Leadis Technology, Inc. (LDIS) - 500 Beiträge pro Seite
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ISIN: US52171N1037 · WKN: A0B91Z
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Profile:Leadis Technology, Inc. designs, develops and markets mixed-signal semiconductors that enable and enhance the features and capabilities of small-panel displays. The Company`s core products are color display drivers with integrated controllers, which are critical components of displays used in mobile consumer electronics devices. It sells display drivers, which are the critical semiconductor components that enable the display`s functionality, to display module manufacturers serving the wireless handset market. The Company`s customers are global wireless handset manufacturers, including LG Electronics Inc., Nokia Corporation and Samsung Electronics Co., Ltd. During the year ended December 31, 2003, Leadis` top two customers, Philips Mobile Display Systems and Samsung NEC Mobile Display, accounted for approximately 75.9% and 23.4% of its revenue, respectively.
http://www.leadis.com
http://www.leadis.com
Leadis Technology Reports Second Quarter 2004 Financial Results With 200% Revenue Increase Year-Over-Year
Wednesday July 28, 4:17 pm ET
SUNNYVALE, Calif., July 28 /PRNewswire-FirstCall/ -- Leadis Technology, Inc. (Nasdaq: LDIS - News), a leading mixed-signal semiconductor developer of display driver ICs for small panel color displays, today announced results for the second quarter of 2004, ended June 30, 2004. Revenues for the second quarter were a record $41.3 million, up 200% from $13.8 million for the same period in 2003. Net income for the second quarter of 2004 was $6.2 million, the Company`s seventh successive quarter of profitability.
Financial Results
Revenues of $41.3 million for the second quarter of 2004 reflected an increase of 19% from $34.8 million in the first quarter of 2004. Under generally accepted accounting principles (GAAP), operating income for the second quarter was $10.1 million or 25% of revenues. Net income of $6.2 million for the second quarter was up 33% from $4.7 million in the first quarter, resulting in diluted net income of $0.24 per share. This compares to diluted net income of $0.19 per share in the first quarter of 2004.
Leadis reports net income and basic and diluted net income per share in accordance with GAAP and additionally on a non-GAAP, or pro-forma basis. In the second quarter of 2004, pro-forma net income increased to $7.4 million, or $0.29 per diluted share, from $5.7 million or $0.24 per diluted share in the first quarter of 2004 and from $1.3 million or $0.05 per diluted share in the second quarter of 2003. Pro-forma results, where applicable, exclude the effect of the amortization of stock-based compensation with the intent to enhance an overall understanding of Leadis` past performance and prospects for the future.
"We are delighted to report results for the first time as a public company. Our success to date has exceeded our expectations in all areas of measurement," said Dr. Steve Ahn, President and Chief Executive Officer. "We are extremely excited with our financial performance, customer progress and new product introduction in the second quarter of 2004. I am especially proud that we have achieved seven successive quarters of profitability."
Leadis reported cash and short-term investments of $102.3 million as of June 30, 2004, a significant increase from the March 31, 2004 balance of $28.9 million. Leadis raised $76.6 million in net proceeds from its initial public offering of common stock in June 2004.
Business Summary
During the second quarter, sales of the Company`s products continued to increase. Overall unit sales increased to a record 14 million units in the second quarter of 2004 from 11 million units in the first quarter.
Leadis began volume shipment of two new products during the quarter, further expanding its display driver IC product portfolio to seven products. The new products were the LDS162, a monochrome STN driver for main mobile phone displays, and the LDS514, a 65K color OLED driver for the outside display of clamshell phones.
"We are very encouraged by the wide acceptance of our products and our overall progress in terms of further penetration with our existing and new customers. Our products have established strong footholds in the color STN and OLED markets and unit sales increased for both these product families," said Dr. Ken Lee, Executive Vice President and Chief Technology Officer. "As a first mover of OLED driver technology, we maintained our technical leadership by introducing the LDS514 as the latest member of the 65K color product family."
Business Outlook
"Our outstanding second quarter results follow a seasonal pattern of growth after a slower first quarter in the mobile handset industry," said Dr. Ahn. "We project continued expansion of our product portfolio and modest revenue growth for the third quarter of 2004 during the seasonally slower summer months for the industry."
Based on information currently available to the Company, expectations for the third quarter of 2004 are as follows:
-- Revenues are expected to be between $40 - $43 million reflecting strong
growth from $21 million in the third quarter of 2003 and above our
prior expectation.
-- Gross margin, which varies with product mix, selling price and unit
costs, is expected to be approximately 33-34% and within the range of
our long term model.
-- Average diluted shares outstanding are expected to be approximately
31 million.
-- GAAP diluted earnings per share are expected to be between $0.13 to
$0.16 and on a pro-forma basis between $0.17 to $0.20.
Conference Call Today
Leadis Technology will broadcast its conference call discussion of second quarter fiscal 2004 financial results today, Wednesday, July 28, 2004 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
To listen to the call, dial 800-818-5264 approximately ten minutes before the start of the call. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available for one week. To access the replay, dial 888-203-1112. The confirmation code is 576715.
A live webcast of the call will be available on the investor relations section of the Company`s web site, http://ir.leadis.com . An archived webcast of the call will remain available for six months.
About Leadis Technology, Inc.
Leadis Technology, Inc., headquartered in Sunnyvale, California, designs, develops and markets mixed-signal semiconductors that enable and enhance the features and capabilities of small panel displays, focusing on the mobile handset market. Leadis` core products are color display drivers which are critical components of displays used in mobile consumer electronic devices. For more information, visit www.leadis.com.
Cautionary Language
This press release regarding financial results for the quarter ended June 30, 2004 and expectations for the third quarter of 2004 contains forward-looking statements based on current Leadis Technology expectations. The words "expect," "will," "should," "would," "anticipate," "project," "outlook," "believe," "intend," and similar phrases as they relate to future events are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Leadis Technology but are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: risks that Leadis may not be able to maintain its current revenue growth rate or gross margin levels; risks that one or more of the Company`s concentrated group of customers may reduce demand or price for the Company`s products or a particular product; dependence on a limited number of products; risks that shortages of supply of other components of mobile consumer electronic devices may limit customer demand to purchase Leadis` products; quarterly fluctuations in revenue and operating results due to seasonal fluctuations in demand for consumer electronic devices; risks that Leadis` foundry suppliers may not allocate to it sufficient silicon wafers to meet its demand due to Leadis` lack of long-term supply contracts with foundries and tightening foundry capacity; risks that Leadis may not be able to manage its growth; risks that Leadis` new products may not be able to be completed in a timely fashion or gain market acceptance; risks with managing international activities; intellectual property litigation risk; the semiconductor industry`s cyclical nature; geographic concentration of foundries, assembly and test facilities and customers in the Pacific Rim, subjecting Leadis to risks of natural disasters, epidemics and political unrest; and other factors. For a discussion of these and other factors that could impact Leadis` financial results and cause actual results to differ materially from those in the forward-looking statements, please refer to Leadis` final prospectus filed with the SEC on June 16, 2004, in the sections titled Risk Factors and Special Note regarding Forward-Looking Statements, which is available at www.leadis.com.
LEADIS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30,
2004 2004 2003 2004 2003
Revenue $41,325 $34,763 $13,780 $76,088 $22,021
Costs and
expenses:
Cost of
revenue 26,061 21,790 10,405 47,851 16,280
Research and
development 2,655 3,297 853 5,952 1,574
Selling,
general and
administra-
tive 1,368 1,353 728 2,721 1,367
Stock based
compensation 1,112 1,008 157 2,119 163
------- ------- ------- ------- -------
Total costs
and expenses 31,196 27,448 12,143 58,643 19,384
------- ------- ------- ------- -------
Operating
income 10,129 7,315 1,637 17,445 2,637
Interest and
other income,
net 64 436 37 500 54
------- ------- ------- ------- -------
Income before
provision for
income taxes 10,193 7,751 1,674 17,945 2,691
Provision for
income taxes 3,981 3,082 586 7,064 942
------- ------- ------- ------- -------
Net income $6,212 $4,669 $1,088 $10,881 $1,749
======= ======= ======= ======= =======
Net income
per share:
Basic $0.28 $0.23 $0.05 $0.51 $0.09
======= ======= ======= ======= =======
Diluted $0.24 $0.19 $0.05 $0.43 $0.08
======= ======= ======= ======= =======
Shares used in
computing net
income per
share:
Basic 21,858 20,755 20,498 21,353 20,348
Diluted 25,751 24,197 23,298 25,066 22,802
LEADIS TECHNOLOGY, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30,
2004 2004 2003 2004 2003
GAAP net
income $6,212 $4,669 $1,088 $10,881 $1,749
Adjustments:
Cost of
revenue due
to stock based
compensation 70 46 5 116 5
Stock based
compensation 1,112 1,008 157 2,119 163
------- ------- ------- ------- -------
Adjusted net
income $7,394 $5,723 $1,250 $13,116 $1,917
======= ======= ======= ======= =======
Shares used in
computing GAAP
net income per
share:
Basic 21,858 20,755 20,498 21,353 20,348
Diluted 25,751 24,197 23,298 25,066 22,802
Adjusted net
income per
share:
Basic $0.34 $0.28 $0.06 $0.61 $0.09
Diluted $0.29 $0.24 $0.05 $0.52 $0.08
LEADIS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
June 30, March 31, December 31,
2004 2004 2003
ASSETS
Current assets:
Cash and cash equivalents $102,334 $28,917 $22,956
Restricted cash -- -- 1,500
Accounts receivable, net 27,561 25,394 28,213
Inventory 9,239 10,878 5,863
Prepaid expenses and other
current assets 6,303 1,967 1,425
------- ------- -------
Total current assets 145,437 67,156 59,957
Property and equipment, net 1,024 1,054 979
Other assets 871 763 716
------- ------- -------
Total assets $147,332 $68,973 $61,652
======= ======= =======
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $20,694 $26,199 $25,123
Accrued liabilities 6,313 4,970 3,595
Taxes payable 2,057 3,557 4,281
Deferred revenue 33 70 488
------- ------- -------
Total current liabilities 29,097 34,796 33,487
Other noncurrent liabilities 370 286 258
Commitments -- -- --
Mandatorily redeemable convertible
preferred stock -- 14,300 14,300
Stockholders` equity:
Common stock and
additional paid-in capital 102,045 11,045 6,604
Deferred stock-based
compensation (5,656) (6,718) (3,592)
Retained earnings 21,476 15,264 10,595
------- ------- -------
Total stockholders` equity 117,865 19,591 13,607
------- ------- -------
Total liabilities and
stockholders` equity $147,332 $68,973 $61,652
======= ======= =======
--------------------------------------------------------------------------------
Source: Leadis Technology, Inc.
