Techwell, Inc. (TWLL) - 500 Beiträge pro Seite

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Profile:Techwell, Inc., a semiconductor company, engages in the design, marketing, and sale of mixed signal integrated circuits for multiple video applications in the consumer, security surveillance, and automotive markets. Its product lines include video decoder products, security surveillance products, and liquid crystal display (LCD) products. Video decoder products are mixed signal semiconductors that decode analog TV broadcast signals, including National Television Systems Committee; phase alternation line; sequential color with memory; and popular analog video signals, including composite, S-Video, component, and syndicate of radio and television manufacturers into a standard digital format. Security surveillance products integrate functions required to display, store, and transport analog video signals from security surveillance cameras. LCD display products integrate functions required to display analog TV broadcast, popular analog video, high definition video, and PC graphics signals on an LCD display. The company?s other products include contract development projects, early generation mixed signal semiconductors for digital video applications, and PCI video decoder products. Techwell sells its products through multiple channels, including direct sales force, applications engineering staff, and a network of domestic and international independent distributors and sales representatives worldwide. The company was founded in 1997 by Fumihiro Kozato and is headquartered in San Jose, California.

http://www.techwellinc.com/

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Techwell Reports Fourth Quarter and Full Year 2006 Financial Results
Wednesday February 14, 4:02 pm ET


SAN JOSE, Calif.--(BUSINESS WIRE)--Techwell, Inc., (NASDAQ: TWLL - News) a leading provider of mixed signal integrated circuits for multiple video applications in the consumer, security surveillance and automotive markets, today announced financial results for the fourth quarter ended December 31, 2006.
Fourth Quarter and Full Year 2006 Highlights:

Recorded quarterly revenue growth of approximately 48 percent year-over-year in the fourth quarter
Achieved fourth quarter net income of $4.9 million, representing $0.22 earnings per diluted share on a GAAP basis
Recorded full year revenue growth of nearly 49 percent in 2006 over 2005
Achieved full year net income of $13.2 million, representing $0.64 earnings per diluted share on a GAAP basis
Net revenue for the fourth quarter of 2006 was $16.0 million compared to net revenue of $15.1 million in the preceding quarter and $10.8 million in the fourth quarter of 2005.

Net revenue in the fourth quarter for each of the Company's product lines consisted of $9.7 million in security surveillance, $2.6 million in LCD display, $3.4 million in video decoders and $268,000 in other revenue. Gross margin for the fourth quarter of 2006 was 57 percent, compared to gross margin of 58 percent in the preceding quarter and 55 percent in the same period a year ago. Operating expenses for the quarter totaled $4.8 million, or 30 percent of total revenue. This compares to operating expenses of $4.4 million, or 29 percent of revenue, in the preceding quarter and $4.2 million, or 39 percent of revenue, in the same period a year ago.

Net income for the fourth quarter of 2006 totaled $4.9 million, or $0.22 per diluted share, which included pre-tax stock-based compensation expenses under Statement of Financial Accounting Standard No. 123R (SFAS 123R) of $479,000, before the tax effect of $8,000. This compares to net income in the third quarter of 2006 of $4.5 million, or $0.21 per diluted share, and net income of $1.8 million, or $0.09 per diluted share, in the fourth quarter of 2005. Shares used to compute GAAP net income per diluted share for the fourth quarter of 2006 totaled approximately 22.2 million shares. Non-GAAP net income for the current quarter, which excludes stock-based compensation charges, was $5.3 million, or $0.24 per diluted share.

Techwell reports both GAAP and non-GAAP metrics to measure its financial results. The non-GAAP metrics used are: net income, excluding stock-based compensation and net income per diluted share, excluding stock-based compensation. The most directly comparable GAAP measures are net income and net income per diluted share, respectively. Management believes that, in addition to GAAP metrics, net income, excluding stock-based compensation and net income per diluted share, excluding stock-based compensation assist the Company in evaluating its performance. In addition, management believes these non-GAAP metrics are useful to investors because they allow for a better comparison of financial results in the current period to those in prior periods that utilized different accounting principles in determining stock-based compensation expense as a result of the Company's adoption in 2006 of SFAS 123R to account for stock-based compensation. However, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. The calculations for these non-GAAP metrics are in the alternative measurement reconciliation table below.

Cash and short and long term investments increased by $4.8 million in the quarter resulting in cash and cash equivalents and short and long-term investments of approximately $54.5 million as of December 31, 2006, compared to approximately $49.7 million as of September 30, 2006.

Fiscal 2006 Results:

For the full year 2006 net revenue was $53.7 million, compared to net revenue of $36.0 million in 2005.

Net revenue in 2006 for each of the Company's product lines consisted of $27.7 million in security surveillance, $6.9 million in LCD display, $18.2 million in video decoders and $932,000 in other revenue. Gross margin for 2006 was 57 percent, compared to gross margin of 52 percent in 2005. Operating expenses for the full year totaled $17.9 million, or 33 percent of total revenue as compared to $14.4 million, or 40 percent of revenue, in 2005.

Net income for 2006 totaled $13.2 million, or $0.64 per diluted share, which included pre-tax stock-based compensation expenses under Statement of Financial Accounting Standard No. 123R (SFAS 123R) of $2.3 million, before the tax effect of $68,000. This compares to net income in 2005 of $4.5 million, or $0.25 per diluted share. Shares used to compute GAAP net income per diluted share for 2006 was approximately 20.5 million shares. Non-GAAP net income for the year, which excludes stock-based compensation charges, was $15.4 million, or $0.75 per diluted share.

Cash and short and long term investments increased by $37.7 million during the year resulting in cash and cash equivalents and short and long-term investments of approximately $54.5 million as of December 31, 2006, compared to approximately $16.8 million as of December 31, 2005. The increase includes proceeds of $18 million realized through the Company's initial public offering in June 2006.

