UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
August 7, 2014
Date of Report (date of earliest event reported)
MONTAGE
TECHNOLOGY GROUP LIMITED
(Exact name of Registrant as specified in its Charter)
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Cayman |
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001-36064 |
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Not applicable |
(State or other jurisdiction
of incorporation) |
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(Commission
file number) |
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(I.R.S. Employer
Identification Number) |
Room A1601, Technology Building, 900 Yi Shan Road
Xuhui District, Shanghai, 200233
Peoples Republic of China
(Address of registrants principal executive offices, including zip code)
Tel: (86 21) 6128-5678
(Registrants telephone number, including area code)
N/A
(Former name or
former address, if changed since last report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition
On August 7, 2014, Montage Technology Group Limited issued a press release announcing its results for the second fiscal quarter ended June 30, 2014.
A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.
The information,
provided in this Item 2.02 in this current report on Form 8-K and the exhibits attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange
Act) or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language
in such filing, except as shall be expressly set forth by specific reference in such filing or document. The information provided pursuant to this Item 2.02 shall instead by deemed furnished.
Item 9.01 Financial Statements and Exhibits
(d)
Exhibits
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99.1 |
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Press Release dated August 7, 2014 |
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
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Dated: August 7, 2014 |
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Montage Technology Group Limited |
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/s/ Mark Voll |
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Mark Voll Chief Financial
Officer |
Exhibit Index
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Exhibit
Number |
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Exhibit Title |
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99.1 |
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Press Release dated August 7, 2014 |
Exhibit 99.1
Montage Technology Reports Second Quarter 2014 Financial Results
Revenue Increases 59.8% over Prior Year Quarter
SHANGHAI, China August 7, 2014 Montage Technology Group Limited (Nasdaq: MONT) (Montage Technology or
Montage or the Company), a global fabless provider of analog and mixed-signal semiconductor solutions addressing the home entertainment and cloud computing markets, today announced financial results for the second quarter
ended June 30, 2014.
Second Quarter 2014 and Recent Highlights:
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Attained revenue of $40.4 million, an increase of 13.6 percent sequentially and 59.8 percent year-over-year; |
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Increased set-top box product revenue by 16.2 percent and memory interface product revenue by 5.7 percent over the prior quarter; |
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Reported gross margin of 58.3 percent, compared to 63.9 percent last quarter; |
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Achieved net income per diluted share of $0.24, and non-GAAP net income per diluted share of $0.30, after excluding non-cash expenses; |
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Generated $10.0 million of cash from operations after excluding funding of the escrow account for the termination fee with signing of Merger Agreement; and |
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Shareholders voted to approve the acquisition by Shanghai Pudong Science and Technology Investment Co. (PDSTI) for $22.60 per share. |
Second Quarter 2014 Results
Commenting on the results,
Stephen Tai, Montage Technologys president stated, Montage once again reported revenue results exceeding guidance, due to increased demand for our set-top box and memory interface solutions. Montages continued share gains in the
set-top box market reflect the strength of our integrated SoC solutions for satellite applications, which address the complete hardware and software needs of emerging market customers. We also gained further traction on our new products, including
our integrated HD satellite SoC as well as solutions targeting the cable and terrestrial markets where we believe Montage has substantial growth opportunities.
Howard Yang, Montage Technologys chairman and chief executive officer, added, Memory Interface revenue also continued to grow in the quarter, with
first half revenue exceeding the full year 2013 memory interface product revenue by almost 50 percent. We believe that our performance advantage and lower power continue to serve as key competitive differentiators in this market. Interest also
continues to ramp up for our DDR4 RDIMM and LRDIMM solutions. We anticipate that Intels next generation platform will significantly accelerate demand for these products establishing Montage as a leading provider of next-generation DDR4 memory
interface solutions.
Finally, we are pleased to announce that we have received shareholder approval of the proposed acquisition
by PDSTI. Subsequent to the vote, both Montage and PDSTI have fully funded our escrow commitments pursuant to the definitive merger agreement. We are now proceeding with the regulatory approval process, which we anticipate will require several
months to complete.
Total revenue for the second quarter 2014 was $40.4 million, an increase of 13.6 percent compared to $35.6 million in the prior
quarter, and an increase of 59.8 percent compared to $25.3 million in the second quarter 2013. Total revenue consisted of $31.2 million from set-top box products, or 77.0 percent of revenue, and $9.3 million from memory interface products, or 23.0
percent of revenue.