Wednesday July 28, 4:17 pm ET
SUNNYVALE, Calif., July 28 /PRNewswire-FirstCall/ -- Leadis Technology, Inc. (Nasdaq: LDIS - News), a leading mixed-signal semiconductor developer of display driver ICs for small panel color displays, today announced results for the second quarter of 2004, ended June 30, 2004. Revenues for the second quarter were a record $41.3 million, up 200% from $13.8 million for the same period in 2003. Net income for the second quarter of 2004 was $6.2 million, the Company`s seventh successive quarter of profitability.
Financial Results
Revenues of $41.3 million for the second quarter of 2004 reflected an increase of 19% from $34.8 million in the first quarter of 2004. Under generally accepted accounting principles (GAAP), operating income for the second quarter was $10.1 million or 25% of revenues. Net income of $6.2 million for the second quarter was up 33% from $4.7 million in the first quarter, resulting in diluted net income of $0.24 per share. This compares to diluted net income of $0.19 per share in the first quarter of 2004.
Leadis reports net income and basic and diluted net income per share in accordance with GAAP and additionally on a non-GAAP, or pro-forma basis. In the second quarter of 2004, pro-forma net income increased to $7.4 million, or $0.29 per diluted share, from $5.7 million or $0.24 per diluted share in the first quarter of 2004 and from $1.3 million or $0.05 per diluted share in the second quarter of 2003. Pro-forma results, where applicable, exclude the effect of the amortization of stock-based compensation with the intent to enhance an overall understanding of Leadis` past performance and prospects for the future.
"We are delighted to report results for the first time as a public company. Our success to date has exceeded our expectations in all areas of measurement," said Dr. Steve Ahn, President and Chief Executive Officer. "We are extremely excited with our financial performance, customer progress and new product introduction in the second quarter of 2004. I am especially proud that we have achieved seven successive quarters of profitability."
Leadis reported cash and short-term investments of $102.3 million as of June 30, 2004, a significant increase from the March 31, 2004 balance of $28.9 million. Leadis raised $76.6 million in net proceeds from its initial public offering of common stock in June 2004.
Business Summary
During the second quarter, sales of the Company`s products continued to increase. Overall unit sales increased to a record 14 million units in the second quarter of 2004 from 11 million units in the first quarter.
Leadis began volume shipment of two new products during the quarter, further expanding its display driver IC product portfolio to seven products. The new products were the LDS162, a monochrome STN driver for main mobile phone displays, and the LDS514, a 65K color OLED driver for the outside display of clamshell phones.
"We are very encouraged by the wide acceptance of our products and our overall progress in terms of further penetration with our existing and new customers. Our products have established strong footholds in the color STN and OLED markets and unit sales increased for both these product families," said Dr. Ken Lee, Executive Vice President and Chief Technology Officer. "As a first mover of OLED driver technology, we maintained our technical leadership by introducing the LDS514 as the latest member of the 65K color product family."
Business Outlook
"Our outstanding second quarter results follow a seasonal pattern of growth after a slower first quarter in the mobile handset industry," said Dr. Ahn. "We project continued expansion of our product portfolio and modest revenue growth for the third quarter of 2004 during the seasonally slower summer months for the industry."
Based on information currently available to the Company, expectations for the third quarter of 2004 are as follows:
-- Revenues are expected to be between $40 - $43 million reflecting strong
growth from $21 million in the third quarter of 2003 and above our
prior expectation.
-- Gross margin, which varies with product mix, selling price and unit
costs, is expected to be approximately 33-34% and within the range of
our long term model.
-- Average diluted shares outstanding are expected to be approximately
31 million.
-- GAAP diluted earnings per share are expected to be between $0.13 to
$0.16 and on a pro-forma basis between $0.17 to $0.20.
Conference Call Today
Leadis Technology will broadcast its conference call discussion of second quarter fiscal 2004 financial results today, Wednesday, July 28, 2004 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
To listen to the call, dial 800-818-5264 approximately ten minutes before the start of the call. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available for one week. To access the replay, dial 888-203-1112. The confirmation code is 576715.
A live webcast of the call will be available on the investor relations section of the Company`s web site, http://ir.leadis.com . An archived webcast of the call will remain available for six months.
About Leadis Technology, Inc.
Leadis Technology, Inc., headquartered in Sunnyvale, California, designs, develops and markets mixed-signal semiconductors that enable and enhance the features and capabilities of small panel displays, focusing on the mobile handset market. Leadis` core products are color display drivers which are critical components of displays used in mobile consumer electronic devices. For more information, visit www.leadis.com.
Cautionary Language
This press release regarding financial results for the quarter ended June 30, 2004 and expectations for the third quarter of 2004 contains forward-looking statements based on current Leadis Technology expectations. The words "expect," "will," "should," "would," "anticipate," "project," "outlook," "believe," "intend," and similar phrases as they relate to future events are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Leadis Technology but are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: risks that Leadis may not be able to maintain its current revenue growth rate or gross margin levels; risks that one or more of the Company`s concentrated group of customers may reduce demand or price for the Company`s products or a particular product; dependence on a limited number of products; risks that shortages of supply of other components of mobile consumer electronic devices may limit customer demand to purchase Leadis` products; quarterly fluctuations in revenue and operating results due to seasonal fluctuations in demand for consumer electronic devices; risks that Leadis` foundry suppliers may not allocate to it sufficient silicon wafers to meet its demand due to Leadis` lack of long-term supply contracts with foundries and tightening foundry capacity; risks that Leadis may not be able to manage its growth; risks that Leadis` new products may not be able to be completed in a timely fashion or gain market acceptance; risks with managing international activities; intellectual property litigation risk; the semiconductor industry`s cyclical nature; geographic concentration of foundries, assembly and test facilities and customers in the Pacific Rim, subjecting Leadis to risks of natural disasters, epidemics and political unrest; and other factors. For a discussion of these and other factors that could impact Leadis` financial results and cause actual results to differ materially from those in the forward-looking statements, please refer to Leadis` final prospectus filed with the SEC on June 16, 2004, in the sections titled Risk Factors and Special Note regarding Forward-Looking Statements, which is available at www.leadis.com.
LEADIS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30,
2004 2004 2003 2004 2003
Revenue $41,325 $34,763 $13,780 $76,088 $22,021
Costs and
expenses:
Cost of
revenue 26,061 21,790 10,405 47,851 16,280
Research and
development 2,655 3,297 853 5,952 1,574
Selling,
general and
administra-
tive 1,368 1,353 728 2,721 1,367
Stock based
compensation 1,112 1,008 157 2,119 163
------- ------- ------- ------- -------
Total costs
and expenses 31,196 27,448 12,143 58,643 19,384
------- ------- ------- ------- -------
Operating
income 10,129 7,315 1,637 17,445 2,637
Interest and
other income,
net 64 436 37 500 54
------- ------- ------- ------- -------
Income before
provision for
income taxes 10,193 7,751 1,674 17,945 2,691
Provision for
income taxes 3,981 3,082 586 7,064 942
------- ------- ------- ------- -------
Net income $6,212 $4,669 $1,088 $10,881 $1,749
======= ======= ======= ======= =======
Net income
per share:
Basic $0.28 $0.23 $0.05 $0.51 $0.09
======= ======= ======= ======= =======
Diluted $0.24 $0.19 $0.05 $0.43 $0.08
======= ======= ======= ======= =======
Shares used in
computing net
income per
share:
Basic 21,858 20,755 20,498 21,353 20,348
Diluted 25,751 24,197 23,298 25,066 22,802
LEADIS TECHNOLOGY, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30,
2004 2004 2003 2004 2003
GAAP net
income $6,212 $4,669 $1,088 $10,881 $1,749
Adjustments:
Cost of
revenue due
to stock based
compensation 70 46 5 116 5
Stock based
compensation 1,112 1,008 157 2,119 163
------- ------- ------- ------- -------
Adjusted net
income $7,394 $5,723 $1,250 $13,116 $1,917
======= ======= ======= ======= =======
Shares used in
computing GAAP
net income per
share:
Basic 21,858 20,755 20,498 21,353 20,348
Diluted 25,751 24,197 23,298 25,066 22,802
Adjusted net
income per
share:
Basic $0.34 $0.28 $0.06 $0.61 $0.09
Diluted $0.29 $0.24 $0.05 $0.52 $0.08
LEADIS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
June 30, March 31, December 31,
2004 2004 2003
ASSETS
Current assets:
Cash and cash equivalents $102,334 $28,917 $22,956
Restricted cash -- -- 1,500
Accounts receivable, net 27,561 25,394 28,213
Inventory 9,239 10,878 5,863
Prepaid expenses and other
current assets 6,303 1,967 1,425
------- ------- -------
Total current assets 145,437 67,156 59,957
Property and equipment, net 1,024 1,054 979
Other assets 871 763 716
------- ------- -------
Total assets $147,332 $68,973 $61,652
======= ======= =======
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $20,694 $26,199 $25,123
Accrued liabilities 6,313 4,970 3,595
Taxes payable 2,057 3,557 4,281
Deferred revenue 33 70 488
------- ------- -------
Total current liabilities 29,097 34,796 33,487
Other noncurrent liabilities 370 286 258
Commitments -- -- --
Mandatorily redeemable convertible
preferred stock -- 14,300 14,300
Stockholders` equity:
Common stock and
additional paid-in capital 102,045 11,045 6,604
Deferred stock-based
compensation (5,656) (6,718) (3,592)
Retained earnings 21,476 15,264 10,595
------- ------- -------
Total stockholders` equity 117,865 19,591 13,607
------- ------- -------
Total liabilities and
stockholders` equity $147,332 $68,973 $61,652
======= ======= =======
--------------------------------------------------------------------------------
Source: Leadis Technology, Inc.
Leadis Technology Announces Production Volume Shipments on Two New 65k Color OLED Display Driver ICs for the Mobile Handset Market
Wednesday September 15, 2:14 pm ET
SUNNYVALE, Calif., Sept. 15 /PRNewswire-FirstCall/ -- Leadis Technology, Inc. (Nasdaq: LDIS - News), a leading mixed-signal semiconductor developer of color display driver ICs for small panel displays, today announced production volume shipments of two low-power single chip 65k Color Organic Light Emitting Diode (OLED) display driver ICs with integrated controllers. The LDS514 and LDS516 are ideally suited for driving color OLED displays in mobile handset and consumer electronic devices.
ADVERTISEMENT
The LDS514 and LDS516 are high-performance highly integrated devices with integrated display RAM, on-chip oscillator and many user programmable display features, enabling a clear bright display image with excellent uniformity using less power. The screen saver function, which is critical for extending the life time of OLED displays, is built into these 65k color OLED display driver ICs, therefore relieving the need for additional software development and extending the device battery life.
