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International DisplayWorks Announces Record Fiscal 2006 Third Quarter Financial Results
9/6/2006
ROSEVILLE, Calif., Sep 06, 2006 (BUSINESS WIRE) --

International DisplayWorks, Inc. (IDW) (NASDAQ:IDWK), a manufacturer and distributor of liquid crystal displays (LCDs), modules and assemblies, today announced financial results for the Company's third quarter of fiscal 2006 which ended on July 31, 2006. The earnings conference call previously scheduled for Thursday, September 7, 2006 at 4:30 p.m. (EASTERN) has been cancelled.

Third Quarter Highlights:

-- Total revenues were a record $32.3 million, representing a 37.0 percent increase over the comparable quarter of fiscal year 2005.

-- Operating income was $2.0 million, representing a 53.8 percent increase over the comparable quarter of fiscal 2005.

-- Net income increased 129.2 percent to $2.3 million versus last year, representing the 12th consecutive quarter of profitability.

-- During the quarter shipments began for the Company's Tier One cell phone customer.

Recent Contract Wins and other Events:

-- IDW was awarded up to $7 million in TFT orders from CK Telecom Ltd, a leading Chinese handset manufacturer, with initial shipments beginning in the fourth quarter of 2006.

-- On July 11, 2006, IDW announced a new contract win from a leading printer manufacturer with anticipated revenues of $6 million over the next 12 months.

-- IDW secured new contracts for two separate satellite radio products with anticipated revenues of $7 million for both the automotive and mobile MP3 markets.

Financial Results:

The Company reported revenues of $32.3 million for the third quarter, which was an increase of 37.0 percent as compared to the same period last year. The increase in net sales is primarily attributable to the addition of new customers and increased revenues from existing customers. Gross profit increased 34.6 percent to $5.6 million during the third quarter with respective gross margins of 17.2 percent as compared to 17.5 percent last year. SG&A expense during the third quarter totaled $3.6 million and as a percentage of revenue declined to 11.1 percent as compared to 12.1 percent during the third quarter of fiscal 2005. Operating income experienced a 53.8 percent increase to $2.0 million as compared to $1.3 million last year. As a result of strong revenue growth and a conscious decision to control expenses operating income showed an improvement to 6.1 percent from 5.4 percent for the year ago period. Net income for the period increased 129.2 percent to $2.3 million up from $1.0 million during the third quarter of 2005 despite the inclusion of income tax expense and the aforementioned stock option expense during the quarter. Earnings per share for the third quarter were $0.05 which increased from $0.03 in the prior year period. Fully diluted shares utilized to calculate earnings per share during the third quarter totaled 45.0 million or a 37.5 percent increase versus last year primarily as a result of the Company's February 2006 stock offering.

Commenting on the Company's financial results Joe Bedewi, the Company's Chief Financial Officer, stated, "During the third quarter we further executed on our strategy to win new contracts, expand our pace of business and capture the inherent operating synergies associated with a higher overall base of revenue. We will look to continue to control our costs and improve our overall level of profitability."

For the nine-month period, revenues were $83.1 million, which increased 29.2 percent as compared to the prior year period. Gross profit increased 18.0 percent to $14.0 million primarily driven by strong growth in overall revenue. Operating income for the period totaled $3.7 million or a 6.0 percent decrease as compared to last year. Net income for the nine-month period increased 40.5 percent to $4.9 million with the increase a result of higher overall revenues, other income and a fiscal 2006 first quarter tax benefit offsetting lower overall comparable gross and operating margins.

The Company completed the third quarter with $8.1 million in cash and cash equivalents, down slightly from the $8.9 million at the end of fiscal 2005. Including trading securities the Company's total assets were $132.5 million. Shareholder's equity at the end of the third quarter was $108.3 million, a 206.5 percent increase as compared to $35.4 million at the end of fiscal 2005.

About International DisplayWorks

International DisplayWorks, Inc. is a manufacturer and designer of high quality liquid crystal displays, modules and assemblies for a variety of customer needs including OEM applications. IDW operates 466,000 square feet of manufacturing facilities in the People's Republic of China (PRC). Sales offices are located in US, Europe, Hong Kong, Singapore, and China. Copies of IDW's 10-K and other documents as filed with the SEC are available through a link on our web site: www.idwk.com.

NOTE: The foregoing is news relating to International DisplayWorks, Inc. ("IDW") and contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. When used in this release, the words "anticipate," "believe," "estimate," "expect" and similar expressions as they relate to IDW or its management, including without limitation, IDW and its subsidiaries, are intended to identify such forward-looking statements. IDW's actual results, performance or achievements could differ materially from the results expressed in, or implied by these forward-looking statements. For more detailed information the reader is referred to IDW's 10-K and other related documents filed with the Securities and Exchange Commission. This does not constitute an offer to buy or sell securities by the Company and is meant purely for informational purposes.



