Faraday Reported 2012 First Quarter Results First Quarter 2012
- Year-over-year revenue increased 41.2% to NT$1,791 million (US$60.23 million)
- Gross margin, 41.6%
- Net income of NT$248 million (US$8.32 million)
- Earnings per share of NT$0.62 for the quarter
Hsinchu, Taiwan April, 27 2012 Faraday Technology Corporation (TWSE: 3035), a leading fabless ASIC service and silicon IP provider, today announced its unconsolidated operating results for the quarter ended March 31, 2012. The first quarter revenue was NT$1,791 million, while net income and basic earnings per share came to NT$248 million and NT$0.62, respectively.
The IP revenue increases by 7.8% compared with last quarter, NRE 31.6%, and ASIC 44.3%, respectively, which lead to a great QoQ growth of the overall revenue, meeting the corporate guidance of more than 35%, and even reaching quarterly record-high business results. Contributed by a healthy structure of the product mix (IP, NRE, and ASIC) and continuing margin improvement of each application sector, the corporate gross margin also meets the previous guidance of more than 40%, up to 41.6%.
Looking into the next quarter and the 2nd half of Y2012, the corporate still guides positive on account of the continuous and stable business of consumer sector, and better demand in multimedia and PC peripherals sectors. Further, the communication sector with mid-to-long term market potential, consisting of contribution from 40nm base-station projects, and Ethernet bridge solutions because of the emerging Ultrabook demand, altogether tends to propel Faraday business into another great milestone in upcoming quarters.
 Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with ROC GAAP, which differ in some material respects from generally accepted accounting principles in the United States. They are un-audited, un-consolidated, and represent comparisons among the three-month period ending March 31, 2012, the three-month period ending December 31, 2011, and the equivalent three-month period that ended March 31, 2011. For all 1Q12 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. dollars at the exchange rate of NT$29.7355 to one U.S. dollar.
Summary of Operating Results
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Faraday Technology Corporation is a leading silicon IP and fabless ASIC vendor. The company's broad IP portfolio includes 32-bit RISC CPUs, DSPs, PHY/Controllers for USB 2.0, Ethernet, and Serial ATA. With 2011 revenue of US$ 176 million, Faraday is one of the largest fabless ASIC companies in the Asia-Pacific region, and it also has a significant presence in other world-wide market. Headquartered in Taiwan, Faraday has service and support offices around the world, including the U.S., Japan, Europe, and China. For more information, please visit: http://www.faraday-tech.com
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