"This year was one of great success for Techwell. Highlighted by our successful 2006 initial public offering, we reported strong revenue and earnings growth throughout the year, and I am happy to report that during 2006, we met all of our financial objectives," stated Hiro Kozato, Founder and Chief Executive Officer of Techwell, Inc. "In addition to delivering solid revenue growth, we successfully executed on our strategy to introduce new and innovative products throughout the year. We expect to build upon the momentum established in 2006 and achieve another strong year in 2007."

Mr. Kozato further commented, "Our security surveillance revenue has shown very strong growth as we continue to secure more silicon content in security surveillance systems. Within automotive, earlier design wins are now beginning to contribute meaningful revenue as the number of LCD panels that are designed into cars increases. Overall, we anticipate expected seasonality in the first quarter but demand remains strong in the markets we serve. We look forward to 2007, and appreciate the ongoing support of our customers as well as our shareholders."

Fourth Quarter 2006 Financial Results Conference Call and Web Cast

Techwell, Inc. will host a conference call with the financial community today February 14, 2007 at 2:15 P.M. Pacific Time (PT), 5:15 P.M. Eastern Time (ET). The conference call will be broadcast live on the Company's Investor Relations website at http://www.techwellinc.com. Those parties interested in participating via telephone should dial 866-543-6407 with the conference ID number 57714940. International participants should dial 617-213-8898 and provide the same pass code at the prompt. A telephone replay of the call will be available approximately two hours after the end of the call and will be available until midnight (ET) Thursday, February 21, 2007. The replay number is 888-286-8010 with a pass code of 97601742. International callers should dial 617-901-6888 and enter the same pass code at the prompt. An archived version of the Web cast will also be available on the Company's web site.

Forward-Looking Statements

This press release and related conference call contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may be identified by terminology such as may, will, could, should, anticipate and expect and the negative of these terms or other similar expressions. These are statements that relate to future events and include, but are not limited to the continued growth of the security surveillance market, Techwell's product development progress and anticipated development schedule, continued growth in 2007, increases in LCD Display products designed into automobiles, expected seasonality, continued strength in margins and statements related to anticipated revenues and operating expenses for 2007 and the first quarter of 2007. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in these forward-looking statements. These risks and uncertainties include, but are not limited to: Techwell's dependence on increased demand for digital video applications for the consumer, security surveillance and automotive markets, the potential decline in average selling prices for Techwell's products, competition, dependence on key and highly skilled personnel, the ability to develop new products and enhance existing products, as well as other risks detailed from time to time in its SEC filings, including those described in Techwell's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 13, 2006. Statements included in this release are based upon information known to Techwell as of the date of this release, and Techwell assumes no obligation to update information contained in this press release.

About Techwell

Techwell is a fabless semiconductor company that designs, markets and sells mixed signal integrated circuits for multiple video applications in the consumer, security surveillance and automotive markets. Techwell designs both general purpose and application specific products that enable the conversion of analog video signals to digital form and perform advanced digital video processing to facilitate the display, storage and transport of video content. Headquartered in San Jose, CA, Techwell currently has over 90 employees in the U.S., Korea, Taiwan, China and Japan. Please visit www.techwellinc.com for more information.

Techwell, Inc. and the Techwell, Inc. logo are trademarks of Techwell, Inc. All other trademarks are the property of their respective owners.

TECHWELL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)


Three Months Ended Twelve Months Ended
December 31, December 31,
2006 2005 2006 2005
----------- ----------- ----------- ---------
(unaudited) (unaudited) (unaudited) (audited)

Revenues $16,010 $10,792 $53,712 $36,051

Cost of Revenues 6,865 4,860 22,977 17,304
----------- ----------- ----------- ---------

----------- ----------- ------------ ---------
Gross Profit 9,145 5,932 30,735 18,747
----------- ----------- ------------ ---------

Operating Expenses
Research and
development 2,199 2,566 9,183 8,684
Selling, general and
administrative 2,638 1,683 8,702 5,730
----------- ----------- ----------- ---------
Total operating
expenses 4,837 4,249 17,885 14,414
----------- ----------- ------------ ---------

Income from operations 4,308 1,683 12,850 4,333
Interest income 646 120 1,670 368
----------- ----------- ----------- ---------

Income before income
taxes 4,954 1,803 14,520 4,701
Provision for income
taxes 104 40 1,298 160
----------- ----------- ----------- ---------

Net Income $4,850 $1,763 $13,222 $4,541
=========== =========== ============ =========

Net income per share
Basic $0.24 $0.41 $1.04 $1.14
=========== =========== =========== =========
Diluted $0.22 $0.09 $0.64 $0.25
=========== =========== =========== =========


Shares used in
computing net income
per share
Basic 20,187 4,281 12,772 3,993
Diluted 22,206 18,772 20,538 18,434

TECHWELL, INC.
RECONCILIATION OF GAAP NET INCOME
TO NON-GAAP NET INCOME
(In thousands, except per share amounts)
(Unaudited)

Three Months Twelve Months
Ended Ended
December 31, December 31,
2006 2005 2006 2005
-------- ------- -------- -------

GAAP net income $4,850 $1,763 $13,222 $4,541

Stock-based compensation:
Cost of revenues 45 5 117 31
Research and development 191 112 1,100 427
Selling, general and administrative 243 177 1,050 442
-------- ------- -------- -------
Total stock-based compensation
expenses 479 294 2,267 900
-------- ---------------- -------

Tax effect on stock-based
compensation (8) - (68) -

Non-GAAP net income $5,321 $2,057 $15,421 $5,441
======== ======= ======== =======

Non-GAAP net income per share
Basic $0.26 $0.48 $1.21 $1.36
======== ======= ======== =======
Diluted $0.24 $0.11 $0.75 $0.30
======== ======= ======== =======

Shares used in computing
Non-GAAP net income per share
Basic 20,187 4,281 12,772 3,993
Diluted 22,206 18,772 20,538 18,434


Non-GAAP Financial Information

In addition to disclosing financial results calculated in accordance
with U. S. generally accepted accounting principles (GAAP), the
operating results presented contain non-GAAP financial measures that
exclude the income statement effects of stock-based compensation,
including the effect of our adoption of SFAS 123R.

