Hsinchu, Taiwan -- April,23 2010
First Quarter 2010 Highlights:
- Year-over-year revenue increased 58.6% to NT$1,472 million (US$46.1million)
- Gross margin, 42.5%
- Net income of NT$211million (US$6.6 million)
- Earnings per share of NT$0.58 for the quarter
Faraday Technology Corporation (TSE: 3035), a leading fabless ASIC design solution and silicon IP provider, today announced its unconsolidated operating results for the quarter ended March 31, 2010. The first quarter revenue was NT$1,472 million, while net income and basic earnings per share came to NT$211 million and NT$0.58, respectively.
IP revenue increases 28.1% compared with last quarter; ASIC 19.4%, which mainly benefits from the growth of communication and display sectors. The communication enjoys a 93% QoQ growth, and the display 43.3%, respectively. Contributed by the relatively significant growth of IP and communication ASIC, the gross margin of Q1 achieves 42.5%, with the 0.8% QoQ increase.
Looking into Q2, the growth momentum keeps strong major from the applications of consumer, multimedia, and the USB 3.0 that starts shipping since Q2. However, the actual QoQ rate will depend on the impact by capacity constraints.
 Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with ROC GAAP, which differ in some material respects from generally accepted accounting principles in the United States. They are un-audited, un-consolidated, and represent comparisons among the three-month period ending March 31, 2010, the three-month period ending December 31, 2009, and the equivalent three-month period that ended March 31, 2009. For all 1Q10 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. dollars at the exchange rate of NT$31.956 to one U.S. dollar.
Summary of Operating Results
|(Amount: NT$ million) ||1Q10 ||4Q09 ||QoQ% change ||4Q09 ||YoY% change|
|Revenue ||1,472 ||1,282 ||14.8 ||928 ||58.6|
|Gross Profit ||626 ||535 ||17.1 ||434 ||44.4|
|Operation Expenses ||(395) ||(386) ||2.3 ||(350) ||13.0|
|Operating Income ||231 ||149 ||55.1 ||84 ||175.0|
|Non-op. Income (Expenses) ||(20) ||(2) ||1179.3 ||(25) ||(18.5)|
|Net Income ||211 ||147 ||42.9 ||59 ||256.5|
|EPS (NT$ per share) ||0.58 ||0.41 || ||0.17 |
About Faraday Technology Corporation
Faraday Technology Corporation is a leading fabless ASIC and silicon IP provider. The company's broad silicon IP portfolio includes Cell Library, Memory Compiler, ARM-compliant CPUs, DDRI/II/III, MPEG4, H.264, USB 2.0/3.0, 10/100 Ethernet, Serial ATA, and PCI Express. With 2009 revenue of US$160 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 markets. 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 : www.faraday-tech.com