"As the market share leader in display driver ICs for the OLED display technology, we will continue to expand and broaden our product portfolio for this emerging display technology," said Dr. Ken Lee, Executive Vice President and Chief Technology Officer. "We are very pleased with the customer acceptance and fast time to production on our two new 65k color OLED display driver ICs with integrated controllers. As a leading supplier of color display driver ICs, we continue to innovate and introduce new products for all handset display technologies such as OLED, CSTN and TFT with advanced features to further enhance the visual communication experience for the user."
"Passive color panels are driving the OLED industry`s growth toward half of a billion dollars in panel sales for 2004. Since the industry standard is rapidly moving towards 65k colors, Leadis` product introduction is timely and will help accelerate the market," said Dr. Kimberly Allen, Director Technology and Strategic Research at iSuppli/Stanford Resources.
About the LDS516
The LDS516 is a low-power single chip 65k color OLED display driver with integrated controller. The LDS516 has a maximum resolution of 96 (RGB) x 96 with support for 50 icons.
The LDS516 is a highly integrated high-performance device that includes 147k-bit of display RAM (96 x 96 x 16 bit), on-chip oscillator, DC-DC converter for driving icons and frame frequency adjustment for optimized display performance without the need for external components. In addition, the device supports five industry standard host bus interfaces and has support for nine screen saver modes.
About the LDS514
The LDS514 is a low-power single chip 65k color OLED display driver with integrated controller. The LDS514 has a maximum resolution of 96 (RGB) x 64.
The LDS514 device integrates 98k-bit of display RAM (96 x 64 x 16), on-chip oscillator for reduced components and board space and frame frequency adjustment for optimized display performance without the need for external components. The LDS514 has support for nine screen saver modes in addition to support for three industry standard host bus interfaces.
About Leadis Technology, Inc.
Leadis Technology, Inc., headquartered in Sunnyvale, California, designs, develops and markets mixed-signal semiconductors that enable and enhance the features and capabilities of small panel color displays used in mobile handset and consumer electronic devices. Leadis` core products are highly integrated, color display driver ICs which are critical components of displays used in mobile handsets and consumer electronic devices. As a leading supplier of color display driver ICs, Leadis continues to innovate and introduce new products for all handset display technologies such as OLED, CSTN and TFT with advanced features to further enhance the visual communication experience for the user.
For more information visit www.leadis.com.
--------------------------------------------------------------------------------
Source: Leadis Technology, Inc.
Wednesday September 15, 2:14 pm ET
SUNNYVALE, Calif., Sept. 15 /PRNewswire-FirstCall/ -- Leadis Technology, Inc. (Nasdaq: LDIS - News), a leading mixed-signal semiconductor developer of color display driver ICs for small panel displays, today announced production volume shipments of two low-power single chip 65k Color Organic Light Emitting Diode (OLED) display driver ICs with integrated controllers. The LDS514 and LDS516 are ideally suited for driving color OLED displays in mobile handset and consumer electronic devices.
ADVERTISEMENT
The LDS514 and LDS516 are high-performance highly integrated devices with integrated display RAM, on-chip oscillator and many user programmable display features, enabling a clear bright display image with excellent uniformity using less power. The screen saver function, which is critical for extending the life time of OLED displays, is built into these 65k color OLED display driver ICs, therefore relieving the need for additional software development and extending the device battery life.
"As the market share leader in display driver ICs for the OLED display technology, we will continue to expand and broaden our product portfolio for this emerging display technology," said Dr. Ken Lee, Executive Vice President and Chief Technology Officer. "We are very pleased with the customer acceptance and fast time to production on our two new 65k color OLED display driver ICs with integrated controllers. As a leading supplier of color display driver ICs, we continue to innovate and introduce new products for all handset display technologies such as OLED, CSTN and TFT with advanced features to further enhance the visual communication experience for the user."
"Passive color panels are driving the OLED industry`s growth toward half of a billion dollars in panel sales for 2004. Since the industry standard is rapidly moving towards 65k colors, Leadis` product introduction is timely and will help accelerate the market," said Dr. Kimberly Allen, Director Technology and Strategic Research at iSuppli/Stanford Resources.
About the LDS516
The LDS516 is a low-power single chip 65k color OLED display driver with integrated controller. The LDS516 has a maximum resolution of 96 (RGB) x 96 with support for 50 icons.
The LDS516 is a highly integrated high-performance device that includes 147k-bit of display RAM (96 x 96 x 16 bit), on-chip oscillator, DC-DC converter for driving icons and frame frequency adjustment for optimized display performance without the need for external components. In addition, the device supports five industry standard host bus interfaces and has support for nine screen saver modes.
About the LDS514
The LDS514 is a low-power single chip 65k color OLED display driver with integrated controller. The LDS514 has a maximum resolution of 96 (RGB) x 64.
The LDS514 device integrates 98k-bit of display RAM (96 x 64 x 16), on-chip oscillator for reduced components and board space and frame frequency adjustment for optimized display performance without the need for external components. The LDS514 has support for nine screen saver modes in addition to support for three industry standard host bus interfaces.
About Leadis Technology, Inc.
Leadis Technology, Inc., headquartered in Sunnyvale, California, designs, develops and markets mixed-signal semiconductors that enable and enhance the features and capabilities of small panel color displays used in mobile handset and consumer electronic devices. Leadis` core products are highly integrated, color display driver ICs which are critical components of displays used in mobile handsets and consumer electronic devices. As a leading supplier of color display driver ICs, Leadis continues to innovate and introduce new products for all handset display technologies such as OLED, CSTN and TFT with advanced features to further enhance the visual communication experience for the user.
For more information visit www.leadis.com.
--------------------------------------------------------------------------------
Source: Leadis Technology, Inc.
Leadis Technology Reports Third Quarter 2004 Financial Results with 84% Revenue Increase Year-Over-Year
Thursday October 21, 4:17 pm ET
SUNNYVALE, Calif., Oct. 21 /PRNewswire-FirstCall/ -- Leadis Technology, Inc. (Nasdaq: LDIS - News), a leading mixed-signal semiconductor developer of display driver ICs for small panel color displays, today announced results for the third quarter of 2004, ended September 30, 2004. Revenues for the third quarter were $40.9 million, up 84% from $22.3 million for the same period in 2003. Net income for the third quarter of 2004 was $5.0 million, up from $4.0 million for the same period in 2003, and represented the Company`s eighth successive quarter of profitability.
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Financial Results
Revenues of $40.9 million for the third quarter of 2004 reflected a relatively flat quarter sequentially in comparison to revenues of $41.3 million in the second quarter of 2004. Under generally accepted accounting principles (GAAP), third quarter net income was $5.0 million as compared to $6.2 million in the second quarter, resulting in diluted net income per share of $0.16. This compares to diluted net income per share of $0.24 in the second quarter of 2004. Fully diluted share count increased by 4.9 million equivalent shares in the third quarter of 2004, primarily reflecting the full quarter impact of the initial public offering of 6.0 million shares of Leadis common stock on June 15, 2004.
Leadis reports net income and basic and diluted net income per share in accordance with GAAP and additionally on a non-GAAP, or pro-forma, basis. In the third quarter of 2004, pro-forma operating income was $9.5 million or 23.3 % of revenues. Pro-forma net income for the third quarter of 2004 was $6.1 million or $0.20 per diluted share, as compared to $7.4 million, or $0.29 per diluted share in the second quarter of 2004 and $4.2 million or $0.18 per diluted share in the third quarter of 2003. Pro-forma results, where applicable, exclude the effect of amortization of stock-based compensation.
"We are pleased to report financial results for the third quarter in line with our guidance provided at the last earnings call," said Dr. Steve Ahn, President and Chief Executive Officer. "We have achieved eight successive quarters of profitability and our financial performance, customer progress and new product introductions met our expectations in the third quarter of 2004."
Leadis reported cash and short-term investments of $111.1 million as of September 30, 2004, an increase from the June 30, 2004 balance of $102.3 million.
Business Summary
Third quarter net sales were $40.9 million. STN product revenues represented a 22% increase sequentially while OLED product revenues declined 21% sequentially from the second quarter. Overall unit shipments for the third quarter increased to 14.7 million units from 14.1 million units in the second quarter.
"During the quarter, the effects of price declines within a competitive handset market resulted in pricing pressure on the module makers and ultimately on component suppliers," said Dr. Ahn. "Due to price premiums for OLED modules, it has been reported there was a slowdown in demand for OLED modules in comparison to alternative display solutions. We believe this is a short-term issue as OLED module prices adjust to become price competitive."
In the third quarter, Leadis began volume shipment of two new products, further expanding its display driver IC product portfolio. These included the LDS183, a 65k color STN LCD driver, and the LDS516, a low-power single chip 65k color OLED display driver with integrated controllers. Total products in volume production increased to nine at the end of the third quarter.
Leadis also separately announced today the introduction of four new TFT products available for customer sampling. The four TFT products include two high-end LTPS drivers and two amorphous TFT drivers.
"Wide customer acceptance of our products is very encouraging," said Dr. Ken Lee, Executive Vice President and Chief Technology Officer. "We are pleased to announce volume shipments of new generations of 65k color STN and OLED drivers contributing to revenues during the third quarter. The new TFT driver products we announced today will support the most widely used resolutions available in current and upcoming handset models from top-tier handset manufacturers. Our product portfolio now spans all display technologies and provides a wide range of display driver solutions for the mobile handset industry."
Business Outlook
"Demand for our color STN products will remain healthy in the fourth quarter," said Dr. Ahn. "However, we expect revenues to decline sequentially because of lower OLED revenues. We are confident that our well-balanced product portfolio, with new products that are expected to be in volume production in 2005, positions us well for growth next year."
Based on information currently available to the Company, expectations for the fourth quarter of 2004 are as follows:
* Revenues are expected to be between $33 and $36 million.
* Gross margin, which varies with product mix, selling price and unit
costs, is expected to be approximately 30% to 31%.
* Operating margin is expected to be between 10% and 12% on a GAAP
basis and between 14% and 15% on a pro-forma basis.
* GAAP diluted earnings per share are expected to be between $0.07 and
$0.09 and on a pro-forma basis between $0.10 and $0.12.
Conference Call Today
Leadis Technology will broadcast its conference call discussion of third quarter 2004 financial results today, Thursday, October 21, 2004 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
To listen to the call, dial 800-479-9001 approximately ten minutes before the start of the call. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available for one week. To access the replay, dial 888-203-1112. The confirmation code is 994417.
A live webcast of the call will be available on the investor relations section of the Company`s web site, http://ir.leadis.com. An archived webcast of the call will remain until the next earnings call.
About Leadis Technology, Inc.
