BCD Semiconductor Manufacturing Limited Announces Financial Results For The Fiscal Fourth Quarter And The Fiscal Year 2010

SHANGHAI, China, Feb. 8, 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 that are prepared in accordance with General Accepted Accounting Principles (GAAP) for the fiscal fourth quarter and the fiscal year ended December 31, 2010.

The results for the fiscal quarter ended December 31, 2010 are as follows:

• Revenue was $31.6 million, a sequential decrease of 18.1% from $38.6 million for the third quarter of fiscal year 2010, and a 14.1% increase from $ 27.7 million for the fourth quarter of fiscal year 2009.  
• Gross margin was 31.8%, compared to 34.7% for the third quarter of fiscal year 2010 and 31.2% for the fourth quarter of fiscal year 2009.  
• Operating expenses were $5.9 million, compared to $5.9 million for the third quarter of fiscal year 2010 and $6.0 million for the fourth quarter of fiscal year 2009. Operating expenses for the fourth quarter of fiscal year 2010 included share-based compensation expenses of $554 thousand, as compared to $561 thousand and $369 thousand for the third quarter of fiscal year 2010 and for the fourth quarter of fiscal year 2009, respectively.  
• Operating profit was $4.1 million, or 13.0% of revenue, compared to $7.4 million, or 19.3% of revenue, for the third quarter of fiscal year 2010 and $2.7 million, or 9.7% of revenue, for the fourth quarter of fiscal year 2009.  
• Net income was $3.8 million, compared to $7.0 million for the third quarter of fiscal year 2010 and $3.5 million for the fourth quarter of fiscal year 2009. Net income on a non-GAAP basis, or non-GAAP net income, was $4.5 million, compared to $7.4 million for the third quarter of fiscal year 2010 and $3.3 million for the fourth quarter of fiscal year 2009.

The results for the fiscal year ended December 31, 2010 are as follows:

• Revenue was $132.8 million, an increase of 31.7% from $100.8 million from fiscal year 2009.    
• Gross margin was 32.8%, compared to 25.4% for fiscal year 2009.  
• Operating expenses were $22.1 million, compared to $19.3 million for fiscal year 2009. Operating expenses included share-based compensation expense of $1.8 million and $1.7 million for fiscal years 2010 and 2009, respectively.  
• Operating profit was $21.4 million, or 16.1% of revenue, compared to an operating profit of $6.3 million, or 6.2% of revenue, for fiscal year 2009.  
• Net income was $20.4 million, compared to a net income of $6.9 million for fiscal year 2009. Non-GAAP net income was $21.6 million, compared to $8.4 million for fiscal year 2009.

"We are pleased to report our Q4 2010 results with over 14% revenue growth and 34% non-GAAP net income growth when compared to Q4 2009," said Chieh Chang, Chief Executive Officer of BCD Semiconductor. "Looking forward to 2011, we remain focused on leveraging our analog design and manufacturing capability in China to drive revenue growth and share gain in the power IC market segment across our linear, AC/DC and DC/DC product lines."

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