Gross profit for the second quarter 2014 was $23.6 million, or 58.3 percent of revenue, compared to $22.7 million, or 63.9 percent of
revenue in the prior quarter, and $16.5 million, or 65.1 percent in the second quarter 2013. Operating expenses for the second quarter 2014 were $16.5 million, compared to $14.8 million in the prior quarter and $10.5 million in the second quarter
2013. Operating expenses in the second quarter included $4.3 million in expenses related to the independent review, litigation and acquisition-related activities.
Income from operations was $7.0 million, or 17.4 percent of revenue, compared to $8.0 million, or 22.4 percent of revenue in the prior quarter, and $6.0
million, or 23.8 percent of revenue in the second quarter 2013. Non-GAAP income from operations, which excludes stock based compensation and amortization, was $9.0 million, or 22.2 percent of revenue. Excluding the audit committees independent
review, litigation and acquisition expenses, adjusted non-GAAP operating income would have been $13.3 million, or 32.9 percent of revenue.
Second quarter
2014 net income was $7.1 million, or $0.24 per diluted share, compared to first quarter 2014 net income of $7.8 million, or $0.27 per diluted share, and second quarter 2013 net income of $5.5 million, or $0.20 per diluted share. The effective tax
rate for the second quarter 2014 was 9 percent, compared to an effective tax rate of 7 percent for the first quarter of 2014 and 10 percent for the second quarter of 2013.
Non-GAAP net income for the second quarter 2014 was $9.0 million, or $0.30 per diluted share, which excluded $2.0 million of pre-tax stock-based compensation
expenses. This compares to non-GAAP net income of $9.4 million, or $0.32 per diluted share, for the first quarter 2014 and $6.8 million, or $0.26 per diluted share, for the second quarter 2013. Excluding the independent review, litigation and
acquisition expenses of $4.3 million, adjusted non-GAAP earnings per share were $13.4 million, or $0.45 per diluted share, in the second quarter 2014.
Cash, cash equivalents and short-term investments totaled approximately $123.3 million as of June 30, 2014, compared to approximately $133.4 million as
of March 31, 2014. The Company generated $10.0 million in cash flow from operations, after excluding funding of the escrow account for termination fee with signing of Merger Agreement, compared to $6.2 million in cash flow from operations in
the prior quarter.
Business Outlook
For the third quarter of 2014, the Company expects revenue to be in the range of $41 million to $45 million and gross margin to be in the range of 56 percent
to 59 percent.
Conference Call
Montage Technology
will host a conference call on Thursday, August 7, 2014 at 8:00 a.m. Eastern Time (8:00 p.m. in Shanghai, China) to discuss its second quarter 2014 financial results. This call may include forward looking statements and other material
information regarding Montage Technologys financial and operating results. Investors and analysts may join the conference call by dialing 1-855-500-8701 and providing the confirmation code 74215036. International callers may join the
teleconference by dialing 1-845-675-0438, and callers in China may join by dialing 4001200654, entering the same confirmation code at the prompt. A telephone replay of the call will be made available approximately two hours after the call and will
remain available for seven days. The replay number is 1-855-452-5696 with a pass code of 74215036. International callers should dial 1-646-254-3697 and enter the same pass code at the prompt. Additionally, this conference call will be broadcast live
over the Internet and can be accessed by all interested parties on the Investors section of Montages website at http://www.montage-tech.com. To listen to the live call, please go to the Investors section of Montages website and click on
the conference call link at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call
on Montages website for approximately 90 days.
About Montage Technology
Montage Technology is a global fabless provider of analog and mixed-signal semiconductor solutions currently addressing the home entertainment and cloud
computing markets. In the home entertainment market, Montages technology platform enables the company to design highly integrated end-to-end solutions with customized software for set-top boxes. These solutions optimize signal processing
performance under demanding operating conditions typically found in emerging market environments. In the cloud computing market, Montage offers high performance, low power memory interface solutions that enable memory intensive server applications.
Its technology platform approach allows Montage to provide integrated solutions that meet the expanding needs of customers through continuous innovation, efficient design and rapid product development. For more information regarding Montage please
visit the companys website at www.montage-tech.com.