We exclude stock-based compensation to calculate non-GAAP net income
and non-GAAP earnings per share for the fourth quarter and twelve
months of 2006 to allow for a better comparison of results in the
current period to those in prior periods that did not include SFAS
123R stock-based compensation.

TECHWELL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)


December 31, December 31,
2006 2005
----------- -----------
(unaudited) (audited)
Assets
Current Assets
Cash and cash equivalents $13,201 $15,982
Short-term investments 36,364 804
Accounts receivable 2,765 3,052
Inventory 4,584 3,113
Prepaid expenses and other assets 1,406 2,224
----------- ---------
Total Current Assets 58,320 25,175

Property and equipment - net 625 434
Long term-investments 4,963 -
Other assets 85 35
----------- ---------
Total $63,993 $25,644
=========== =========


Liabilities, Redeemable Convertible
Preferred Stock
and Stockholders' Equity (Deficit):
Current Liabilities:
Accounts payable $3,503 $1,336
Accrued expenses 3,344 2,687
----------- ---------
Total Current Liabilities 6,847 4,023

Deferred rent - 54
----------- ---------
Total Liabilities 6,847 4,077
----------- ---------

Redeemable Convertible Preferred Stock - 40,777
----------- ---------

Stockholders' Equity (Deficit):
Common stock 21 4
Additional paid in capital 67,734 5,355
Deferred stock-based compensation (546) (1,323)
Accumulated other comprehensive loss (39) -
Accumulated deficit (10,024) (23,246)
Net income -
----------- ---------
Total Stockholders' Equity (Deficit) 57,146 (19,210)
----------- ---------

Total $63,993 $25,644
=========== =========



Contact:
Techwell, Inc.
Mark Voll, 408-435-3888
Chief Financial Officer
[e-mail]
or
Investor Contact:
Shelton Group, Investor Relations
Jim Mathias, 972-239-5119 ext. 115
[e-mail]
or
Media Contact:
Morphoses
Public Relations & Marketing Firm
Sabrina Joseph, 408-726-1577
[e-mail]

--------------------------------------------------------------------------------
Source: Techwell, Inc.

[scopus]

Cradle Teams With Techwell to Launch High-Performance Scalable PCI DVR Card Reference Design Aimed at Improving Security Surveillance Applications
Wednesday March 28, 11:00 am ET


This Low-Cost Solution Adopts Techwell's Industry Leading High Quality 4 Channel Video and Audio NTSC/PAL Video Decoders


SAN JOSE, CA--(MARKET WIRE)--Mar 28, 2007 -- Cradle Technologies, a fabless semiconductor company providing Multi-core DSPs (MDSPs) for video and imaging systems, today announced the product launch of Janus, a low-cost PCI DVR reference design from Cradle featuring Techwell's Inc. (NasdaqGM:TWLL - News) TW2835 AV Controller and Cradle's CT3616 MDSP. Techwell, a leading designer of mixed-signal video semiconductor solutions for the security surveillance, automotive, and consumer electronics industries, will demonstrate this reference design during the International Security Show ISC West, March 28-30th at their Booth #6133 located in the security surveillance pavilion.

Cradle's new Janus PCI DVR uses four Techwell TW2835 AV Controller chips. The TW2835 is a feature-rich, four-channel video and audio controller for security applications. With four NTSC/PAL video decoders, motion detection, dual color display controllers, and dual video encoders with NTSC/PAL analog and digital outputs, the TW2835 provides the most integrated features at the lowest cost for the security surveillance industry. The TW2835 also boasts a flexible video display/record/playback controller including basic OSD display and MUX functions.

"We are pleased to partner with Cradle, a leader in MDSPs," said Tom Krause, Director of Business Development at Techwell. "The Janus PCI DVR reference design powered by the TW2835 and Cradle's CT3616 enables fast, easy design of fully-featured security products and we look forward to sharing this design with our respective customers."

Cascading four Techwell TW2835 AV controller chips, Janus is able to simultaneously compress up to 16 channels of video and audio using H.264, MPEG4 or MJPEG with a single CT3616, while reserving headroom for intelligent video content analysis applications or playback. The fully software programmable CT3616 MDSP allows developers to customize the features and functions of the Janus design for product differentiation. Channel density, frame rate, resolution, and other parameters can be modified to accommodate video processing and analysis needs.

The Janus PCI DVR design supports several video encoders including H.264, MPEG-4, and MJPEG. Janus also supports on-the-fly changes to encoding parameters while the video encoder is actively working. As a result, the frame rate, resolution, or bitrate of each individual video channel can be dynamically changed as required in response to external events, such as alarms. Janus will be offered to customers with pre-built combinations of channel density and codec formats. This eliminates the need for embedded software development work by the customers, and allows manufacturers to quickly bring to market families of PCI DVR cards based on a single hardware reference design, manufactured with different stuffing options and host software configuration. These features significantly reduce development time, cost, and complexity, while providing ultimate flexibility in product configuration and customization.

"The combination of Techwell's feature-rich AV controller chip and our MDSP chips in the Janus PCI DVR card demonstrates Cradle's ability to provide a flexible and high-performance product that can handle the complex algorithms inherent in state-of-the-art video surveillance equipment," said Bruce Schulman, Vice President at Cradle. "Our Janus reference design gives the system designer a head-start in the development of low-cost and high-end products for a wide range of video applications."