Leadis Technology, Inc., headquartered in Sunnyvale, California, designs, develops and markets mixed-signal semiconductors that enable and enhance the features and capabilities of small panel displays, focusing on the mobile handset market. Leadis` core products are color display drivers which are critical components of displays used in mobile consumer electronic devices. For more information, visit www.leadis.com.
Non-GAAP Financial Measures
Leadis reports financial information in accordance with generally accepted accounting principles (GAAP), but believes that non-GAAP, or pro-forma, financial measures are helpful in evaluating its operating results and comparing its performance to comparable companies. Accordingly, Leadis also uses calculations of (i) non-GAAP net income, which represents net income excluding the effect of the amortization of stock-based compensation; and (ii) non-GAAP basic and diluted net income per share, which represents basic and diluted net income per share excluding the effect of the amortization of stock-based compensation. Leadis provides this non-GAAP information to enable investors to evaluate its operating results in a manner similar to how Leadis analyzes its operating results and to provide consistency and comparability with similar companies in Leadis` industry. Investors should note, however, that the non-GAAP financial measures used by Leadis may not be the same non- GAAP financial measures, and may not be calculated in the same manner, as that of other companies. Leadis does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures alone or as a substitute for financial information prepared in accordance with GAAP. A reconciliation of GAAP net income to non-GAAP net income is included in the financial statements portion of this release. Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
Cautionary Language
This press release regarding financial results for the quarter ended September 30, 2004 and expectations for the fourth quarter of 2004 and fiscal year 2005 contains forward-looking statements based on current Leadis Technology expectations. The words "expect," "will," "should," "would," "anticipate," "project," "outlook," "believe," "intend," and similar phrases as they relate to future events are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Leadis Technology but are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: risks that Leadis may not be able to maintain its current revenue growth rate or gross margin levels; risks that one or more of the Company`s concentrated group of customers may reduce demand or price for the Company`s products or a particular product; dependence on a limited number of products; risks that shortages of supply of other components of mobile consumer electronic devices may limit customer demand to purchase Leadis` products; quarterly fluctuations in revenue and operating results due to seasonal fluctuations in demand for consumer electronic devices; risks that Leadis` foundry suppliers may not allocate to it sufficient silicon wafers to meet its demand due to Leadis` lack of long-term supply contracts with foundries and tightening foundry capacity; risks that Leadis may not be able to manage its growth; risks that Leadis` new products may not be able to be completed in a timely fashion or gain market acceptance; risks with managing international activities; intellectual property litigation risk; the semiconductor industry`s cyclical nature; geographic concentration of foundries, assembly and test facilities and customers in the Pacific Rim, subjecting Leadis to risks of natural disasters, epidemics and political unrest; and other factors. For a discussion of these and other factors that could impact Leadis` financial results and cause actual results to differ materially from those in the forward-looking statements, please refer to Leadis` final prospectus filed with the SEC on June 16, 2004, in the sections titled Risk Factors and Special Note Regarding Forward-Looking Statements, which is available at www.leadis.com, and in Leadis` Form 10-Q for the quarter ended June 30, 2004. (LDISG)
LEADIS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
------------------------------ ------------------
Sep. 30, June 30, Sep. 30, Sep. 30,
2004 2004 2003 2004 2003
-------- -------- -------- -------- --------
Revenue $40,898 $41,325 $22,257 $116,986 $44,278
Costs and expenses:
Cost of revenue 26,205 26,061 13,319 74,056 29,599
Research and
development 3,499 2,655 1,784 9,451 3,358
Selling, general and
administrative 1,726 1,368 954 4,448 2,321
Stock based
compensation 1,099 1,112 203 3,217 366
-------- -------- -------- -------- --------
Total costs and
expenses 32,529 31,196 16,260 91,172 35,644
-------- -------- -------- -------- --------
Operating income 8,369 10,129 5,997 25,814 8,634
Interest and other
income, net 314 64 112 814 165
-------- -------- -------- -------- --------
Income before
provision for
income taxes 8,683 10,193 6,109 26,628 8,799
Provision for
income taxes 3,723 3,981 2,138 10,787 3,079
-------- -------- -------- -------- --------
Net income $4,960 $6,212 $3,971 $15,841 $5,720
======== ======== ======== ======== ========
Net income per share:
Basic $0.18 $0.28 $0.19 $0.68 $0.28
======== ======== ======== ======== ========
Diluted $0.16 $0.24 $0.17 $0.59 $0.25
======== ======== ======== ======== ========
Shares used in
computing net income
per share:
Basic 27,187 21,858 20,592 23,362 20,492
Diluted 30,615 25,751 23,717 26,791 23,276
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
------------------------------- -------------------
Sep. 30, June 30, Sep. 30, Sep. 30,
2004 2004 2003 2004 2003
-------- -------- -------- -------- --------
GAAP net income $4,960 $6,212 $3,971 $15,841 $5,720
Adjustments:
Cost of revenue due
to stock based
compensation 77 70 6 193 11
Stock based
compensation 1,099 1,112 203 3,217 366
-------- -------- -------- -------- --------
Adjusted net
income $6,136 $7,394 $4,180 $19,251 $6,097
======== ======== ======== ======== ========
Shares used in
computing GAAP net
income per share:
Basic 27,187 21,858 20,592 23,362 20,492
Diluted 30,615 25,751 23,717 26,791 23,276
Adjusted net income
per share:
Basic $0.23 $0.34 $0.20 $0.82 $0.30
Diluted $0.20 $0.29 $0.18 $0.72 $0.26
LEADIS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
Sep. 30, June 30, December 31,
2004 2004 2003
------------ ------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $100,971 $102,334 $22,956
Restricted cash -- -- 1,500
Short-term investments 10,099 -- --
Accounts receivable, net 27,716 27,561 28,213
Inventory 7,894 9,239 5,863
Prepaid expenses and other
current assets 4,143 6,303 1,425
------------ ------------ ------------
Total current assets 150,823 145,437 59,957
Property and equipment, net 1,876 1,024 979
Other assets 1,042 871 716
------------ ------------ ------------
Total assets $153,741 $147,332 $61,652
============ ============ ============
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $22,832 $20,694 $25,123
Accrued liabilities 5,468 6,313 3,595
Taxes payable 752 2,057 4,281
Deferred revenue 161 33 488
------------ ------------ ------------
Total current liabilities 29,213 29,097 33,487
Other noncurrent liabilities 479 370 258
Commitments
Mandatorily redeemable
convertible preferred stock -- -- 14,300
Stockholders` equity:
Common stock and additional
paid-in capital 102,094 102,045 6,604
Deferred stock-based
compensation (4,480) (5,656) (3,592)
Retained earnings 26,435 21,476 10,595
------------ ------------ ------------
Total stockholders` equity 124,049 117,865 13,607
------------ ------------ ------------
Total liabilities and
stockholders` equity $153,741 $147,332 $61,652
============ ============ ============
--------------------------------------------------------------------------------
Source: Leadis Technology, Inc.
Thursday October 21, 4:17 pm ET
SUNNYVALE, Calif., Oct. 21 /PRNewswire-FirstCall/ -- Leadis Technology, Inc. (Nasdaq: LDIS - News), a leading mixed-signal semiconductor developer of display driver ICs for small panel color displays, today announced results for the third quarter of 2004, ended September 30, 2004. Revenues for the third quarter were $40.9 million, up 84% from $22.3 million for the same period in 2003. Net income for the third quarter of 2004 was $5.0 million, up from $4.0 million for the same period in 2003, and represented the Company`s eighth successive quarter of profitability.
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Financial Results
Revenues of $40.9 million for the third quarter of 2004 reflected a relatively flat quarter sequentially in comparison to revenues of $41.3 million in the second quarter of 2004. Under generally accepted accounting principles (GAAP), third quarter net income was $5.0 million as compared to $6.2 million in the second quarter, resulting in diluted net income per share of $0.16. This compares to diluted net income per share of $0.24 in the second quarter of 2004. Fully diluted share count increased by 4.9 million equivalent shares in the third quarter of 2004, primarily reflecting the full quarter impact of the initial public offering of 6.0 million shares of Leadis common stock on June 15, 2004.
Leadis reports net income and basic and diluted net income per share in accordance with GAAP and additionally on a non-GAAP, or pro-forma, basis. In the third quarter of 2004, pro-forma operating income was $9.5 million or 23.3 % of revenues. Pro-forma net income for the third quarter of 2004 was $6.1 million or $0.20 per diluted share, as compared to $7.4 million, or $0.29 per diluted share in the second quarter of 2004 and $4.2 million or $0.18 per diluted share in the third quarter of 2003. Pro-forma results, where applicable, exclude the effect of amortization of stock-based compensation.
"We are pleased to report financial results for the third quarter in line with our guidance provided at the last earnings call," said Dr. Steve Ahn, President and Chief Executive Officer. "We have achieved eight successive quarters of profitability and our financial performance, customer progress and new product introductions met our expectations in the third quarter of 2004."
Leadis reported cash and short-term investments of $111.1 million as of September 30, 2004, an increase from the June 30, 2004 balance of $102.3 million.
Business Summary
Third quarter net sales were $40.9 million. STN product revenues represented a 22% increase sequentially while OLED product revenues declined 21% sequentially from the second quarter. Overall unit shipments for the third quarter increased to 14.7 million units from 14.1 million units in the second quarter.
"During the quarter, the effects of price declines within a competitive handset market resulted in pricing pressure on the module makers and ultimately on component suppliers," said Dr. Ahn. "Due to price premiums for OLED modules, it has been reported there was a slowdown in demand for OLED modules in comparison to alternative display solutions. We believe this is a short-term issue as OLED module prices adjust to become price competitive."
In the third quarter, Leadis began volume shipment of two new products, further expanding its display driver IC product portfolio. These included the LDS183, a 65k color STN LCD driver, and the LDS516, a low-power single chip 65k color OLED display driver with integrated controllers. Total products in volume production increased to nine at the end of the third quarter.
Leadis also separately announced today the introduction of four new TFT products available for customer sampling. The four TFT products include two high-end LTPS drivers and two amorphous TFT drivers.
"Wide customer acceptance of our products is very encouraging," said Dr. Ken Lee, Executive Vice President and Chief Technology Officer. "We are pleased to announce volume shipments of new generations of 65k color STN and OLED drivers contributing to revenues during the third quarter. The new TFT driver products we announced today will support the most widely used resolutions available in current and upcoming handset models from top-tier handset manufacturers. Our product portfolio now spans all display technologies and provides a wide range of display driver solutions for the mobile handset industry."
Business Outlook
"Demand for our color STN products will remain healthy in the fourth quarter," said Dr. Ahn. "However, we expect revenues to decline sequentially because of lower OLED revenues. We are confident that our well-balanced product portfolio, with new products that are expected to be in volume production in 2005, positions us well for growth next year."
