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Parade Technologies Reports Second Quarter 2018 Financial Results

August 2, 2018

SAN JOSE, Calif.--(BUSINESS WIRE)--Aug 2, 2018--Parade Technologies, Ltd. (Taipei Exchange: 4966.TWO), a leading high-speed interface IC supplier, today announced financial results for the second quarter fiscal year 2018 ended June 30, 2018, and provided guidance for the third quarter of fiscal year 2018.

Consolidated revenue was US$75.67 million and consolidated net income was US$12.32 million. Basic and fully diluted after-tax earnings per share (“EPS”) were US$0.16 (NT$4.80) and US$0.16 (NT$4.63), respectively. These results compared to consolidated revenue US$85.92 million and consolidated net income of US$14.83 million, or US$0.20 (NT$5.95) and US$0.19 (NT$5.74) per basic and fully diluted share, in the year-ago quarter.

In US dollars, the second quarter of 2018 consolidated revenue decreased 6.18% sequentially and was down 11.92% year-over-year.

The gross profit in the second quarter of 2018 was US$31.05 million, representing a decrease of 5.73% from the previous quarter and a decrease of 9.97% compared to the same quarter of last year.

On May 1, 2018, Parade announced a new generation DisplayPort to HDMI protocol converter PS186. The PS186 accepts DisplayPort version 1.4a audio/video data and outputs HDMI 2.0b with the ability to support HDR at 4K. The PS186 is ideal for DisplayPort to HDMI protocol converters or “dongles”, as well as docking stations, particularly those supporting the USB-C™ interface that is seeing wide adoption across notebook PCs and smart phones.

On May 8, 2018, Parade introduces industry’s first highly-integrated eDP Tcon embedded driver (TED) IC that supports VESA eDP 1.4b panel self-refresh developed for thin-profile LCD display panels. The TC3210 provides a single chip display driver solution to replace the traditional eDP Tcon mated up with separate source driver chips. The TC3210 is designed for Chip-on-Glass (COG) application on both slim LTPS and Oxide TFT panels.

On May 16, 2018, Parade also announced the DP667V, a new automotive grade selection of the company’s popular DP667 eDP Tcon. The DP667V meets the rigorous automotive AEC-Q100 stress test qualification requirements and operates over an ambient temperature range of -40 to +105 deg C. The DP667V is ideally suited for larger, high-resolution displays typically used for automotive infotainment and navigation display applications including center console placement. The device is designed to enable LCD panels with a resolution up to 4Kx2K, and two devices can be used for panel resolutions up to 8Kx2K. And up to 30-bit color is supported enabling superior image quality.

Based on current business outlook, Parade is providing the following guidance for the third quarter of fiscal 2018:

Revenue: US$81.0 ~89.0 Million Gross Margin: 40% ~43% Operating Expense: US$18.75 ~19.75 Million

The financial figures detailed above for the second quarter of 2018 have been reviewed by independent accountants.

About Parade Technologies, Ltd.

Parade Technologies, Ltd. is a leading supplier of mixed-signal ICs for a variety of popular display and high-speed interface standards used in computers, consumer electronics and display panels. The fabless semiconductor company was founded in 2005 and publicly listed on  Taipei Exchange (“TPEx”) in 2011 (stock code: 4966). Parade’s portfolio of IC products serves the growing demand for HDMI™, DisplayPort™, SATA, and USB ICs for display, storage and interface applications.

In addition to being a technology innovator, Parade is an active participant and leader in industry standards-setting organizations. Parade Technologies, Inc., a wholly owned US-based subsidiary of Parade Technologies, Ltd., is a member of VESA (Video Electronics Standard Association). Parade Technologies, Inc. has made key contributions to the development of VESA’s DisplayPort™ digital video interface standard.

Parade leverages its close relationships with market leading Tier-1 OEMs to develop ICs that provide unique system capabilities. Many of the company’s devices integrate proprietary technologies that offer superior system signal integrity, advanced system integration and enhanced power efficiency. As a result of the company’s “standards-plus” design philosophy, Parade ICs have been designed into products offered by nearly every leading computer and display vendor worldwide.

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