Vimicro Reports Third Quarter 2009 Financial Results
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BEIJING, Nov. 3 VIMC-Q309-Earnings
BEIJING, Nov. 3 /PRNewswire-Asia-FirstCall/ -- Vimicro International
Corporation (Nasdaq: VIMC) ("Vimicro"), a leading multimedia semiconductor and
solution provider, today announced financial results for the third quarter
ended September 30, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070528/CNM014LOGO )
Third Quarter 2009 Financial Results
Net revenue in the third quarter of 2009 was $20.5 million, exceeding the
Company's guidance of $18 million to $20 million. This compares to $18.7
million reported in the second quarter of 2009 and $24.9 million in the third
quarter of 2008. The sequential increase in third quarter revenue of
approximately 10 percent was driven by continued growth in demand for the
Company's products as a result of improved product purchasing trends globally.
Third quarter net loss, prepared in accordance with U.S. Generally
Accepted Accounting Principles (GAAP), was $4.3 million, or $0.08 loss per ADS
(each representing four ordinary shares). GAAP results for the period included
$1.1 million in share-based compensation expense. The third quarter GAAP loss
compares to a net loss of $8.2 million, or a loss of $0.24 per ADS, in the
second quarter of 2009 and a net loss of $1.1 million, or a loss of $0.03 per
ADS, in the third quarter of 2008.
"Our revenue increased again in the third quarter driven by a 54 percent
quarterly increase in notebook camera processor sales, which reached record
shipments during the quarter," commented Dr. John Deng, Vimicro's Chairman and
Chief Executive Officer. "Additionally, we continue to capitalize on growth
opportunities in the fast growing 3G market in China through our solid
relationship with Leadcore and in the surveillance market through our recent
acquisition of ViSS."
During the third quarter, Vimicro announced a strategic agreement with
Leadcore, a subsidiary of Datang Telecom Technology Holding Co., Ltd, to
cooperate on the development of 3G mobile phone technologies based on TD-SCDMA
and CMMB multimedia standards for China Mobile. The Company also announced
that Vimicro Tianjin JV acquired Video Surveillance System ("ViSS") from
Alcatel-Lucent Shanghai Bell Ltd. Co. furthering its expansion in the fast
growing surveillance market in China.
Business Outlook
For the fourth quarter of 2009, Vimicro expects revenue to range between
$23 million and $25 million, representing a sequential increase of 12 to 22
percent.
Financial Results Conference Call and Webcast
Vimicro will host a conference call and Webcast today November 3, 2009 at
6:30 p.m. Eastern Time to discuss the Company's third quarter 2009 results.
Investors and other interested parties may access the call by dialing
866-770-7120 (or +1-617-213-8065 outside of the U.S.) with the pass code
74678444, at least 10 minutes prior to the start of the call.
In addition, an audio Webcast will be available in the Investor Relations
section of the Company's Web site at http://www.vimicro.com . Following the
live Webcast, an archived version will be available on the Company's Web site.
A telephone replay of the call will also be available approximately two hours
after the call and will be available until November 17, 2009 at midnight (ET).
The replay number is 888-286-8010 with a pass code of 26524762. 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.
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 PC and 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.
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
September 30, 2009, which was RMB 6.8290 to $1.00.