Pricing and Availability

The Janus PCI DVR reference design kit will be released to customers in Q2 2007. Contact Techwell or Cradle sales representatives for detailed product information, pricing, and availability. Techwell's TW2835 is currently in mass production, please contact a local Techwell sales representative for evaluation boards, samples and pricing -- [e-mail]

Cradle's CT3616 is currently in mass production, please contact Cradle sales representatives for pricing -- [e-mail]

About Techwell, Inc.

Techwell is a semiconductor company that designs, markets and sells mixed signal integrated circuits for multiple video applications in the security surveillance, automotive and consumer electronics markets. Techwell designs both general purpose and application specific products that enable the conversion of analog video signals to digital form and perform advanced digital video processing to facilitate the display, storage and transport of video content. Headquartered in San Jose, CA, Techwell currently has over 90 employees in the U.S., Korea, Taiwan, China and Japan. Please visit www.techwellinc.com for more information.

About Cradle Technologies

Cradle is a fabless semiconductor company providing the best price/performance, most flexible, and most scalable DSP solutions for real-time multimedia applications. Cradle's Multi-core DSP architecture innovation delivers high-performance scalable DSP processing with the flexibility, time-to-market, and product differentiation benefits of processor-based programmable platforms. Coupled with a Janus Reference Design Kit and suite of application software functions, Cradle provides OEMs with all the building blocks necessary to enable flexible yet high-performance DSP designs. Cradle's corporate headquarters are located in Sunnyvale, California. For more information, visit www.cradle.com.



Contact:
Media Contacts:

Cradle Technologies
Bruce Schulman
Phone: [phone]
Email: Email Contact

Techwell, Inc.
Sabrina Joseph
Phone: [phone]
Email: Email Contact



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Source: Cradle Technologies

[scopus]

Hikvision Partners With Techwell to Advance Digital Security Surveillance Industry
Wednesday March 28, 1:15 pm ET
Hikvision to Demonstrate Full Line of H.264 Embedded DVRs Based On Techwell 4-in-1 Video Decoders At the 2007 International Security Show ISC West in Las Vegas, Nevada March 28-30th


SAN JOSE, Calif., March 28, 2007 (PRIME NEWSWIRE) -- Techwell, Inc. (NasdaqGM:TWLL - News), a leading designer of mixed signal video semiconductor solutions for the security surveillance, automotive, and consumer electronics markets, today announced Hikvision has collaborated with Techwell to help develop an advanced embedded DVR platform based on Techwell's line of advanced 4-in-1 video decoders for security surveillance applications. Featuring the latest H.264 video and audio compression algorithms, Hikvision is the leading developer of China's rapidly growing video surveillance industry. Utilizing Techwell's extensive line of highly integrated, feature rich NTSC/PAL video decoder surveillance ICs has enabled Hikvision to strengthen its DVR platform as well as build on its leadership position in the China market. Techwell will be demonstrating the TW28xx 4-in-1 video decoders and other integrated security solutions at the ISC West Show held in Las Vegas, NV March 28-30, 2007 Sands Expo and Convention Center Booth #6133.

``Techwell's innovative security surveillance products and their high level of customer support enables Hikvision to quickly build world-class solutions with reduced time to market,'' said Wei-Qi Wu, Vice President of R&D at Hikvision. ``By providing the best video performance and the highest level of integration at the lowest cost, Techwell's line of security surveillance ICs is unmatched in the industry. We look forward to building on our leadership position within the video surveillance industry both in China and throughout the world through the adoption of Techwell's innovative video surveillance solutions for our entire line of products.''

``Over the past decade Hikvision has made innovative contributions to the digital video security surveillance industry in China by providing advanced products using the most cutting edge technology from leadership companies,'' said Darron Ma, Techwell's Director of Sales. ``We are proud to have worked with Hikvision on so many exciting projects over the years and to have been selected for their entire line of DS-7000 and DS-8000 series platforms to offer best-in-class solutions.''

Techwell's TW28xx is a product line of highly integrated video decoders and video controller solutions for the CCTV Security Surveillance market. Techwell continues to break ground in the rapidly growing security surveillance market with the expansion of the TW28xx product line offering the most feature rich and cost-effective solutions for 4, 8 and 16 channel Digital Video Recorders in the market today. In addition to integrating 4 video decoders in one chip, the TW28xx incorporates audio ADCs, audio mux, motion detection, horizontal and vertical scaling, zoom, and playback and record outputs and is an ideal front end for the Digital Video Recorder market.

Pricing and Availability

Please contact a local Techwell sales representative for evaluation boards, samples and pricing. [e-mail]

About Hikvision

Hikvision provides the most advanced H.264 solution for ``Digital Surveillance Security Industries'' based on their owned patented Algorithms. Their products range from A/V Compression Boards to Embedded Net DVRs and multi-purposes DVSs. Hikvision provides the latest SDK to their co-partners with online technical support. Their digital surveillance products for DSP platforms feature the latest H.264 video and audio compression algorithms. These items are designed and produced by over 380 employees, including 100 engineers in R&D.

About Techwell

Techwell is a semiconductor company that designs, markets and sells mixed signal integrated circuits for multiple video applications in the security surveillance, automotive and consumer electronics markets. Techwell designs both general purpose and application specific products that enable the conversion of analog video signals to digital form and perform advanced digital video processing to facilitate the display, storage and transport of video content. Headquartered in San Jose, CA, Techwell currently has over 90 employees in the U.S., Korea, Taiwan, China and Japan. Please visit http://www.techwellinc.com for more information.

