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

SOURCE: BCDS

       
BCD Semiconductor Manufacturing Limited
Condensed Consolidated Balance Sheets - GAAP
(in thousands of US dollars)
(Unaudited)
   
  December 31, 2009 September 30, 2010 December 31, 2010
ASSETS      
CURRENT ASSETS      
Cash  $32,205 $34,928 $44,717
Restricted cash 6,357 7,658 6,355
Account receivable, net 13,692 22,365 14,745
Inventories 15,659 19,827 24,188
Excess value-added tax paid 1,145 1,135 2,606
Deferred offering expenses 0 1,270 1,957
Prepaid expenses and other current assets 3,072 4,146 4,182
 Total current assets 72,130 91,329 98,750
       
 PROPERTY, PLANT AND EQUIPMENT, NET 21,022 29,974 31,512
 LAND USE RIGHT, NET 2,957 2,979 2,997
 INVESTMENT IN EQUITY SECURITIES 1,539 1,568 1,587
 OTHER ASSETS 2,151 2,083 2,176
 TOTAL $99,799 $127,933 $137,022
       
LIABILITIES, CONVERTIBLE REDEEMABLE PREFERENCE SHARES AND SHAREHOLDERS' EQUITY  
CURRENT LIABILITIES      
Short-term bank loans $8,578 $7,969 $12,040
Account payable 16,102 20,105 18,360
Note payable 10,878 14,296 15,930
Accrued expenses  4,937 5,820 6,635
Payable for purchase of property, plant and equipment 1,167 1,700 763
Withholding tax liability 1,763 1,806 1,790
Warrant liability 2,011 1,260 1,398
Other current liabilities 1,590 2,729 2,497
 Total current liabilities 47,026 55,685 59,413
       
 OTHER LIABILITIES      
Deferred rent-noncurrent 139 115 108
Performance obligation 3,016 3,073 3,109
Obligation under capital lease-noncurrent 323 278 270
 Total other liabilities 3,478 3,466 3,487
 Total liabilities 50,504 59,151 62,900
       
 CONVERTIBLE REDEEMABLE PREFERENCE SHARES 90,569 90,569 90,569
       
SHAREHOLDERS' EQUITY(CAPITAL DEFICIENCY)      
Ordinary shares 17 17 17
Additional paid-in capital 11,201 12,518 13,083
Accumulated other comprehensive income 5,752 7,259 8,259
Accumulated deficit. (58,244) (41,581) (37,806)
Total shareholders' equity (capital deficiency) (41,274) (21,787) (16,447)
TOTAL $99,799 $127,933 $137,022
           
BCD Semiconductor Manufacturing Limited
Condensed Consolidated Statements of Income - GAAP
(in thousands of US dollars, except percentages)
(Unaudited)
           
  Three Months Ended Fiscal Year Ended
  December 31, 2009 September 30, 2010 December 31, 2010 December 31, 2009 December 31, 2010
NET REVENUE          
IC products $25,168 $35,528 $29,149 $92,092 $123,081
Foundry Services 2,500 3,041 2,412 8,752 9,749
Total net revenue 27,668 38,569 31,561 100,844 132,830
COST OF REVENUE          
IC products 17,949 23,829 20,350 70,814 84,807
Foundry Services 1,080 1,361 1,171 4,416 4,517
Total Cost of revenue 19,029 25,190 21,521 75,230 89,324
GROSS PROFIT 8,639 13,379 10,040 25,614 43,506
OPERATING EXPENSES 31.2% 34.7% 31.8% 25.4% 32.8%
Research and development 1,838 1,919 1,938 6,244 7,548
Selling and marketing 1,685 1,923 1,974 5,422 7,063
General and administrative 2,440 2,098 2,014 7,661 7,473
Total operating expenses 5,963 5,940 5,926 19,327 22,084
INCOME FROM OPERATIONS 2,676 7,439 4,114 6,287 21,422
  9.7% 19.3% 13.0% 6.2% 16.1%
OTHER INCOME (EXPENSE)          
Interest income and expenses 7 (37) (56) (339) (144)
Other income, net 486 28 56 383 433
 Other income (expenses), net 493 (9) 0 44 289
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) 3,169 7,430 4,114 6,331 21,711
           
INCOME TAX EXPENSE (BENEFIT) (289) 420 339 (577) 1,274
           
NET INCOME $3,458 $7,010 $3,775 $6,908 $20,437
           
BCD Semiconductor Manufacturing Limited
Reconciliation of GAAP to Non-GAAP Net Income
(in thousands of US dollars)
(Unaudited) Three Months Ended Fiscal Year Ended
  December 31 September 30 December 31 December 31
  2009 2010 2010 2009 2010
           
GAAP net income $3,458 $7,010 $3,775 $6,908 $20,437
           
Share-based compensation:          
Cost of revenue 27 35 46 147 121
Research and development 57 55 46 225 181
Selling, general and administrative 286 471 462 1,286 1,449
Total share-based compensation 369 561 554 1,658 1,751
           
Gain or loss on valuation of warrant liability (495) (217) 138 (145) (613)
           
Non-GAAP net income $3,333 $7,354 $4,467 $8,421 $21,575
CONTACT: For investor relations, please contact Tom Krause
         at ir@bcdsemi.com

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