For further information about Vimicro, please contact:
Investor Contacts:
Vanessa Wang, Investment & IR Manager
Phone: +86-10-6894-8888 x7294
Email: wangjingyi@vimicro.com
Shelton Group Investor Relations
Leanne K. Sievers, EVP
Phone: +1-949-224-3874
Email: lsievers@sheltongroup.com
Vimicro International Corporation
Consolidated Balance Sheets
(Amounts expressed in thousands of U.S. dollars,
except number of share data)
09/30/2009 12/31/2008
(unaudited) (audited)
Assets
Current assets:
Cash and cash equivalents 85,816 58,215
Short-term time deposits 43,930 14,885
Restricted cash -- 73,157
Available-for-sale securities 2,500 731
Accounts receivable, net 8,195 7,131
Inventories 9,644 13,430
Prepayments and other current assets 2,595 2,431
Deferred tax assets 2 2
Total current assets 152,682 169,982
Investment in an associate -- 168
Property, equipment and software, net 10,303 8,736
Land use rights 9,431 7,365
Intangible assets, net 4,952 --
Other assets 2,018 947
Total assets 179,386 187,198
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable 4,558 8,074
Taxes payable 1,711 1,345
Advances from customers 309 56
Accrued expenses and other current
liabilities 4,198 4,870
Deferred grants 4,392 --
Total current liabilities 15,168 14,345
Non-current liabilities:
Deferred tax liabilities 31 31
Total liabilities 15,199 14,376
Shareholders' equity:
Ordinary shares, $0.0001 par value,
500,000,000 shares authorized,
147,715,192 and 137,778,145 shares
issued and outstanding as of
September 30, 2009 and December 31,
2008, respectively 15 14
Additional paid-in capital 150,716 142,681
Treasury stock (2,438) (1,650)
Accumulated other comprehensive
income 11,470 9,435
Accumulated deficit (35,186) (17,019)
Statutory reserve 2,782 2,782
Total parent shareholders' equity 127,359 136,243
Noncontrolling interest 36,828 36,579
Total shareholders' equity 164,187 172,822
Total liabilities and shareholders'
equity 179,386 187,198
Note: The balance sheet as of September 30, 2009 includes the Company's
preliminary estimate of the fair value of the assets acquired and
liabilities assumed in connection with the acquisition of ViSS in
September 2009. The Company will finalize the accounting for the
acquisition and therefore the preliminary estimates are subject to
change.
Vimicro International Corporation
Consolidated Statements of Income
(Amounts expressed in thousands of U.S. dollars,
except number of share data)
2009 Q3 2009 Q2 2008 Q3
(unaudited) (unaudited) (unaudited)
Net revenue 20,500 18,717 24,942
Cost of revenue (14,692) (13,393) (16,760)
Gross profit 5,808 5,324 8,182
Operating expenses*
Research and development, net (6,322) (7,371) (5,839)
Sales and marketing (1,323) (1,129) (1,276)
General and administrative (3,126) (6,019) (2,976)
Total operating expenses (10,771) (14,519) (10,091)
Loss from operations (4,963) (9,195) (1,909)
Other income / (expense):
Interest income 377 387 593
Foreign exchange gain, net 16 2 141
Gain on disposal of available-for-
sale securities -- 512 --
Others, net 307 53 121
Loss before income taxes (4,263) (8,241) (1,054)
Income taxes expense -- -- --
Net loss before share of
gain/(loss) of an associate (4,263) (8,241) (1,054)
Share of gain/(loss) of an
associate, net of tax 3 -- (1)
Net loss (4,260) (8,241) (1,055)
Less: Noncontrolling Interest (1,123) 135 --
Loss attributed to ordinary
shareholders (3,137) (8,376) (1,055)
Other comprehensive income /
(loss):
Foreign currency translation
adjustment 84 73 382
Unrealized gain on available-for-
sale securities 911 315 --
Other comprehensive income before
noncontrolling interest: 995 388 382
Less: Noncontrolling Interest in
other comprehensive income (3) 53 --
Other comprehensive income after
noncontrolling interest: 998 335 382
Comprehensive loss (2,139) (8,041) (673)
Loss per share
-Basic (0.02) (0.06) (0.01)
-Diluted (0.02) (0.06) (0.01)
Loss per ADS
-Basic (0.08) (0.24) (0.03)
-Diluted (0.08) (0.24) (0.03)
Weighted average number of ordinary
shares outstanding
-Basic 148,483,022 138,706,574 140,944,218
-Diluted 148,483,022 138,706,574 140,944,218
Weighted average number of ADS
outstanding
-Basic 37,120,755 34,676,643 35,236,055
-Diluted 37,120,755 34,676,643 35,236,055
* Components of share-based
compensation expenses
are included in the following
expense captions:
Research and development (510) (1,634) (567)
Sales and marketing (53) (70) (207)
General and administrative (563) (3,963) (574)
SOURCE Vimicro International Corporation
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