Forward-looking Statements

This press release and related conference call contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may be identified by terminology such as may, will, could, should, anticipate and expect and the negative of these terms or other similar expressions. These are statements that relate to future events and include, but are not limited to Techwell's belief that demand for its products will continue to grow in the second half of 2006 and its ability to better address customer requirements, leverage technology capabilities and achieve greater market share, statements relating to future opportunities, success in digital video markets, continued growth as a public company and its anticipated revenues and operating expenses for the third quarter of 2006. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in these forward-looking statements. These risks and uncertainties include, but are not limited to: Techwell's dependence on increased demand for digital video applications for the consumer, security surveillance and automotive markets, the potential decline in average selling prices for Techwell's products, competition, dependence on key and highly skilled personnel, the ability to develop new products and enhance existing products, as well as other risks detailed from time to time in its SEC filings, including those described in the Risk Factors section in Registration Statement on Form S-1. Statements included in this release are based upon information known to Techwell as of the date of this release, and Techwell assumes no obligation to update information contained in this press release.



Contact:
Morphoses Public Relations & Marketing Firm
Media Contact
Sabrina Joseph
408-726-1577
[e-mail]


--------------------------------------------------------------------------------
Source: Techwell, Inc.

[50bager]

Techwell Reports First Quarter 2007 Financial Results
Thursday May 3, 4:01 pm ET


SAN JOSE, Calif.--(BUSINESS WIRE)--Techwell, Inc., (Nasdaq:TWLL - News), a leading provider of mixed signal integrated circuits for multiple video applications in the consumer, security surveillance and automotive markets, today announced financial results for the first quarter ended March 31, 2007.
First Quarter 2007 Highlights:

Reported quarterly revenue growth of approximately 38 percent year-over-year
Reported quarterly gross margin of 57 percent
Achieved first quarter net income of $2.5 million, representing $0.11 earnings per diluted share on a GAAP basis
Net revenue for the first quarter of 2007 was $13.5 million compared to net revenue of $16.0 million in the preceding quarter and $9.8 million in the first quarter of 2006.

Net revenue in the first quarter for each of the Company's product lines consisted of $8.9 million in security surveillance, $1.6 million in LCD display, $2.6 million in video decoders and $363,000 in other revenue. Gross margin for the first quarter of 2007 was 57 percent, compared to gross margin of 57 percent in the preceding quarter and 54 percent in the same period a year ago. Operating expenses for the first quarter of 2007 totaled $5.0 million, or 37 percent of total revenue. This compares to operating expenses of $4.8 million, or 30 percent of revenue, in the preceding quarter and $4.3 million, or 44 percent of revenue, in the same period a year ago.

Net income for the first quarter of 2007 totaled $2.5 million, or $0.11 per diluted share, which included pre-tax stock-based compensation expenses under Statement of Financial Accounting Standard No. 123R (SFAS 123R) of $749,000, before the tax effect of $158,000, or a charge of $0.03 per diluted share. This compares to net income in the fourth quarter of 2006 of $4.9 million, or $0.22 per diluted share, and net income of $1.0 million, or $0.05 per diluted share, in the first quarter of 2006. Shares used to compute GAAP net income per diluted share for the first quarter of 2007 totaled approximately 21.8 million shares.

Cash and cash equivalents short and long term investments increased by $2.4 million in the quarter resulting in cash and cash equivalents, short and long-term investments of approximately $56.9 million as of March 31, 2007, compared to approximately $54.5 million as of December 31, 2006.

"As expected, first quarter revenue reflected typical seasonality and the effects of the Chinese New Year holiday. However, due to the solid demand we continue to experience in our products, particularly our security surveillance products, we delivered significant year over year growth and continued to maintain strong profit margins," stated Hiro Kozato, President and Chief Executive Officer of Techwell, Inc.

Mr. Kozato further commented, "During the quarter, we continued to gain traction in all our product lines, especially in security surveillance. Our strategy continues to focus on increasing the amount of the silicon content we address in today's security surveillance systems. Introduced only two quarters ago, our most integrated solution, the TW 2835, has been a terrific success and is now our best selling part within in our security surveillance product line."

Business Outlook

Techwell expects second quarter 2007 revenue to be in a range of $14.5 million to $15.5 million.

First Quarter 2007 Financial Results Conference Call and Web Cast

Techwell, Inc. will host a conference call with the financial community today May 3, 2007 at 2:15 P.M. Pacific Time (PT), 5:15 P.M. Eastern Time (ET). The conference call will be broadcast live on the Company's Investor Relations website at http://www.techwellinc.com. Those parties interested in participating via telephone should dial 800-706-7748 with the conference ID number 57714940. International participants should dial 617-614-3473 and provide the same pass code at the prompt. A telephone replay of the call will be available approximately two hours after the end of the call and will be available until midnight (ET) Thursday, May 17, 2007. The replay number is 888-286-8010 with a pass code of 23727076. International callers should dial 617-801-6888 and enter the same pass code at the prompt. An archived version of the Web cast will also be available on the Company's web site.

Forward-Looking Statements

This press release and related conference call contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may be identified by terminology such as may, will, could, should, anticipate and expect and the negative of these terms or other similar expressions. These are statements that relate to future events and include, but are not limited to Techwell's strategy to address the amount of silicon content it addresses in today's security surveillance systems and statements related to anticipated revenues for the second quarter of 2007. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in these forward-looking statements. These risks and uncertainties include, but are not limited to: a determination, upon completion of further quarterly closing and review procedures, that the financial results for the first quarter of 2007 are different than the results set forth in this press release, Techwell's dependence on increased demand for digital video applications for the consumer, security surveillance and automotive markets, the potential decline in average selling prices for Techwell's products, competition, dependence on key and highly skilled personnel, the ability to develop new products and enhance existing products, as well as other risks detailed from time to time in its SEC filings, including those described in Techwell's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2007. Statements included in this release are based upon information known to Techwell as of the date of this release, and Techwell assumes no obligation to update information contained in this press release.