INTERNATIONAL DISPLAYWORKS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)


ASSETS July 31, October 31,
------ 2006 2005
Unaudited Audited
--------- -----------
Current assets:
Cash and cash equivalents
Cash and cash equivalents $ 8,081 $ 8,875
Cash in banks - restricted deposits - 383
--------- -----------
Total cash and cash equivalents 8,081 9,258
Trading Securities, at market 46,645 -
Accounts receivable,
net of allowance for doubtful accounts of
$125 and $36 30,893 21,776
Inventories, net of allowance of $293 and $229 14,409 8,516
Prepaid expense and other current assets 3,140 1,939
--------- -----------
Total current assets 103,168 41,489
--------- -----------
Other assets
Deferred tax asset 1,218 262

Property, plant and equipment at cost, net 28,087 27,031
--------- -----------
Total assets $132,473 $ 68,782
========= ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Current liabilities:
Accounts payable $ 15,389 $ 13,928
Accrued liabilities 4,175 3,835
Income taxes payable 555 163
Line of credit - 12,953
Current portion of long term debt 2,506 2,545
--------- -----------
Total current liabilities 22,625 33,424

Long-term debt, net of current portion 1,501 5
--------- -----------
Total liabilities 24,126 33,429
--------- -----------

Commitments and contingencies

Shareholders' equity
Preferred stock, par $0.001, 10,000,000 shares
authorized, none issued - -
Common stock, par $0.001, 100,000,000 shares
authorized 44,719,829 and 31,971,629 shares
issued and outstanding at July 31, 2006 and
October 31, 2005 respectively 45 32
Additional paid in capital 135,164 67,424
Accumulated deficit (27,934) (32,812)
Cumulative translation adjustment 1,072 709
--------- -----------
Total shareholders' equity 108,347 35,353
--------- -----------
Total liabilities and shareholders' equity $132,473 $ 68,782
========= ===========

The accompanying notes are an integral part
of these financial statements



INTERNATIONAL DISPLAYWORKS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except Share and per share data)

For Nine Months For Three Months Ended
----------------------------------------------------
July 31, July 31, July 31, July 31,
2006 2005 2006 2005
Unaudited Unaudited Unaudited Unaudited
----------------------------------------------------

Net sales $ 83,103 $ 64,323 $ 32,340 $ 23,600
Cost of goods
sold 69,063 $ 52,423 26,771 $ 19,463
----------------------------------------------------
Gross profit 14,040 11,900 5,569 4,137
----------------------------------------------------

Operating
expenses:
General and
administrative 7,408 5,532 2,592 1,837
Selling,
marketing and
customer
service 2,112 1,918 757 745
Engineering,
advanced
design and
product
management 827 525 248 273
----------------------------------------------------
Total
operating
expenses 10,347 7,975 3,597 2,855
----------------------------------------------------

Operating
income 3,693 3,925 1,972 1,282
----------------------------------------------------

Other income
(expense):
Interest
expense (309) (426) (54) (248)
Investment
income, net 1,017 - 618 -
Other income 39 (27) 18 (50)
----------------------------------------------------
Total other
income
(expense) 747 (453) 582 (298)
----------------------------------------------------


Income before
taxes 4,440 3,472 2,554 984
----------------------------------------------------

Provision for
income
taxes (438) - 299 -
----------------------------------------------------

Net income $ 4,878 $ 3,472 $ 2,255 $ 984
====================================================


Basic and diluted
income per
common share
Basic $ 0.13 $ 0.11 $ 0.05 $ 0.03
====================================================

Diluted $ 0.13 $ 0.11 $ 0.05 $ 0.03
====================================================

Weighted average
common shares
outstanding
Basic 37,873,056 31,282,781 44,699,621 31,701,456
====================================================

Diluted 38,206,490 32,326,370 45,033,055 32,745,045
====================================================

The accompanying notes are an integral part
of these financial statements

SOURCE: International DisplayWorks, Inc.

International DisplayWorks, Inc. Thomas Lacey, 916-797-6800 [e-mail] or Hayden Communications, Inc. Matthew Hayden, 858-704-5065 [e-mail]
Copyright Business Wire 2006


TRADING INFORMATION
Stock Price History
Beta: 3.23
52-Week Change3: 10.71%
S&P500 52-Week Change3: 5.17%
52-Week High (14-Mar-06)3: 6.94
52-Week Low (11-Aug-06)3: 4.51
50-Day Moving Average3: 5.19
200-Day Moving Average3: 5.60
Share Statistics
Average Volume (3 month)3: 524,660
Average Volume (10 day)3: 2,198,010
Shares Outstanding: 44.68M
Float: 44.18M
% Held by Insiders4: 19.62%
% Held by Institutions4: 56.60%
Shares Short (as of 10-Aug-06)3: 6.49M
Short Ratio (as of 10-Aug-06)3: 28
Short % of Float (as of 10-Aug-06)3: 15.90%
Shares Short (prior month)3: 6.94M


quellen:
http://www.stockhouse.com/news/news.asp?newsid=3880489&tick=…
http://finance.yahoo.com/q/ks?s=IDWK

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