Based on information currently available to the Company, expectations for the fourth quarter of 2004 are as follows:
* Revenues are expected to be between $33 and $36 million.
* Gross margin, which varies with product mix, selling price and unit
costs, is expected to be approximately 30% to 31%.
* Operating margin is expected to be between 10% and 12% on a GAAP
basis and between 14% and 15% on a pro-forma basis.
* GAAP diluted earnings per share are expected to be between $0.07 and
$0.09 and on a pro-forma basis between $0.10 and $0.12.
Conference Call Today
Leadis Technology will broadcast its conference call discussion of third quarter 2004 financial results today, Thursday, October 21, 2004 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
To listen to the call, dial 800-479-9001 approximately ten minutes before the start of the call. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available for one week. To access the replay, dial 888-203-1112. The confirmation code is 994417.
A live webcast of the call will be available on the investor relations section of the Company`s web site, http://ir.leadis.com. An archived webcast of the call will remain until the next earnings call.
About Leadis Technology, Inc.
Leadis Technology, Inc., headquartered in Sunnyvale, California, designs, develops and markets mixed-signal semiconductors that enable and enhance the features and capabilities of small panel displays, focusing on the mobile handset market. Leadis` core products are color display drivers which are critical components of displays used in mobile consumer electronic devices. For more information, visit www.leadis.com.
Non-GAAP Financial Measures
Leadis reports financial information in accordance with generally accepted accounting principles (GAAP), but believes that non-GAAP, or pro-forma, financial measures are helpful in evaluating its operating results and comparing its performance to comparable companies. Accordingly, Leadis also uses calculations of (i) non-GAAP net income, which represents net income excluding the effect of the amortization of stock-based compensation; and (ii) non-GAAP basic and diluted net income per share, which represents basic and diluted net income per share excluding the effect of the amortization of stock-based compensation. Leadis provides this non-GAAP information to enable investors to evaluate its operating results in a manner similar to how Leadis analyzes its operating results and to provide consistency and comparability with similar companies in Leadis` industry. Investors should note, however, that the non-GAAP financial measures used by Leadis may not be the same non- GAAP financial measures, and may not be calculated in the same manner, as that of other companies. Leadis does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures alone or as a substitute for financial information prepared in accordance with GAAP. A reconciliation of GAAP net income to non-GAAP net income is included in the financial statements portion of this release. Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
Cautionary Language
This press release regarding financial results for the quarter ended September 30, 2004 and expectations for the fourth quarter of 2004 and fiscal year 2005 contains forward-looking statements based on current Leadis Technology expectations. The words "expect," "will," "should," "would," "anticipate," "project," "outlook," "believe," "intend," and similar phrases as they relate to future events are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Leadis Technology but are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: risks that Leadis may not be able to maintain its current revenue growth rate or gross margin levels; risks that one or more of the Company`s concentrated group of customers may reduce demand or price for the Company`s products or a particular product; dependence on a limited number of products; risks that shortages of supply of other components of mobile consumer electronic devices may limit customer demand to purchase Leadis` products; quarterly fluctuations in revenue and operating results due to seasonal fluctuations in demand for consumer electronic devices; risks that Leadis` foundry suppliers may not allocate to it sufficient silicon wafers to meet its demand due to Leadis` lack of long-term supply contracts with foundries and tightening foundry capacity; risks that Leadis may not be able to manage its growth; risks that Leadis` new products may not be able to be completed in a timely fashion or gain market acceptance; risks with managing international activities; intellectual property litigation risk; the semiconductor industry`s cyclical nature; geographic concentration of foundries, assembly and test facilities and customers in the Pacific Rim, subjecting Leadis to risks of natural disasters, epidemics and political unrest; and other factors. For a discussion of these and other factors that could impact Leadis` financial results and cause actual results to differ materially from those in the forward-looking statements, please refer to Leadis` final prospectus filed with the SEC on June 16, 2004, in the sections titled Risk Factors and Special Note Regarding Forward-Looking Statements, which is available at www.leadis.com, and in Leadis` Form 10-Q for the quarter ended June 30, 2004. (LDISG)
LEADIS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
------------------------------ ------------------
Sep. 30, June 30, Sep. 30, Sep. 30,
2004 2004 2003 2004 2003
-------- -------- -------- -------- --------
Revenue $40,898 $41,325 $22,257 $116,986 $44,278
Costs and expenses:
Cost of revenue 26,205 26,061 13,319 74,056 29,599
Research and
development 3,499 2,655 1,784 9,451 3,358
Selling, general and
administrative 1,726 1,368 954 4,448 2,321
Stock based
compensation 1,099 1,112 203 3,217 366
-------- -------- -------- -------- --------
Total costs and
expenses 32,529 31,196 16,260 91,172 35,644
-------- -------- -------- -------- --------
Operating income 8,369 10,129 5,997 25,814 8,634
Interest and other
income, net 314 64 112 814 165
-------- -------- -------- -------- --------
Income before
provision for
income taxes 8,683 10,193 6,109 26,628 8,799
Provision for
income taxes 3,723 3,981 2,138 10,787 3,079
-------- -------- -------- -------- --------
Net income $4,960 $6,212 $3,971 $15,841 $5,720
======== ======== ======== ======== ========
Net income per share:
Basic $0.18 $0.28 $0.19 $0.68 $0.28
======== ======== ======== ======== ========
Diluted $0.16 $0.24 $0.17 $0.59 $0.25
======== ======== ======== ======== ========
Shares used in
computing net income
per share:
Basic 27,187 21,858 20,592 23,362 20,492
Diluted 30,615 25,751 23,717 26,791 23,276
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
------------------------------- -------------------
Sep. 30, June 30, Sep. 30, Sep. 30,
2004 2004 2003 2004 2003
-------- -------- -------- -------- --------
GAAP net income $4,960 $6,212 $3,971 $15,841 $5,720
Adjustments:
Cost of revenue due
to stock based
compensation 77 70 6 193 11
Stock based
compensation 1,099 1,112 203 3,217 366
-------- -------- -------- -------- --------
Adjusted net
income $6,136 $7,394 $4,180 $19,251 $6,097
======== ======== ======== ======== ========
Shares used in
computing GAAP net
income per share:
Basic 27,187 21,858 20,592 23,362 20,492
Diluted 30,615 25,751 23,717 26,791 23,276
Adjusted net income
per share:
Basic $0.23 $0.34 $0.20 $0.82 $0.30
Diluted $0.20 $0.29 $0.18 $0.72 $0.26
LEADIS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
Sep. 30, June 30, December 31,
2004 2004 2003
------------ ------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $100,971 $102,334 $22,956
Restricted cash -- -- 1,500
Short-term investments 10,099 -- --
Accounts receivable, net 27,716 27,561 28,213
Inventory 7,894 9,239 5,863
Prepaid expenses and other
current assets 4,143 6,303 1,425
------------ ------------ ------------
Total current assets 150,823 145,437 59,957
Property and equipment, net 1,876 1,024 979
Other assets 1,042 871 716
------------ ------------ ------------
Total assets $153,741 $147,332 $61,652
============ ============ ============
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $22,832 $20,694 $25,123
Accrued liabilities 5,468 6,313 3,595
Taxes payable 752 2,057 4,281
Deferred revenue 161 33 488
------------ ------------ ------------
Total current liabilities 29,213 29,097 33,487
Other noncurrent liabilities 479 370 258
Commitments
Mandatorily redeemable
convertible preferred stock -- -- 14,300
Stockholders` equity:
Common stock and additional
paid-in capital 102,094 102,045 6,604
Deferred stock-based
compensation (4,480) (5,656) (3,592)
Retained earnings 26,435 21,476 10,595
------------ ------------ ------------
Total stockholders` equity 124,049 117,865 13,607
------------ ------------ ------------
Total liabilities and
stockholders` equity $153,741 $147,332 $61,652
============ ============ ============
--------------------------------------------------------------------------------
Source: Leadis Technology, Inc.
Was meinst Du,sollte man jetzt einsteigen nach diesem Absturz?
Guten Tag,
gab es bei dem Wert einen Split?
Vielen Dank für eine Antwort, auch über PM.
Gruß
BS
gab es bei dem Wert einen Split?
Vielen Dank für eine Antwort, auch über PM.
Gruß
BS
#5 Nein...noch abwarten auf seitwärtsbewegung.
#6 Nein
#6 Nein
Leadis Technology Comments on Results for Fourth Quarter 2004 and Expectations for Fiscal Year 2005
Monday January 10, 4:29 pm ET
SUNNYVALE, Calif., Jan. 10 /PRNewswire-FirstCall/ -- Leadis Technology, Inc. (Nasdaq: LDIS - News), a leading mixed-signal semiconductor developer of display driver ICs for small panel color displays, today announced expected results for the fourth quarter of 2004, ended December 31, 2004, and expectations for fiscal year 2005. The company expects to report revenue for the fourth quarter in the range of $33 - $34 million, in line with the guidance provided at the third quarter earnings call. Net income for the fourth quarter of 2004, on a fully diluted GAAP basis, will be in the range of $0.05 - $0.07 per share and $0.08 - $0.10 on a pro-forma basis. Leadis reports net income and basic and diluted net income per share in accordance with GAAP and additionally on a non-GAAP, or pro-forma, basis. Pro-forma results, where applicable, exclude the effect of amortization of stock-based compensation. The company will hold an earnings call on Thursday, January 27 at 2 p.m. Pacific Time to discuss its fourth quarter 2004 earnings and provide additional guidance.
With regard to fiscal year 2005, the company has indicated that it is not comfortable with the First Call estimates of its revenues for the first quarter. Taking into account normal seasonality patterns for the first quarter where revenues are typically lower sequentially from the prior quarter, the company expects to report revenue in the range of $10 - $15 million in the first quarter of 2005. The decrease in expected revenue as compared to First Call estimates for the first quarter can be attributed to several key factors:
Color STN driver transition. The decrease in revenue from 4K color STN products is not immediately expected to be offset by a corresponding increase in adoption and sales of the newer 65K color STN products. Based on current customer activity, the company expects increased volume shipments of 65K color STN products in the second half of 2005;
Market adoption of TFT drivers. The company does not presently have TFT products in volume production, but expects to begin volume shipments in the first half of 2005;
Continued slow OLED driver demand. Demand for OLED drivers that declined significantly for mobile handsets in the fourth quarter continues to be weak. However, utilization of OLED technology in other applications is expected to grow in 2005; and
Selling price erosion. Price pressures in the handset market continue to cause price declines faster than normal levels. The company is hopeful that prices will resume their normal decline levels in the near future.
Fiscal 2004 and 2005 Results
The company indicated that revenue for the 2004 fiscal year will be approximately $150 million as guided at the last earnings call.