Forward Looking Statements
This press release contains forward-looking statements regarding our future business expectations, including our revenue and gross margin estimates for the
third quarter of 2014, and expected market opportunities, market demand and share growth and acceleration and customer adoption, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: our ability to sustain recent revenue growth rates; our ability to address the evolving nature of the market for
semiconductor solutions;
our ability to develop and maintain relationships with industry and technology leaders, including the largest OEMs; our ability to manage our future growth; Montages ability to continue to
gain market share with its existing products as well as newly released products in both the set-top box and memory interface markets; the risk that the transaction will impair our ability to maintain third party relationships following the
announcement of the transaction; the risk that the parties may not be able to satisfy the conditions, including any required regulatory approvals, to closing the acquisition by PDSTI in the time frame expected by the parties or at all; additional
expenses resulting from the audit committees independent review, expense from current or future legal or regulatory proceedings, and the Companys ability to regain compliance with Nasdaq requirements by filing its Form 10-K for 2013 and
Form 10-Q for the three months ended March 31, 2014 or other required filings. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the caption
Risk Factors in our final prospectus filed with the SEC on January 31, 2014, which is available on our Investor Relations website at www.montage-tech.com and on the SEC website at www.sec.gov. In addition, please note that any
forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. We undertake no obligation to update these statements as a result of new information or future events except
if required by law.
Company Contact:
Montage
Technology
Mark Voll, CFO
P: 408-982-2780 or
86-21-6128-5678 x8618
E: ir@montage-tech.com
Investor Relations Contact:
Shelton Group
Leanne Sievers, EVP
P: 949-224-3874
E: lsievers@sheltongroup.com
Matt Kreps, Managing
Director
P: 214-272-0073
E: mkreps@sheltongroup.com
MONTAGE TECHNOLOGY GROUP, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollar in thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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Revenues |
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$ |
40,442 |
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$ |
25,308 |
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$ |
76,029 |
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$ |
45,392 |
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Cost of revenues |
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16,882 |
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8,820 |
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29,722 |
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16,589 |
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Gross profit |
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23,560 |
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16,488 |
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46,307 |
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28,803 |
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Operating expenses |
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Research and development |
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6,985 |
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6,773 |
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13,822 |
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12,473 |
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Sales, general and administrative |
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9,539 |
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3,701 |
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17,462 |
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6,801 |
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Total operating expenses |
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16,524 |
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10,474 |
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31,284 |
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19,274 |
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Income from operations |
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7,036 |
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6,014 |
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15,023 |
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9,529 |
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Interest income/Other income (expense), net |
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791 |
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70 |
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1,200 |
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215 |
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Income before income tax expenses |
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7,827 |
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6,084 |
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16,223 |
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9,744 |
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Provision for income tax |
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742 |
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601 |
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1,311 |
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972 |
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Net income |
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$ |
7,085 |
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$ |
5,483 |
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$ |
14,912 |
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$ |
8,772 |
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Net income per share |
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Basic |
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$ |
0.25 |
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$ |
0.22 |
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$ |
0.54 |
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$ |
0.34 |
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Diluted |
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$ |
0.24 |
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$ |
0.20 |
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$ |
0.50 |
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$ |
0.31 |
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Weighted - average shares used in computing net income per share: |
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Basic |
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27,204 |
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4,630 |
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26,985 |
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4,598 |
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Diluted |
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30,028 |
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6,567 |
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29,593 |
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6,572 |
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- more -
MONTAGE TECHNOLOGY GROUP, LTD.
