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BCD Semiconductor Manufacturing Limited Announces Financial Results For The Fiscal Fourth Quarter And Fiscal Year Of 2012

Stocks in this article: BCDS

SHANGHAI, China, Feb. 4, 2013 (GLOBE NEWSWIRE) -- BCD Semiconductor Manufacturing Limited ("BCD Semiconductor," the "Company," "we," or "us") (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 fourth quarter and the fiscal year ended December 31, 2012.

The results for the fiscal fourth quarter ended December 31, 2012 were as follows:

  • Revenue was $37.0 million, a decrease of 2.8% from $38.0 million for the third quarter of fiscal year 2012 and an increase of 17.9% from $31.3 million for the fourth quarter of fiscal year 2011.  
  • Gross margin was 28.1%, compared to 29.1% for the third quarter of fiscal year 2012 and 26.2% for the fourth quarter of fiscal year 2011.  
  • Operating expenses were $8.3 million, compared to $8.0 million for the third quarter of fiscal year 2012 and $8.6 million for the fourth quarter of fiscal year 2011. Operating expenses for the fourth quarter of fiscal year 2012 included $285 thousand in share-based compensation expenses and $118 thousand in expenses related to acquired intangible assets, as compared to $193 thousand and $182 thousand, respectively, for the third quarter of fiscal year 2012, and $445 thousand and $140 thousand, respectively, for the fourth quarter of fiscal year 2011.  
  • Income (loss) from operations after share-based compensation expenses, expenses related to acquired intangible assets and impairment loss of acquired intangible assets was $2.1 million, compared to $3.0 million for the third quarter of fiscal year 2012 and $(360) thousand for the fourth quarter of fiscal year 2011.  
  • GAAP net income was $2.4 million, compared to $3.6 million for the third quarter of fiscal year 2012 and $569 thousand for the fourth quarter of fiscal year 2011.  
  • Non-GAAP adjusted net income was $3.5 million, compared to $4.0 million for the third quarter of fiscal year 2012 and $2.4 million for the fourth quarter of fiscal year 2011.  
  • GAAP earnings per diluted American Depositary Share ("ADS") (EPS) was $0.13, compared to $0.19 for the third quarter of fiscal year 2012 and $0.03 for the fourth quarter of fiscal year 2011.  
  • Non-GAAP earnings per ADS share (non-GAAP EPS) was $0.19, compared to $0.22 for the third quarter of fiscal year 2012 and $0.13 for the fourth quarter of fiscal year 2011.  
  • Number of weighted average fully diluted ADSs was 18,325,553.  
  • Cash balance was $36.6 million as of December 31, 2012, compared to $38.9 million as of September 30, 2012 and $64.1 million as of December 31, 2011.  
  • Cash flow from operating activities was a net inflow of $2.6 million, compared to $4.2 million for the third quarter of fiscal year 2012 and $5.1 million for the fourth quarter of fiscal year 2011.  
  • Capital expenditures were $12.6 million, compared to $8.9 million for the third quarter of fiscal year 2012 and $9.8 million for the fourth quarter of fiscal year 2011.  
  • We used $304 thousand of cash to repurchase 75,361 ADSs at an average price of $4.04 per ADS under our authorized share repurchase program.

The results for the fiscal year ended December 31, 2012 are as follows:

  • Revenue was $142.8 million, an increase of 2.1% from $139.9 million for fiscal year 2011.  
  • Gross margin was 27.6%, compared to 28.2% for fiscal year 2011.  
  • Income from operations was $7.6 million, or 5.3% of revenue, compared to $10.3 million, or 7.4% of revenue, for fiscal year 2011.  
  • GAAP net income was $8.4 million, compared to $13.5 million for fiscal year 2011.  
  • Non-GAAP adjusted net income was $10.7 million, compared to $16.3 million for fiscal year 2011.  
  • Cash flow from operating activities was $7.7 million, compared to $13.3 million for fiscal year 2011.  
  • Capital expenditures were $39.5 million, compared to $28.3 million for fiscal year 2011.

"We are pleased with our performance in the fourth quarter of 2012 as it reflects a return to normal seasonality and increased traction of our AC/DC solutions on the market," said Chieh Chang, Chief Executive Officer of BCD Semiconductor. "Entering 2013, we remain optimistic as we continue to stay focused on our business model and roll out innovative analog power management solutions."

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