While it is too early to forecast results for fiscal year 2005, there are several factors that the company believes will result in a strong second half performance:
Next generation products. Current customer activity and acceptance of our announced TFT and 65K color STN products, as well as other products in development, is expected to result in increased volume shipments to customers transitioning to our newer generation products;
Customer diversification and penetration. Increase to our existing Tier 1 customer base in the 1st half of fiscal 2005, continued penetration of our top tier customer base and an increase in the number of geographically diverse Tier 2 customers is expected to result in increased volume shipments;
New markets. Current design activity should result in product acceptance and sales of OLED products into new applications other than handsets, such as MP3 players; and
Strong mobile handset market. The handset market remains strong and should continue to experience unit growth in 2005.
Conference Call Today
Leadis Technology will hold a conference call discussion of this pre- announcement today, Monday, January 10, 2005 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
To listen to the call, dial (800) 289-0569 approximately ten minutes before the start of the call. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available for two days. To access the replay, dial (888) 203-1112. The confirmation code is 4841881.
A live webcast of the call will be available on the investor relations section of the company`s web site, http://ir.leadis.com. An archived webcast of the call will remain until the next earnings call.
About Leadis Technology, Inc.
Leadis Technology, Inc., headquartered in Sunnyvale, California, designs, develops and markets mixed-signal semiconductors that enable and enhance the features and capabilities of small panel displays, focusing on the mobile handset market. Leadis` core products are color display drivers which are critical components of displays used in mobile consumer electronic devices. For more information, visit www.leadis.com.
Cautionary Language
This press release regarding expected financial results for the quarter ended December 31, 2004 and expectations for fiscal year 2005 contains forward-looking statements based on current Leadis Technology expectations. The words "expect," "will," "should," "would," "anticipate," "project," "outlook," "believe," "intend," and similar phrases as they relate to future events are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Leadis Technology but are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward- looking statements are the following: risks that Leadis may not be able to maintain its current revenue growth rate or gross margin levels; risks that one or more of the company`s concentrated group of customers may reduce demand or price for the company`s products or a particular product; dependence on a limited number of products; risks that the company`s products may not be accepted for new applications in markets other than the mobile handset market; risks that the company may not gain new customers as quickly as expected; quarterly fluctuations in revenue and operating results due to seasonal fluctuations in demand for consumer electronic devices; risks that Leadis` new products may not be able to be completed in a timely fashion or gain market acceptance; the semiconductor industry`s cyclical nature; and other factors. For a discussion of these and other factors that could impact Leadis` financial results and cause actual results to differ materially from those in the forward-looking statements, please refer to Leadis` final prospectus filed with the SEC on June 16, 2004, in the sections titled Risk Factors and Special Note Regarding Forward-Looking Statements, which is available at www.leadis.com, and in Leadis` Form 10-Q for the quarter ended September 30, 2004. (LDISG)
--------------------------------------------------------------------------------
Source: Leadis Technology, Inc.
Monday January 10, 4:29 pm ET
SUNNYVALE, Calif., Jan. 10 /PRNewswire-FirstCall/ -- Leadis Technology, Inc. (Nasdaq: LDIS - News), a leading mixed-signal semiconductor developer of display driver ICs for small panel color displays, today announced expected results for the fourth quarter of 2004, ended December 31, 2004, and expectations for fiscal year 2005. The company expects to report revenue for the fourth quarter in the range of $33 - $34 million, in line with the guidance provided at the third quarter earnings call. Net income for the fourth quarter of 2004, on a fully diluted GAAP basis, will be in the range of $0.05 - $0.07 per share and $0.08 - $0.10 on a pro-forma basis. Leadis reports net income and basic and diluted net income per share in accordance with GAAP and additionally on a non-GAAP, or pro-forma, basis. Pro-forma results, where applicable, exclude the effect of amortization of stock-based compensation. The company will hold an earnings call on Thursday, January 27 at 2 p.m. Pacific Time to discuss its fourth quarter 2004 earnings and provide additional guidance.
With regard to fiscal year 2005, the company has indicated that it is not comfortable with the First Call estimates of its revenues for the first quarter. Taking into account normal seasonality patterns for the first quarter where revenues are typically lower sequentially from the prior quarter, the company expects to report revenue in the range of $10 - $15 million in the first quarter of 2005. The decrease in expected revenue as compared to First Call estimates for the first quarter can be attributed to several key factors:
Color STN driver transition. The decrease in revenue from 4K color STN products is not immediately expected to be offset by a corresponding increase in adoption and sales of the newer 65K color STN products. Based on current customer activity, the company expects increased volume shipments of 65K color STN products in the second half of 2005;
Market adoption of TFT drivers. The company does not presently have TFT products in volume production, but expects to begin volume shipments in the first half of 2005;
Continued slow OLED driver demand. Demand for OLED drivers that declined significantly for mobile handsets in the fourth quarter continues to be weak. However, utilization of OLED technology in other applications is expected to grow in 2005; and
Selling price erosion. Price pressures in the handset market continue to cause price declines faster than normal levels. The company is hopeful that prices will resume their normal decline levels in the near future.
Fiscal 2004 and 2005 Results
The company indicated that revenue for the 2004 fiscal year will be approximately $150 million as guided at the last earnings call.
While it is too early to forecast results for fiscal year 2005, there are several factors that the company believes will result in a strong second half performance:
Next generation products. Current customer activity and acceptance of our announced TFT and 65K color STN products, as well as other products in development, is expected to result in increased volume shipments to customers transitioning to our newer generation products;
Customer diversification and penetration. Increase to our existing Tier 1 customer base in the 1st half of fiscal 2005, continued penetration of our top tier customer base and an increase in the number of geographically diverse Tier 2 customers is expected to result in increased volume shipments;
New markets. Current design activity should result in product acceptance and sales of OLED products into new applications other than handsets, such as MP3 players; and
Strong mobile handset market. The handset market remains strong and should continue to experience unit growth in 2005.
Conference Call Today
Leadis Technology will hold a conference call discussion of this pre- announcement today, Monday, January 10, 2005 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
To listen to the call, dial (800) 289-0569 approximately ten minutes before the start of the call. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available for two days. To access the replay, dial (888) 203-1112. The confirmation code is 4841881.
A live webcast of the call will be available on the investor relations section of the company`s web site, http://ir.leadis.com. An archived webcast of the call will remain until the next earnings call.
About Leadis Technology, Inc.
Leadis Technology, Inc., headquartered in Sunnyvale, California, designs, develops and markets mixed-signal semiconductors that enable and enhance the features and capabilities of small panel displays, focusing on the mobile handset market. Leadis` core products are color display drivers which are critical components of displays used in mobile consumer electronic devices. For more information, visit www.leadis.com.
Cautionary Language
This press release regarding expected financial results for the quarter ended December 31, 2004 and expectations for fiscal year 2005 contains forward-looking statements based on current Leadis Technology expectations. The words "expect," "will," "should," "would," "anticipate," "project," "outlook," "believe," "intend," and similar phrases as they relate to future events are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Leadis Technology but are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward- looking statements are the following: risks that Leadis may not be able to maintain its current revenue growth rate or gross margin levels; risks that one or more of the company`s concentrated group of customers may reduce demand or price for the company`s products or a particular product; dependence on a limited number of products; risks that the company`s products may not be accepted for new applications in markets other than the mobile handset market; risks that the company may not gain new customers as quickly as expected; quarterly fluctuations in revenue and operating results due to seasonal fluctuations in demand for consumer electronic devices; risks that Leadis` new products may not be able to be completed in a timely fashion or gain market acceptance; the semiconductor industry`s cyclical nature; and other factors. For a discussion of these and other factors that could impact Leadis` financial results and cause actual results to differ materially from those in the forward-looking statements, please refer to Leadis` final prospectus filed with the SEC on June 16, 2004, in the sections titled Risk Factors and Special Note Regarding Forward-Looking Statements, which is available at www.leadis.com, and in Leadis` Form 10-Q for the quarter ended September 30, 2004. (LDISG)
--------------------------------------------------------------------------------
Source: Leadis Technology, Inc.
Eine schwierige zyklische Branche...
Leadis würde ich auf "Watch" legen und ca. Juni/Juli zum Einstieg abwarten. Ab August/Sept. sollte dann die positive Guidance für das 2. HJ kommen. Dann in jedem Fall zweistellige Kurse - IMO natürlich.
Meinung Meinung - Eure Wahl !!
Art
Meinung Meinung - Eure Wahl !!
Art
Leadis Technology Reports Fourth Quarter 2004 Financial Results
Thursday January 27, 4:09 pm ET
SUNNYVALE, Calif., Jan. 27 /PRNewswire-FirstCall/ -- Leadis Technology, Inc. (Nasdaq: LDIS - News), a leading mixed-signal semiconductor developer of display driver ICs for small panel color displays, today announced results for the fourth quarter of 2004, ended December 31, 2004. Revenues for the fourth quarter were $33.3 million, down 17% from $40.2 million for the same period in 2003. Leadis posted its ninth successive quarter of profitability, reporting net income for the fourth quarter of $1.8 million. For the fiscal year 2004, Leadis reported revenues of $150.3 million, 78% higher than 2003, and net income of $17.6 million, 38% higher than 2003.
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Financial Results
Revenues of $33.3 million for the fourth quarter of 2004 were in line with the guidance provided at the last earnings call and reflected a decline sequentially from $40.9 million in the third quarter of 2004. Under generally accepted accounting principles (GAAP), fourth quarter net income was $1.8 million as compared to $5.0 million in the third quarter, resulting in diluted net income per share of $0.06, slightly below original guidance and in line with guidance provided on January 10, 2005. This compares to diluted net income per share of $0.16 in the third quarter of 2004.
Leadis reports net income and basic and diluted net income per share in accordance with GAAP and additionally on a non-GAAP, or pro-forma, basis. Pro- forma results, where applicable, exclude the effect of amortization of stock- based compensation. Pro-forma net income for the fourth quarter of 2004 was $2.8 million or $0.09 per diluted share, as compared to net income of $6.1 million or $0.20 per diluted share in the third quarter of 2004, and $7.4 million or $0.31 per diluted share in the fourth quarter of 2003. The company reported cash and short-term investments of $109.0 million as of December 31, 2004, a slight decrease from the $111.1 million reported as of September 30, 2004.
For 2004, revenues increased 78% to $150.3 million from $84.5 million in 2003. On a GAAP basis, 2004 net income was $17.6 million or $0.63 per diluted share, representing an increase from $12.8 million in 2003. On a pro-forma basis, 2004 net income increased 64% to $22.0 million as compared to $13.5 million in 2003.