About Techwell

Techwell is a fabless semiconductor company that designs, markets and sells mixed signal integrated circuits for multiple video applications in the consumer, security surveillance and automotive markets. Techwell designs both general purpose and application specific products that enable the conversion of analog video signals to digital form and perform advanced digital video processing to facilitate the display, storage and transport of video content. Headquartered in San Jose, CA, Techwell currently has over 90 employees in the U.S., Korea, Taiwan, China and Japan. Please visit www.techwellinc.com for more information.

Non-GAAP Reporting

Techwell reports both GAAP and non-GAAP measures to evaluate our financial results. The non-GAAP measures used are: net income, excluding stock-based compensation expense and related tax effect, and net income per diluted share, excluding stock-based compensation expense and related tax effect. We believe that the non-GAAP measures, excluding stock-based compensation expense, when viewed in addition to and not in lieu of our reported GAAP results, assist investors in understanding our results of operations. We also believe non-GAAP measures provide useful supplemental information for investors to evaluate our operating results in the same manner as the research analysts that follow Techwell, all of whom present non-GAAP projections in their published reports. As such, non-GAAP measures provided by Techwell facilitate a more direct comparison of its performance with the financial projections published by the analysts. However, non-GAAP measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

Techwell, Inc. and the Techwell, Inc. logo are trademarks of Techwell, Inc. All other trademarks are the property of their respective owners.

TECHWELL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)

Three Months Ended
March 31,
2007 2006
----------- ----------


Revenues $13,517 $9,801

Cost of Revenues 5,791 4,497
----------- ----------

----------- ----------
Gross Profit 7,726 5,304
----------- ----------

Operating Expenses
Research and development 2,215 2,490
Selling, general and administrative 2,758 1,818
----------- ----------
Total operating expenses 4,973 4,308
----------- ----------

Income from operations 2,753 996
Interest income 679 155
----------- ----------

Income before income taxes 3,432 1,151
Provision for income taxes 968 166
----------- ----------

Net Income $2,464 $985
=========== ==========

Net income per share
Basic $0.12 $0.22
=========== ==========
Diluted $0.11 $0.05
=========== ==========


Shares used in computing net income per share
Basic 20,637 4,470
Diluted 21,827 18,905



TECHWELL, INC.
RECONCILIATION OF GAAP NET INCOME
TO NON-GAAP NET INCOME

(In thousands, except per share amounts)
(Unaudited)

Three Months Ended
March 31,
2007 2006
----------- ----------

GAAP net income $2,464 $985

Stock-based compensation expense:
Cost of revenues 45 13
Research and development 318 597
Selling, general and administrative 386 213
----------- ----------
Total stock-based compensation expenses 749 823
----------- ----------

Tax effect on stock-based compensation (158) (6)

Non-GAAP net income $3,055 $1,802
=========== ==========

Non-GAAP net income per share
Basic $0.15 $0.40
=========== ==========
Diluted $0.14 $0.10
=========== ==========

Shares used in computing Non-GAAP net income
per share
Basic 20,637 4,470
Diluted 21,827 18,905


In addition to disclosing financial results calculated in accordance
with U. S. generally accepted accounting principles (GAAP), the
operating results presented contain non-GAAP financial measures that
exclude the income statement effects of stock-based compensation
expense.

We believe that the non-GAAP measures, excluding stock-based
compensation expense, when viewed in addition to and not in lieu of
our reported GAAP results, assist investors in understanding our
results of operations. We believe non-GAAP measures provide useful
supplemental information for investors to evaluate our operating
results in the same manner as the research analysts that follow
Techwell, all of whom present non-GAAP projections in their published
reports. As such, non-GAAP measures provided by Techwell facilitate a
more direct comparison of its performance with the financial
projections published by the analysts. However, non-GAAP measures
should not be considered in isolation from, or as a substitute for,
financial information prepared in accordance with GAAP.


TECHWELL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)


March 31, December
31,
2007 2006
----------- ----------
(unaudited) (audited)
Assets
Current Assets
Cash and cash equivalents $14,676 $13,201
Short-term investments 34,638 36,364
Accounts receivable 2,870 2,765
Inventory 3,799 4,584
Prepaid expenses and other assets 1,229 1,406
----------- ----------
Total Current Assets 57,212 58,320

Property and equipment - net 671 625
Long term-investments 7,655 4,963
Other assets 149 85
----------- ----------
Total $65,687 $63,993
=========== ==========


Liabilities and Stockholders' Equity:
Current Liabilities:
Accounts payable $2,588 $3,503
Accrued expenses 1,789 3,344
----------- ----------
Total Current Liabilities 4,377 6,847

----------- ----------
Total Liabilities 4,377 6,847
----------- ----------


Stockholders' Equity:
Common stock 21 21
Additional paid-in capital 69,296 67,734
Deferred stock-based compensation (414) (546)
Accumulated other comprehensive loss (33) (39)
Accumulated deficit (7,560) (10,024)
----------- ----------
Total Stockholders' Equity 61,310 57,146
----------- ----------

Total $65,687 $63,993
=========== ==========



Contact:
Techwell, Inc.
Mark Voll, 408-435-3888
Chief Financial Officer
[e-mail]
or
Shelton Group, Investor Relations
Jim Mathias, 972-239-5119 ext. 115
[e-mail]
or
Morphoses
Public Relations & Marketing Firm
Sabrina Joseph, 408-726-1577
[e-mail]

--------------------------------------------------------------------------------
Source: Techwell, Inc.