RECONCILIATION OF GAAP NET INCOME/(LOSS)
TO NON-GAAP NET INCOME
(Dollar in thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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GAAP net income |
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$ |
7,085 |
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$ |
5,483 |
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$ |
14,912 |
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$ |
8,772 |
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Share-based compensation expense: |
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Cost of revenues |
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73 |
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25 |
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105 |
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28 |
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Research and development |
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788 |
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427 |
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1,338 |
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578 |
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Sales, general and administrative |
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1,095 |
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512 |
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1,851 |
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688 |
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Total share-based compensation expense |
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1,956 |
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964 |
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3,294 |
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1,294 |
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Amortization of assembled workforce |
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317 |
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211 |
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633 |
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Non-GAAP net income |
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$ |
9,041 |
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$ |
6,764 |
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$ |
18,417 |
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$ |
10,699 |
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GAAP basic earnings per share |
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$ |
0.25 |
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$ |
0.22 |
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$ |
0.54 |
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$ |
0.34 |
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Effect of non-GAAP adjustments on basic earnings per share |
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0.07 |
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0.06 |
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0.14 |
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0.09 |
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Non-GAAP basic earnings per share |
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$ |
0.32 |
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$ |
0.28 |
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$ |
0.68 |
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$ |
0.43 |
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GAAP diluted earnings per share |
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$ |
0.24 |
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$ |
0.20 |
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$ |
0.50 |
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$ |
0.31 |
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Effect of non-GAAP adjustments on diluted earnings per share |
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0.06 |
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0.06 |
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0.12 |
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0.08 |
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Non-GAAP diluted earnings per share |
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$ |
0.30 |
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$ |
0.26 |
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$ |
0.62 |
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$ |
0.39 |
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Weighted - average shares used in computing net income per share: |
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Basic |
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27,204 |
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4,630 |
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26,985 |
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4,598 |
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Diluted |
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30,028 |
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6,567 |
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29,593 |
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6,572 |
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In addition to disclosing financial results calculated in accordance with U. S. generally accepted accounting principles
(GAAP), the operating results presented contain non-GAAP financial measures that exclude the income statement effects of share-based compensation expense and amortization of acquired intangible assets of assembled workforce in Taiwan.
Management believes it is useful to provide these non-GAAP financial measures and a reconciliation to comparable GAAP financial measures as we believe
non-GAAP measures provide useful supplemental information for investors to evaluate our operating results in the same manner as the research analysts that follow Montage, all of whom present non-GAAP projections in their published reports. As such,
non-GAAP measures provided by Montage facilitate a more direct comparison of its performance with the financial projections published by the analysts. The items reconciling GAAP financial measures to non-GAAP financial measures and additional
comments and the usefulness of each item are set forth below:
(1) |
Share-based compensation is excluded by management when evaluating operating activities and for strategic decision making, forecasting future results and evaluating current performance. Management believes that
utilizing non-GAAP financial measures that exclude this non-cash item is useful in providing an alternate measure that excludes the variability caused by different methodologies and subjective assumptions used in the valuation of equity awards
across different companies. |
(2) |
Amortization of acquired research and development workforce is excluded from internal analysis of Montages operations and management does not view this non-cash expense as reflective of the business current
