SHANGHAI, China, May 9, 2011 (GLOBE NEWSWIRE) -- BCD Semiconductor Manufacturing Limited ("BCD Semiconductor") (Nasdaq:BCDS), a leading analog integrated device manufacturer, or IDM, based in China, specializing in the design, manufacture and sale of power management integrated circuits, or ICs, today announced financial results for the fiscal first quarter ended March 31, 2011.
The results for the fiscal quarter ended March 31, 2011 are as follows:
- Revenue was $31.0 million, a sequential decrease of 1.9% from $ 31.6 million for the fourth quarter of fiscal year 2010, and an 8.2% increase from $28.6 million for the first quarter of fiscal year 2010.
- Gross margin was 29.1%, compared to 31.8% for the fourth quarter of fiscal year 2010 and 29.9% for the first quarter of fiscal year 2010.
- Operating expenses were $6.0 million, compared to $5.9 million for the fourth quarter of fiscal year 2010 and $4.8 million for the first quarter of fiscal year 2010. Operating expenses for the first quarter of fiscal year 2011 included share-based compensation expenses of $319 thousand, as compared to $508 thousand and $263 thousand for the fourth quarter of fiscal year 2010 and for the first quarter of fiscal year 2010, respectively.
- Operating profit was $3.0 million, or 9.6% of revenue, compared to $4.1 million, or 13% of revenue, for the fourth quarter of fiscal year 2010 and $3.7 million, or 13% of revenue, for the first quarter of fiscal year 2010.
- Net income was $3.8 million, compared to $3.8 million for the fourth quarter of fiscal year 2010 and $2.7 million for the first quarter of fiscal year 2010. Net income on a non-GAAP basis, or non-GAAP net income, was $3.5 million, compared to $4.5 million for the fourth quarter of fiscal year 2010 and $3.8 million for the first quarter of fiscal year 2010.
"Demand for our power IC products in the first quarter tracked mostly in line with our expectations entering 2011," said Chieh Chang, Chief Executive Officer of BCD Semiconductor. "Our linear products performed slightly ahead of expectations while shipments of our AC/DC products were slightly below our expectations. In terms of gross margins, we fell below our target range mainly as a result of higher costs associated with the maintenance of our facility in Shanghai."
Revenue for the second quarter of fiscal year 2011 is expected to be in the range of $36 to $38 million, representing growth of approximately 5.6% to 11.5% when compared to the second quarter of 2010 and growth of approximately 16.3% to 22.8% when compared to the first quarter of 2011. Gross margin on a non-GAAP basis is expected to be in the range of 30.0% to 31.0% for the second quarter of fiscal year 2011.
Appointment of New Executive Officers
BCD Semiconductor appointed two new executive officers effective April 29, 2011.
Mr. Ji Wei Sun, one of BCD Semiconductor's founders, was appointed President of BCD Semiconductor. Mr. Sun served as BCD Semiconductor's President of China Operations from July 2003 to October 2010. He also served as a member of BCD Semiconductor's board of directors from October 2000 to February 2001 and again from July 2004 to October 2006. Mr. Sun has over 45 years of experience in the semiconductor industry. Prior to joining BCD Semiconductor, Mr. Sun was the President of JSC KORONA Semiconductor in Moscow, Russia from 1996 to 2000. Mr. Sun received a B.S. in physics from the University of Science and Technology of China in Beijing, China.
Mr. Ernest Lin was appointed BCD Semiconductor's Senior Vice President of Worldwide Sales. From 1997 until he joined BCD Semiconductor, from 1997 onward, Mr. Lin served in senior management and sales positions with various semiconductor companies in Silicon Valley, California, including Vice President and General Manager, Asia Operations of iKoa Corporation, Corporate Vice President of Worldwide Sales of VeriSilicon, Inc., Senior Vice President of Worldwide Sales of Genesis Microchip Inc., Vice President of Worldwide Sales of NeoMagic Corporation and Executive Vice President of Business Operations of LinkUp System Corporation. From January 1985 to May 1997, Mr. Lin also held various engineering, sales and management positions with Cirrus Logic. Mr. Lin received a B.S. in Electrical Engineering from the National Taiwan University, a Master's Degree in Computer Science from the University of Utah and a Master's Degree in Business Administration from Santa Clara University.
This press release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management's judgment, beliefs, current trends, and anticipated product performance. These forward-looking statements include, without limitation, projected revenues, gross margins on a non-GAAP basis and other statements under the section titled "Business Outlook." Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These factors include, but are not limited to, our ability to introduce or develop new and enhanced products that achieve market acceptance; the actual product performance in volume production; the quality and reliability of our product; our ability to achieve design wins; general business and economic conditions; our ability to identify and consummate strategic transactions; the state of the semiconductor industry and seasonality of our markets; and other risks and uncertainties as described in our filings with the U.S. Securities and Exchange Commission ("SEC"), including the registration statement on Form F-1 filed on January 27, 2011, as amended and supplemented, and other filings with the SEC. Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and BCD Semiconductor undertakes no duty to update such information, except as required under applicable law.
Conference Call and Webcast
BCD Semiconductor plans to conduct an investor teleconference and live webcast to discuss the financial results for the fiscal first quarter ended March 31, 2011 and our outlook for the second quarter of 2011 and other business matters today, May 9th, 2011 at 2:00 pm PT / 5:00 pm ET. To participate in the live call, analysts and investors should dial 866-242-1388 (or +61 2 8823 6760 if dialing from outside the U.S.A.). The conference ID number is 55713466. A live webcast of the call will also be available in the "Event Calendar" section of the company's investor relations website, . The webcast replay will be available for seven days after the live call on the same website. To listen to the webcast replay, please dial 866-214-5335(or +61 2 8235 5000 if dialing from outside the U.S.A.) The conference ID number is 55713466.
Use of Non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP net income. These supplemental measures exclude share-based compensation expenses that are non-cash charges and gain or loss on warrant valuation. We believe that non-GAAP financial measures can provide useful information to both management and investors by excluding certain non-cash expenses that are not indicative of our core operating results. In addition, our management uses non-GAAP measures to compare our performance relative to forecasts and to benchmark our performance externally against competitors. Our use of non-GAAP financial measures has certain limitations in that the non-GAAP financial measures we use may not be directly comparable to those reported by other companies. For example, the term used in this press release, non-GAAP net income, does not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. We seek to compensate for this limitation by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures in the tables attached to this press release. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measure.
About BCD Semiconductor
BCD Semiconductor Manufacturing Limited ("BCD Semiconductor") is a leading analog integrated device manufacturer, or IDM, based in China, specializing in the design, manufacture and sale of power management integrated circuits, or ICs. Our broad portfolio of power management ICs primarily targets rapidly growing, high volume markets such as mobile phones, LCD televisions and monitors, personal computers, adapters and chargers and other electronics products. As an IDM, BCD Semiconductor integrates product design and process technology to optimize product performance and cost. We offer system-level solutions with the quality, performance and reliability required by our customers. Our China-based operations provide proximity to the rapidly growing electronics industry in Asia, enabling us to align our product development effort with customers and market trends and to provide timely and effective technical support. For more information, please visit .
The following consolidated financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP).
CONTACT: Tom Krause Investor Relations IR@bcdsemi.com