Second Quarter 2011 Highlights:
- Overall revenue of NT$1,395 million (US$48.3million), year-over-year decreasing 12.9%
- Gross margin, 41.7%
- Net income of NT$10 million (US$0.35 million)
- Earnings per share of NT$0.03 for the quarter
Hsinchu, Taiwan –July, 29 2011 – Faraday Technology Corporation (TSE: 3035), a leading fabless ASIC service and silicon IP provider, today announced its unconsolidated operating results for the quarter ended June 30, 2011. The second quarter revenue was NT$1,395 million, while net income and basic earnings per share came to NT$10 million and NT$0.03, respectively.
The Q2 revenue meets the guidance. Within IP revenue was down, but still reached a high level and contributed to the good margin results, meeting the guidance of 40% up. ASIC and NRE revenue increased by a 17% quarter-to-quarter rate, mainly benefited from the higher demand in display and multimedia markets.
In profit-wise, to cater for the emerging SoC projects, Faraday has expanded its cooperation with specific IP vendors and caused the rising operation expense. Meanwhile, a more conservative evaluation was adopted toward its investment businesses, leading to the obvious up of Faraday's non-operating expenses this quarter.
Looking into Q3, IP business will remain at the same or even higher level, sustaining the overall gross margin; ASIC business will keep growing driven by the applications in consumer and PC/PC peripheral sectors.
Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with ROC GAAP, which differ in some material respects from generally accepted accounting principles in the United States. They are un-audited, un-consolidated, and represent comparisons among the three-month period ending March 31, 2011, the three-month period ending December 31, 2010, and the equivalent three-month period that ended March 31, 2010. For all 1Q11 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. dollars at the exchange rate of NT$29.512 to one U.S. dollar.
Summary of Operating Results
(Amount: NT$ million)
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