5,374)
|
|
(27,733)
|
|
(16,228)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
share - basic and diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continuing
operations
|
|
(0.03)
|
|
(0.04)
|
|
(0.02)
|
|
(0.02)
|
|
(0.00)
|
|
(0.10)
|
|
(0.02)
|
discontinued
operations
|
|
0.00
|
|
(0.04)
|
|
(0.02)
|
|
(0.02)
|
|
(0.04)
|
|
(0.09)
|
|
(0.11)
|
Loss per
share- basic and diluted
|
|
(0.03)
|
|
(0.08)
|
|
(0.04)
|
|
(0.04)
|
|
(0.04)
|
|
(0.19)
|
|
(0.13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
ADS Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continuing
operations
|
|
(0.11)
|
|
(0.15)
|
|
(0.08)
|
|
(0.09)
|
|
(0.01)
|
|
(0.43)
|
|
(0.04)
|
discontinued
operations
|
|
0.00
|
|
(0.16)
|
|
(0.06)
|
|
(0.07)
|
|
(0.16)
|
|
(0.35)
|
|
(0.46)
|
Loss per
ADS- basic and diluted
|
|
(0.11)
|
|
(0.31)
|
|
(0.14)
|
|
(0.16)
|
|
(0.17)
|
|
(0.78)
|
|
(0.50)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and Diluted
|
|
134,898,768
|
|
140,005,158
|
|
146,852,718
|
|
146,812,413
|
|
147,977,600
|
|
145,123,889
|
|
147,815,985
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of ADS outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and Diluted
|
|
33,724,692
|
|
35,001,289
|
|
36,713,179
|
|
36,703,103
|
|
36,994,400
|
|
36,280,972
|
|
36,953,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components of share-based compensation
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
are included in the
following expense captions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R&D
|
|
(83)
|
|
(93)
|
|
(165)
|
|
(327)
|
|
(461)
|
|
(782)
|
|
(1,918)
|
S&M
|
|
(20)
|
|
(14)
|
|
(15)
|
|
(24)
|
|
(39)
|
|
(80)
|
|
(190)
|
G&A
|
|
(77)
|
|
(76)
|
|
(450)
|
|
(559)
|
|
(384)
|
|
(1,559)
|
|
(1,955)
|
Total
|
|
(180)
|
|
(183)
|
|
(630)
|
|
(910)
|
|
(884)
|
|
(2,421)
|
|
(4,063)
|
Reconciliations of non-GAAP results of operations
measures to the nearest comparable GAAP measures (*)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts expressed in thousands of U.S. dollars,
except number of shares and per share data,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended
|
|
Three
months ended
|
|
Three
months ended
|
|
Three
months ended
|
|
Three
months ended
|
|
Twelve
months ended
|
|
Twelve
months ended
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
March 31,
|
|
December 31,
|
December 31,
|
December 31,
|
2012
|
|
2011
|
|
2011
|
|
2011
|
|
2010
|
2011
|
2010
|
|
GAAP
|
|
Adjustment
|
|
Non-GAAP
|
|
GAAP
|
|
Adjustment
|
|
Non-GAAP
|
|
GAAP
|
|
Adjustment
|
|
Non-GAAP
|
|
GAAP
|
|
Adjustment
|
|
Non-GAAP
|
|
GAAP
|
|
Adjustment
|
|
Non-GAAP
|
|
GAAP
|
|
Adjustment
|
|
Non-GAAP
|
|
GAAP
|
|
Adjustment
|
|
Non-GAAP
|
Result
|
Results
|
|
Result
|
Results
|
|
Result
|
Results
|
|
Result
|
Results
|
|
Result
|
Results
|
Result
|
Results
|
Result
|
Results
|
Loss
from operations
|
(5,456)
|
|
180
|
|
(5,276)
|
|
(12,674)
|
|
183
|
|
(12,491)
|
|
(5,924)
|
|
630
|
|
(5,294)
|
|
(6,627)
|
|
910
|
|
(5,717)
|
|
(4,206)
|
|
884
|
|
(3,322)
|
|
(32,772)
|
|
2,421
|
|
(30,351)
|
|
(10,011)
|
|
4,063
|
|
(5,948)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
attributed to
Vimicro
International Corporation
|
(3,676)
|
|
180
|
|
(3,496)
|
|
(10,674)
|
|
183
|
|
(10,491)
|
|
(5,266)
|
|
630
|
|
(4,636)
|
|
(5,957)
|
|
910
|
|
(5,047)
|
|
(6,183)
|
|
884
|
|
(5,299)
|
|
(28,200)
|
|
2,421
|
|
(25,779)
|
|
(18,644)
|
|
4,063
|
|
(14,581)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
from continuing
operations per ADS(**)
|
(0.11)
|
|
0.01
|
|
(0.10)
|
|
(0.15)
|
|
0.01
|
|
(0.14)
|
|
(0.08)
|
|
0.02
|
|
(0.06)
|
|
(0.09)
|
|
0.02
|
|
(0.07)
|
|
(0.01)
|
|
0.02
|
|
0.01
|
|
(0.43)
|
|
0.07
|
|
(0.36)
|
|
(0.04)
|
|
0.11
|
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) The
adjustment is to exclude non-cash share-based compensation for
employees and non-employees.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(**)
Loss per ADS refers to continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Vimicro International Corporation