Business Summary
Fourth quarter net sales were $33.3 million. Although STN product revenues increased by 16% sequentially, OLED revenues declined 64%, resulting in an overall revenue decline quarter over quarter. Unit shipments for the fourth quarter increased to a record 15.6 million units from 14.7 million units in the third quarter. For the fiscal year 2004, Leadis shipped 56 million IC drivers.
In the fourth quarter, Leadis began volume shipments of the LDS176, a shrink version of the LDS172, a 4K color STN driver. The company also announced customer sampling of LDS184, a 65K color STN product, extending the next generation color STN products to a wider handset market, and the sampling of four 262K color TFT drivers, which enable high-quality screen resolution on a variety of multimedia handsets. Total products in volume production increased to ten at the end of the fourth quarter from four at the beginning of the year.
"Our unit sales increased sequentially in the fourth quarter to record levels," said Dr. Ken Lee, Executive Vice President and Chief Technology Officer. "However, revenues declined because of selling price erosion and a change in the mix of products away from OLED technology products in favor of older, lower-priced 4K color STN products."
"There is a discernable shift in the market to next generation display drivers," said Dr. Steve Ahn, President and CEO. "Customers have begun adopting the 65K color STN products as well as TFT products to replace older generation monochrome and STN displays. We expect to see these newer products gain a larger share of the market through 2005."
Business Outlook
"Demand for our 4K color STN products is expected to decline significantly in the first quarter of 2005," said Dr. Ahn. "We do not expect shipments of our newer 65K color STN products and TFT products to offset the decline in revenue from the older generation products this quarter. Additionally, we do not see signs of OLED demand recovering in the first half of the year and, furthermore, price pressures in the handset market, resulting in lower component prices, have not yet abated."
"However, we expect to see a strong second half performance in 2005 for several reasons," said Dr. Ahn. "First, current customer activity indicates we should see increased volume shipments of our newer generation products. Second, we expect to increase both our Tier 1 and Tier 2 customer base as well as increase penetration into our existing Tier 1 accounts. Third, we are seeing encouraging signs that the OLED market could revive in the second half of the year with demand expanding in other application areas such as the MP3 market, and finally, the handset market should continue to experience unit growth in 2005."
Based on information currently available to the company, expectations for the first quarter of 2005 are as follows:
* Revenues are expected to be between $11 and $14 million.
* Gross margin, which varies with product mix, selling price and unit
costs, is expected to be approximately 28% to 30%.
* GAAP loss per basic share is expected to be between $0.06 and $0.08
and between $0.04 and $0.06 on a pro-forma basis.
Conference Call Today
Leadis Technology will broadcast its conference call discussion of fourth quarter 2004 financial results today, Thursday, January 27, 2005 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
To listen to the call, dial 800-406-5356 approximately ten minutes before the start of the call. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available for one week. To access the replay, dial 888-203-1112. The confirmation code is 0547969.
A live webcast of the call will be available on the investor relations section of the company`s web site, http://ir.leadis.com . An archived webcast of the call will remain available until the next earnings call.
About Leadis Technology, Inc.
Leadis Technology, Inc., headquartered in Sunnyvale, California, designs, develops and markets mixed-signal semiconductors that enable and enhance the features and capabilities of small panel displays, focusing on the mobile handset market. Leadis` core products are color display drivers which are critical components of displays used in mobile consumer electronic devices. For more information, visit www.leadis.com.
Non-GAAP Financial Measures
Leadis reports financial information in accordance with generally accepted accounting principles (GAAP), but believes that non-GAAP, or pro-forma, financial measures are helpful in evaluating its operating results and comparing its performance to comparable companies. Accordingly, the company also uses calculations of (i) non-GAAP net income, which represents net income excluding the effect of the amortization of stock-based compensation; and (ii) non-GAAP basic and diluted net income per share, which represents basic and diluted net income per share excluding the effect of the amortization of stock-based compensation. The company provides this non-GAAP information to enable investors to evaluate its operating results in a manner similar to how the company analyzes its operating results and to provide consistency and comparability with similar companies in the company`s industry. Investors should note, however, that the non-GAAP financial measures used by the company may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies. The company does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures alone or as a substitute for financial information prepared in accordance with GAAP. A reconciliation of GAAP net income to non-GAAP net income is included in the financial statements portion of this release. Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
Cautionary Language
This press release regarding financial results for the quarter ended December 31, 2004 and expectations for the first quarter of 2005 and fiscal year 2005 contains forward-looking statements based on Leadis` current expectations. The words "expect," "will," "should," "would," "anticipate," "project," "outlook," "believe," "intend," and similar phrases as they relate to future events are intended to identify such forward-looking statements. These forward-looking statements reflect the company`s current views and assumptions but are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: risks that the company may not be able to maintain its current revenue growth rate or gross margin levels; risks that one or more of the company`s concentrated group of customers may reduce demand or price for the company`s products or a particular product; the company`s dependence on a limited number of products; risks that the company`s new products may not be able to be completed in a timely fashion or gain market acceptance; risks that the company`s products may not gain broad acceptance in markets other than mobile handsets; quarterly fluctuations in revenue and operating results due to seasonal fluctuations in demand for consumer electronic devices; risks that the company`s foundry suppliers may not allocate to it sufficient silicon wafers to meet its demand due to the company`s lack of long-term supply contracts with its foundries; risks that the company may not be able to manage its growth; risks with managing international activities; intellectual property litigation risks; the semiconductor industry`s cyclical nature; and other factors. For a discussion of these and other factors that could impact the company`s financial results and cause actual results to differ materially from those in the forward- looking statements, please refer to the company`s final prospectus filed with the SEC on June 16, 2004, in the sections titled Risk Factors and Special Note Regarding Forward-Looking Statements, which is available at www.leadis.com, and in the company`s Form 10-Q for the quarter ended September 30, 2004. (LDISG)
LEADIS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
-------------------------------- Year Ended
Dec. 31, Sep. 30, Dec. 31, Dec. 31,
--------------------
2004 2004 2003 2004 2003
------------------------------------------------------
Revenue $33,264 $40,898 $40,178 $150,250 $84,456
Costs and expenses:
Cost of revenue 23,669 26,205 24,706 97,725 54,305
Research and
development 3,783 3,499 3,130 13,234 6,488
Selling, general
and administrative 1,605 1,726 1,055 6,053 3,376
Stock based
compensation 1,005 1,099 350 4,222 716
------------------------------------------------------
Total costs and
expenses 30,062 32,529 29,241 121,234 64,885
------------------------------------------------------
Operating income 3,202 8,369 10,937 29,016 19,571
Interest and other
income, net 142 314 (106) 956 59
------------------------------------------------------
Income before
provision for
income taxes 3,344 8,683 10,831 29,972 19,630
Provision for
income taxes 1,592 3,723 3,791 12,379 6,870
------------------------------------------------------
Net income $1,752 $4,960 $7,040 $17,593 $12,760
======================================================
Net income per share:
Basic $0.06 $0.18 $0.34 $0.72 $0.62
======================================================
Diluted $0.06 $0.16 $0.30 $0.63 $0.55
======================================================
Shares used in
computing net
income per share:
Basic 27,501 27,187 20,647 24,469 20,572
Diluted 30,849 30,615 23,826 27,817 23,130
LEADIS TECHNOLOGY, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In thousands, except per share amounts)
Three Months Ended
-------------------------------- Year Ended
Dec. 31, Sep. 30, Dec. 31, Dec. 31,
--------------------
2004 2004 2003 2004 2003
------------------------------------------------------
GAAP net income $1,752 $4,960 $7,040 $17,593 $12,760
Adjustments:
Cost of revenue
due to stock
based comp. 72 77 10 269 21
Stock based
compensation 1,005 1,099 350 4,222 716
------------------------------------------------------
Adjusted net income $2,829 $6,136 $7,400 $22,084 $13,497
======================================================
Shares used in
computing GAAP net
income per share:
Basic 27,501 27,187 20,647 24,469 20,572
Diluted 30,849 30,615 23,826 27,817 23,130
Adjusted net income
per share:
Basic $0.10 $0.23 $0.36 $0.90 $0.66
======================================================
Diluted $0.09 $0.20 $0.31 $0.79 $0.58
======================================================
LEADIS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
Dec. 31, Sep. 30, Dec. 31,
2004 2004 2003
-------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $87,562 $100,971 $22,956
Restricted cash -- -- 1,500
Short-term investments 21,411 10,099 --
Accounts receivable, net 30,423 27,716 28,213
Inventory 6,080 7,894 5,863
Prepaid expenses and other
current assets 7,769 4,143 1,425
-------------------------------------------
Total current assets 153,245 150,823 59,957
Property and equipment, net 2,103 1,876 979
Other assets 894 1,042 716
-------------------------------------------
Total assets $156,242 $153,741 $61,652
===========================================
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $20,510 $22,832 $25,123
Accrued liabilities 3,977 5,468 3,595
Taxes payable 4,083 752 4,281
Deferred revenue 107 161 488
-------------------------------------------
Total current liabilities 28,677 29,213 33,487
Other noncurrent liabilities 242 479 258
Commitments
Mandatorily redeemable
convertible preferred stock -- -- 14,300
Stockholders` equity:
Common stock and additional
paid-in capital 102,471 102,093 6,604
Deferred stock-based
compensation (3,336) (4,480) (3,592)
Retained earnings 28,188 26,436 10,595
-------------------------------------------
Total stockholders` equity 127,323 124,049 13,607
-------------------------------------------
Total liabilities and
stockholders` equity $156,242 $153,741 $61,652
===========================================
--------------------------------------------------------------------------------
Thursday January 27, 4:09 pm ET
SUNNYVALE, Calif., Jan. 27 /PRNewswire-FirstCall/ -- Leadis Technology, Inc. (Nasdaq: LDIS - News), a leading mixed-signal semiconductor developer of display driver ICs for small panel color displays, today announced results for the fourth quarter of 2004, ended December 31, 2004. Revenues for the fourth quarter were $33.3 million, down 17% from $40.2 million for the same period in 2003. Leadis posted its ninth successive quarter of profitability, reporting net income for the fourth quarter of $1.8 million. For the fiscal year 2004, Leadis reported revenues of $150.3 million, 78% higher than 2003, and net income of $17.6 million, 38% higher than 2003.
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Financial Results
Revenues of $33.3 million for the fourth quarter of 2004 were in line with the guidance provided at the last earnings call and reflected a decline sequentially from $40.9 million in the third quarter of 2004. Under generally accepted accounting principles (GAAP), fourth quarter net income was $1.8 million as compared to $5.0 million in the third quarter, resulting in diluted net income per share of $0.06, slightly below original guidance and in line with guidance provided on January 10, 2005. This compares to diluted net income per share of $0.16 in the third quarter of 2004.