[panik]

Techwell Reports Second Quarter 2007 Financial Results
Thursday August 2, 4:02 pm ET


SAN JOSE, Calif.--(BUSINESS WIRE)--Techwell, Inc., (NASDAQ:TWLL - News), a leading provider of mixed signal integrated circuits for multiple video applications in the consumer, security surveillance and automotive markets, today announced financial results for the second quarter ended June 30, 2007.
Second Quarter and First Half 2007 Highlights:

Reported gross margin of 59 percent in the second quarter
Achieved second quarter net income of $2.6 million, representing $0.12 earnings per diluted share on a GAAP basis
Grew revenues 25 percent during the first half 2007 when compared to the same period of 2006
Net revenue for the second quarter of 2007 was $14.7 million, compared to net revenue of $13.5 million in the preceding quarter and $12.8 million in the second quarter of 2006.

Net revenue in the second quarter for each of the Company's product lines consisted of $9.1 million in security surveillance, $1.5 million in LCD display, $3.9 million in video decoders and $238,000 in other revenue. Gross margin for the second quarter of 2007 was 59 percent, compared to gross margin of 57 percent in the preceding quarter and 59 percent in the same period a year ago. Operating expenses for the second quarter of 2007 totaled $5.7 million, or 39 percent of total revenue. This compares to operating expenses of $5.0 million, or 37 percent of revenue, in the preceding quarter and $4.4 million, or 34 percent of revenue, in the same period a year ago.

Net income for the second quarter of 2007 totaled $2.6 million, or $0.12 per diluted share, which included pre-tax stock-based compensation expenses under Statement of Financial Accounting Standard No. 123R (SFAS 123R) of $1.2 million, before the tax effect of $283,000, or a charge of $0.04 per diluted share. This compares to net income in the first quarter of 2007 of $2.5 million, or $0.11 per diluted share, and net income of $2.9 million, or $0.15 per diluted share, in the second quarter of 2006. Shares used to compute GAAP net income per diluted share for the second quarter of 2007 totaled approximately 21.8 million shares.

Cash and cash equivalents, short and long term investments increased by $3.9 million in the quarter resulting in cash and cash equivalents, short and long-term investments of approximately $60.9 million as of June 30, 2007, compared to approximately $54.5 million as of December 31, 2006.

"Business continued to be solid during the quarter driven by the success of our high-performance products for digital video applications. As a result, we recorded another quarter of year-over-year revenue growth and strong gross margins," stated Hiro Kozato, President and Chief Executive Officer of Techwell, Inc. "During the first six months of 2007, we continued to aggressively invest in research and development and expect as new products come to market they will drive future revenue growth."

Mr. Kozato further commented, "Revenue from security surveillance accounted for the majority of our revenue growth during the quarter due to the leading market share we have within this space. Our video decoder business grew sequentially and we anticipate this business to grow in 2008 with the introduction of our integrated audio/video decoder. With regard to LCD Display revenues, we continue to believe that our earlier design wins will result in significant future growth. However, we expect LCD Display revenues in the short term will remain constrained by the slowdown in the sale of vehicles installed with entertainment LCD displays and the lack of available small LCD panels. Overall, we are confident in our product road-map and believe we are well-positioned in the markets we serve."

Business Outlook

Techwell expects revenue for the third quarter of 2007 to be in a range of $14.5 million to $15.5 million.

Second Quarter 2007 Financial Results Conference Call and Web Cast

Techwell, Inc. will host a conference call with the financial community today, August 2, 2007, at 2:15 P.M. Pacific Time (PT), 5:15 P.M. Eastern Time (ET). The conference call will be broadcast live on the Company's Investor Relations website at http://www.techwellinc.com. Those parties interested in participating via telephone should dial 888-679-8037 with the conference ID number 13496585. International participants should dial 617-213-4849 and provide the same pass code at the prompt. A telephone replay of the call will be available approximately two hours after the end of the call and will be available until midnight ET Thursday, August 9, 2007. The replay number is 888-286-8010 with a pass code of 58528196. International callers should dial 617-801-6888 and enter the same pass code at the prompt. An archived version of the Web cast will also be available on the Company's web site.

Forward-Looking Statements

This press release and related conference call contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may be identified by terminology such as may, will, could, should, anticipate and expect and the negative of these terms or other similar expressions. These are statements that relate to future events and include, but are not limited to the expected impact of Techwell's research and development investments on future products and revenue, the growth of Techwell's video decoder business in 2008, the anticipated impact of earlier design wins on Techwell's LCD Display business, expectations regarding Techwell's LCD Display revenues in the short-term and statements related to anticipated revenues for the third quarter of 2007. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in these forward-looking statements. These risks and uncertainties include, but are not limited to: a determination, upon completion of further quarterly closing and review procedures, that the financial results for the second quarter of 2007 are different than the results set forth in this press release, Techwell's dependence on increased demand for digital video applications for the consumer, security surveillance and automotive markets, the potential decline in average selling prices for Techwell's products, competition, dependence on key and highly skilled personnel, the ability to develop new products and enhance existing products, as well as other risks detailed from time to time in its SEC filings, including those described in Techwell's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 14, 2007. Statements included in this release are based upon information known to Techwell as of the date of this release, and Techwell assumes no obligation to update information contained in this press release.

About Techwell

Techwell is a fabless semiconductor company that designs, markets and sells mixed signal integrated circuits for multiple video applications in the consumer, security surveillance and automotive markets. Techwell designs both general purpose and application specific products that enable the conversion of analog video signals to digital form and perform advanced digital video processing to facilitate the display, storage and transport of video content. Headquartered in San Jose, CA, Techwell currently has over 100 employees in the U.S., Korea, Taiwan, China and Japan. Please visit www.techwellinc.com for more information.

Non-GAAP Reporting

Techwell reports both GAAP and non-GAAP measures to evaluate our financial results. The non-GAAP measures used are: net income, excluding stock-based compensation expense and related tax effect, and net income per diluted share, excluding stock-based compensation expense and related tax effect. We believe that the non-GAAP measures, excluding stock-based compensation expense, when viewed in addition to and not in lieu of our reported GAAP results, assist investors in understanding our results of operations. We also believe non-GAAP measures provide useful supplemental information for investors to evaluate our operating results in the same manner as the research analysts that follow Techwell, all of whom present non-GAAP projections in their published reports. As such, non-GAAP measures provided by Techwell facilitate a more direct comparison of its performance with the financial projections published by the analysts. However, non-GAAP measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

Techwell, Inc. and the Techwell, Inc. logo are trademarks of Techwell, Inc. All other trademarks are the property of their respective owners.

TECHWELL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)

Three Months Six Months Ended
Ended
June 30, June 30,
2007 2006 2007 2006
-------- -------- -------- --------


Revenues $14,743 $12,800 $28,260 $22,601

Cost of Revenues 5,989 5,241 11,780 9,738

-------- -------- -------- --------
Gross Profit 8,754 7,559 16,480 12,863
-------- -------- -------- --------

Operating Expenses
Research and development 2,870 2,461 5,085 4,951
Selling, general and
administrative 2,874 1,884 5,632 3,702
-------- -------- -------- --------
Total operating expenses 5,744 4,345 10,717 8,653
-------- -------- -------- --------

Income from operations 3,010 3,214 5,763 4,210
Interest income 737 252 1,416 407
-------- -------- -------- --------

Income before income taxes 3,747 3,466 7,179 4,617
Provision for income taxes (1,106) (588) (2,074) (754)
-------- -------- -------- --------

Net income $ 2,641 $ 2,878 $ 5,105 $ 3,863
======== ======== ======== ========

Net income per share
Basic $ 0.13 $ 0.52 $ 0.25 $ 0.77
======== ======== ======== ========
Diluted $ 0.12 $ 0.15 $ 0.23 $ 0.20
======== ======== ======== ========


Shares used in computing net income
per share
Basic 20,765 5,521 20,701 4,995
Diluted 21,826 19,163 21,810 19,022



TECHWELL, INC.
RECONCILIATION OF GAAP NET INCOME
TO NON-GAAP NET INCOME
(In thousands, except per share amounts)
(Unaudited)

Three Months Six Months Ended
Ended
June 30, June 30,
2007 2006 2007 2006
-------- -------- -------- --------

GAAP net income $ 2,641 $ 2,878 $ 5,105 $ 3,863

Stock-based compensation expenses:
Cost of Revenues 71 24 116 37
Research and development 517 138 835 735
Selling, general and
administrative 591 252 977 465
-------- -------- -------- --------
Total stock-based
compensation expenses 1,179 414 1,928 1,237
-------- -------- -------- --------

Tax effect on stock-based
compensation expenses (283) (20) (441) (26)

Non-GAAP net income $ 3,537 $ 3,272 $ 6,592 $ 5,074
-------- -------- -------- --------

Non-GAAP net income per share
Basic $ 0.17 $ 0.59 $ 0.32 $ 1.02
======== ======== ======== ========
Diluted $ 0.16 $ 0.17 $ 0.30 $ 0.27
======== ======== ======== ========

Shares used in computing net income
per share
Basic 20,765 5,521 20,701 4,995
Diluted 21,826 19,163 21,810 19,022


In addition to disclosing financial results calculated in accordance
with U.S. generally accepted accounting principles (GAAP), the
operating results presented contains non-GAAP financial measures that
excludes the income statement effects of stock-based compensation
expense.

We believe that the non-GAAP measures, excluding stock-based
compensation expense, when viewed in addition to and not in lieu of
our reported GAAP results, assist investors in understanding our
results of operations. We believe non-GAAP measures provide useful
supplemental information for investors to evaluate our operating
results in the same manner as the research analysts that follow
Techwell all of whom present non-GAAP projections in their published
reports. As such, non-GAAP measures provided by Techwell facilitate a
more direct comparison of its performance with the financial
projections published by the analysts. However, non-GAAP measures
should not be considered in isolation from, or as a substitute for,
financial information prepared in accordance with GAAP.


TECHWELL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, December
31,
2007 2006
----------- ---------
(unaudited) (audited)
Assets
Current Assets:
Cash and cash equivalents $13,177 $ 13,201
Short-term investments 39,095 36,364
Accounts receivable 2,438 2,765
Inventory 4,791 4,584
Prepaid expenses and other assets 1,976 1,406
----------- ---------
Total Current Assets 61,477 58,320

Property and equipment - net 1,003 625
Long-term investments 8,634 4,963
Other assets 160 85
----------- ---------
Total Assets $71,274 $ 63,993
=========== =========


Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $ 3,341 $ 3,503
Accrued expenses and other liabilities 2,167 3,344
----------- ---------
Total Current Liabilities 5,508 6,847

Deferred rent 212 -
----------- ---------
Total Liabilities 5,720 6,847
----------- ---------

Stockholders' Equity:
Common stock 21 21
Additional paid-in capital 70,807 67,734
Deferred stock compensation (304) (546)
Accumulated comprehensive loss (51) (39)
Accumulated deficit (4,919) (10,024)
----------- ---------
Total Stockholders' Equity 65,554 57,146

----------- ---------
Total Liabilities and Stockholders' Equity $71,274 $ 63,993
=========== =========



Contact:
Company Contact:
Techwell, Inc.
Mark Voll, 408-435-3888
Chief Financial Officer
[e-mail]
or
Investor Contact:
Shelton Group, Investor Relations
Jim Mathias, 972-239-5119 ext. 115
[e-mail]
or
Media Contact:
Morphoses
Public Relations & Marketing Firm
Sabrina Joseph, 408-726-1577
[e-mail]

--------------------------------------------------------------------------------
Source: Techwell, Inc.

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