Leadis reports net income and basic and diluted net income per share in accordance with GAAP and additionally on a non-GAAP, or pro-forma, basis. Pro- forma results, where applicable, exclude the effect of amortization of stock- based compensation. Pro-forma net income for the fourth quarter of 2004 was $2.8 million or $0.09 per diluted share, as compared to net income of $6.1 million or $0.20 per diluted share in the third quarter of 2004, and $7.4 million or $0.31 per diluted share in the fourth quarter of 2003. The company reported cash and short-term investments of $109.0 million as of December 31, 2004, a slight decrease from the $111.1 million reported as of September 30, 2004.
For 2004, revenues increased 78% to $150.3 million from $84.5 million in 2003. On a GAAP basis, 2004 net income was $17.6 million or $0.63 per diluted share, representing an increase from $12.8 million in 2003. On a pro-forma basis, 2004 net income increased 64% to $22.0 million as compared to $13.5 million in 2003.
Business Summary
Fourth quarter net sales were $33.3 million. Although STN product revenues increased by 16% sequentially, OLED revenues declined 64%, resulting in an overall revenue decline quarter over quarter. Unit shipments for the fourth quarter increased to a record 15.6 million units from 14.7 million units in the third quarter. For the fiscal year 2004, Leadis shipped 56 million IC drivers.
In the fourth quarter, Leadis began volume shipments of the LDS176, a shrink version of the LDS172, a 4K color STN driver. The company also announced customer sampling of LDS184, a 65K color STN product, extending the next generation color STN products to a wider handset market, and the sampling of four 262K color TFT drivers, which enable high-quality screen resolution on a variety of multimedia handsets. Total products in volume production increased to ten at the end of the fourth quarter from four at the beginning of the year.
"Our unit sales increased sequentially in the fourth quarter to record levels," said Dr. Ken Lee, Executive Vice President and Chief Technology Officer. "However, revenues declined because of selling price erosion and a change in the mix of products away from OLED technology products in favor of older, lower-priced 4K color STN products."
"There is a discernable shift in the market to next generation display drivers," said Dr. Steve Ahn, President and CEO. "Customers have begun adopting the 65K color STN products as well as TFT products to replace older generation monochrome and STN displays. We expect to see these newer products gain a larger share of the market through 2005."
Business Outlook
"Demand for our 4K color STN products is expected to decline significantly in the first quarter of 2005," said Dr. Ahn. "We do not expect shipments of our newer 65K color STN products and TFT products to offset the decline in revenue from the older generation products this quarter. Additionally, we do not see signs of OLED demand recovering in the first half of the year and, furthermore, price pressures in the handset market, resulting in lower component prices, have not yet abated."
"However, we expect to see a strong second half performance in 2005 for several reasons," said Dr. Ahn. "First, current customer activity indicates we should see increased volume shipments of our newer generation products. Second, we expect to increase both our Tier 1 and Tier 2 customer base as well as increase penetration into our existing Tier 1 accounts. Third, we are seeing encouraging signs that the OLED market could revive in the second half of the year with demand expanding in other application areas such as the MP3 market, and finally, the handset market should continue to experience unit growth in 2005."
Based on information currently available to the company, expectations for the first quarter of 2005 are as follows:
* Revenues are expected to be between $11 and $14 million.
* Gross margin, which varies with product mix, selling price and unit
costs, is expected to be approximately 28% to 30%.
* GAAP loss per basic share is expected to be between $0.06 and $0.08
and between $0.04 and $0.06 on a pro-forma basis.
Conference Call Today
Leadis Technology will broadcast its conference call discussion of fourth quarter 2004 financial results today, Thursday, January 27, 2005 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
To listen to the call, dial 800-406-5356 approximately ten minutes before the start of the call. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available for one week. To access the replay, dial 888-203-1112. The confirmation code is 0547969.
A live webcast of the call will be available on the investor relations section of the company`s web site, http://ir.leadis.com . An archived webcast of the call will remain available until the next earnings call.
About Leadis Technology, Inc.
Leadis Technology, Inc., headquartered in Sunnyvale, California, designs, develops and markets mixed-signal semiconductors that enable and enhance the features and capabilities of small panel displays, focusing on the mobile handset market. Leadis` core products are color display drivers which are critical components of displays used in mobile consumer electronic devices. For more information, visit www.leadis.com.
Non-GAAP Financial Measures
Leadis reports financial information in accordance with generally accepted accounting principles (GAAP), but believes that non-GAAP, or pro-forma, financial measures are helpful in evaluating its operating results and comparing its performance to comparable companies. Accordingly, the company also uses calculations of (i) non-GAAP net income, which represents net income excluding the effect of the amortization of stock-based compensation; and (ii) non-GAAP basic and diluted net income per share, which represents basic and diluted net income per share excluding the effect of the amortization of stock-based compensation. The company provides this non-GAAP information to enable investors to evaluate its operating results in a manner similar to how the company analyzes its operating results and to provide consistency and comparability with similar companies in the company`s industry. Investors should note, however, that the non-GAAP financial measures used by the company may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies. The company does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures alone or as a substitute for financial information prepared in accordance with GAAP. A reconciliation of GAAP net income to non-GAAP net income is included in the financial statements portion of this release. Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
Cautionary Language
This press release regarding financial results for the quarter ended December 31, 2004 and expectations for the first quarter of 2005 and fiscal year 2005 contains forward-looking statements based on Leadis` current expectations. The words "expect," "will," "should," "would," "anticipate," "project," "outlook," "believe," "intend," and similar phrases as they relate to future events are intended to identify such forward-looking statements. These forward-looking statements reflect the company`s current views and assumptions but are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: risks that the company may not be able to maintain its current revenue growth rate or gross margin levels; risks that one or more of the company`s concentrated group of customers may reduce demand or price for the company`s products or a particular product; the company`s dependence on a limited number of products; risks that the company`s new products may not be able to be completed in a timely fashion or gain market acceptance; risks that the company`s products may not gain broad acceptance in markets other than mobile handsets; quarterly fluctuations in revenue and operating results due to seasonal fluctuations in demand for consumer electronic devices; risks that the company`s foundry suppliers may not allocate to it sufficient silicon wafers to meet its demand due to the company`s lack of long-term supply contracts with its foundries; risks that the company may not be able to manage its growth; risks with managing international activities; intellectual property litigation risks; the semiconductor industry`s cyclical nature; and other factors. For a discussion of these and other factors that could impact the company`s financial results and cause actual results to differ materially from those in the forward- looking statements, please refer to the company`s final prospectus filed with the SEC on June 16, 2004, in the sections titled Risk Factors and Special Note Regarding Forward-Looking Statements, which is available at www.leadis.com, and in the company`s Form 10-Q for the quarter ended September 30, 2004. (LDISG)
LEADIS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
-------------------------------- Year Ended
Dec. 31, Sep. 30, Dec. 31, Dec. 31,
--------------------
2004 2004 2003 2004 2003
------------------------------------------------------
Revenue $33,264 $40,898 $40,178 $150,250 $84,456
Costs and expenses:
Cost of revenue 23,669 26,205 24,706 97,725 54,305
Research and
development 3,783 3,499 3,130 13,234 6,488
Selling, general
and administrative 1,605 1,726 1,055 6,053 3,376
Stock based
compensation 1,005 1,099 350 4,222 716
------------------------------------------------------
Total costs and
expenses 30,062 32,529 29,241 121,234 64,885
------------------------------------------------------
Operating income 3,202 8,369 10,937 29,016 19,571
Interest and other
income, net 142 314 (106) 956 59
------------------------------------------------------
Income before
provision for
income taxes 3,344 8,683 10,831 29,972 19,630
Provision for
income taxes 1,592 3,723 3,791 12,379 6,870
------------------------------------------------------
Net income $1,752 $4,960 $7,040 $17,593 $12,760
======================================================
Net income per share:
Basic $0.06 $0.18 $0.34 $0.72 $0.62
======================================================
Diluted $0.06 $0.16 $0.30 $0.63 $0.55
======================================================
Shares used in
computing net
income per share:
Basic 27,501 27,187 20,647 24,469 20,572
Diluted 30,849 30,615 23,826 27,817 23,130
LEADIS TECHNOLOGY, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In thousands, except per share amounts)
Three Months Ended
-------------------------------- Year Ended
Dec. 31, Sep. 30, Dec. 31, Dec. 31,
--------------------
2004 2004 2003 2004 2003
------------------------------------------------------
GAAP net income $1,752 $4,960 $7,040 $17,593 $12,760
Adjustments:
Cost of revenue
due to stock
based comp. 72 77 10 269 21
Stock based
compensation 1,005 1,099 350 4,222 716
------------------------------------------------------
Adjusted net income $2,829 $6,136 $7,400 $22,084 $13,497
======================================================
Shares used in
computing GAAP net
income per share:
Basic 27,501 27,187 20,647 24,469 20,572
Diluted 30,849 30,615 23,826 27,817 23,130
Adjusted net income
per share:
Basic $0.10 $0.23 $0.36 $0.90 $0.66
======================================================
Diluted $0.09 $0.20 $0.31 $0.79 $0.58
======================================================
LEADIS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
Dec. 31, Sep. 30, Dec. 31,
2004 2004 2003
-------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $87,562 $100,971 $22,956
Restricted cash -- -- 1,500
Short-term investments 21,411 10,099 --
Accounts receivable, net 30,423 27,716 28,213
Inventory 6,080 7,894 5,863
Prepaid expenses and other
current assets 7,769 4,143 1,425
-------------------------------------------
Total current assets 153,245 150,823 59,957
Property and equipment, net 2,103 1,876 979
Other assets 894 1,042 716
-------------------------------------------
Total assets $156,242 $153,741 $61,652
===========================================
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $20,510 $22,832 $25,123
Accrued liabilities 3,977 5,468 3,595
Taxes payable 4,083 752 4,281
Deferred revenue 107 161 488
-------------------------------------------
Total current liabilities 28,677 29,213 33,487
Other noncurrent liabilities 242 479 258
Commitments
Mandatorily redeemable
convertible preferred stock -- -- 14,300
Stockholders` equity:
Common stock and additional
paid-in capital 102,471 102,093 6,604
Deferred stock-based
compensation (3,336) (4,480) (3,592)
Retained earnings 28,188 26,436 10,595
-------------------------------------------
Total stockholders` equity 127,323 124,049 13,607
-------------------------------------------
Total liabilities and
stockholders` equity $156,242 $153,741 $61,652
===========================================
--------------------------------------------------------------------------------
panik
sag ich ja, warten bis Juni/Juli 2005
Art
sag ich ja, warten bis Juni/Juli 2005
Art
hier ein interessanter Artikel über LEADIS TECHNOLOGY:
http://www.nasdaq-stocks.de/html/leadis_technology.htm
mfg B.
http://www.nasdaq-stocks.de/html/leadis_technology.htm
mfg B.
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