performance. Management believes that utilizing non-GAAP financial measures that exclude this non-cash item is useful in providing an alternate measure that excludes the variability caused by such item. |
Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies
financial information and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.
- more -
MONTAGE TECHNOLOGY GROUP, LTD.
RECONCILIATION OF GAAP NET INCOME/(LOSS)
TO AS ADJUSTED NON-GAAP NET INCOME
(Dollar in thousands, except per share amounts)
(Unaudited)
|
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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GAAP net income |
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$ |
7,085 |
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$ |
5,483 |
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$ |
14,912 |
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$ |
8,772 |
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Share-based compensation expense: |
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Cost of revenues |
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73 |
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25 |
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105 |
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28 |
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Research and development |
|
|
788 |
|
|
|
427 |
|
|
|
1,338 |
|
|
|
578 |
|
Sales, general and administrative |
|
|
1,095 |
|
|
|
512 |
|
|
|
1,851 |
|
|
|
688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
1,956 |
|
|
|
964 |
|
|
|
3,294 |
|
|
|
1,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent review, litigation, follow-on offering and acquisition expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales, general and administrative |
|
|
4,326 |
|
|
|
|
|
|
|
7,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
4,326 |
|
|
|
|
|
|
|
7,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of assembled workforce |
|
|
|
|
|
|
317 |
|
|
|
211 |
|
|
|
633 |
|
As adjusted Non-GAAP net income |
|
$ |
13,367 |
|
|
$ |
6,764 |
|
|
$ |
25,993 |
|
|
$ |
10,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP basic earnings per share |
|
$ |
0.25 |
|
|
$ |
0.22 |
|
|
$ |
0.54 |
|
|
$ |
0.34 |
|
Effect of as adjusted non-GAAP adjustments on basic earnings per share |
|
|
0.23 |
|
|
|
0.06 |
|
|
|
0.41 |
|
|
|
0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As adjusted Non-GAAP basic earnings per share |
|
$ |
0.48 |
|
|
$ |
0.28 |
|
|
$ |
0.95 |
|
|
$ |
0.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings per share |
|
$ |
0.24 |
|
|
$ |
0.20 |
|
|
$ |
0.50 |
|
|
$ |
0.31 |
|
Effect of as adjusted non-GAAP adjustments on diluted earnings per share |
|
|
0.21 |
|
|
|
0.06 |
|
|
|
0.37 |
|
|
|
0.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As adjusted Non-GAAP diluted earnings per share |
|
$ |
0.45 |
|
|
$ |
0.26 |
|
|
$ |
0.88 |
|
|
$ |
0.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted - average shares used in computing net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
27,204 |
|
|
|
4,630 |
|
|
|
26,985 |
|
|
|
4,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
30,028 |
|
|
|
6,567 |
|
|
|
29,593 |
|
|
|
6,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In addition to disclosing financial results calculated in accordance with U. S. generally accepted accounting principles
(GAAP), the operating results presented contain non-GAAP financial measures that exclude the income statement effects of share-based compensation expense and amortization of acquired intangible assets of assembled workforce in Taiwan.
Management believes it is useful to provide these non-GAAP financial measures and a reconciliation to comparable GAAP financial measures as we believe
non-GAAP measures provide useful supplemental information for investors to evaluate our operating results in the same manner as the research analysts that follow Montage, all of whom present non-GAAP projections in their published reports. As such,
non-GAAP measures provided by Montage facilitate a more direct comparison of its performance with the financial projections published by the analysts. The items reconciling GAAP financial measures to non-GAAP financial measures and additional
comments and the usefulness of each item are set forth below:
(1) |
Share-based compensation is excluded by management when evaluating operating activities and for strategic decision making, forecasting future results and evaluating current performance. Management believes that
utilizing non-GAAP financial measures that exclude this non-cash item is useful in providing an alternate measure that excludes the variability caused by different methodologies and subjective assumptions used in the valuation of equity awards
across different companies. |
(2) |
Amortization of acquired research and development workforce is excluded from internal analysis of Montages operations and management does not view this non-cash expense as reflective of the business current
performance. Management believes that utilizing non-GAAP financial measures that exclude this non-cash item is useful in providing an alternate measure that excludes the variability caused by such item. |
(3) |
One time expenses, such as the audit committees independent review, litigation, follow-on offering and acquisition expenses are excluded by management when evaluating operating activities and for strategic
decision making, forecasting future results and evaluating current performance. |
Non-GAAP financial measures are not prepared in accordance
with GAAP; therefore, the information is not necessarily comparable to other companies financial information and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance
with GAAP.
- more -
MONTAGE TECHNOLOGY GROUP, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollar in thousands)
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2014 |
|
|
2013 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
42,833 |
|
|
$ |
82,774 |
|
Short-term investments |
|
|
80,468 |
|
|
|
24,901 |
|
Accounts receivable, net |
|
|
13,378 |
|
|
|
12,053 |
|
Inventories |
|
|
12,183 |
|
|
|
13,404 |
|
Prepaid expenses and other current assets |
|
|
22,808 |
|
|
|
2,631 |
|
Deferred tax assets |
|
|
615 |
|
|
|
620 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
172,285 |
|
|
|
136,383 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
1,926 |
|
|
|
2,330 |
|
Acquired intangible assets, net |
|
|
577 |
|
|
|
715 |
|
Deferred tax assets |
|
|
404 |
|
|
|
405 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
175,192 |
|
|
$ |
139,833 |
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders equity: |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
7,317 |
|
|
$ |
8,116 |
|
Accrued liabilities |
|
|
12,046 |
|
|
|
13,202 |
|
Deferred margin, net |
|
|
1,699 |
|
|
|
1,818 |
|
Income tax payable |
|
|
1,096 |
|
|
|
1,523 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
22,158 |
|
|
|
24,659 |
|
|
|
|
|
|
|
|
|
|
Long-term liabilities |
|
|
4,623 |
|
|
|
4,622 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
$ |
26,781 |
|
|
$ |
29,281 |
|
|
|
|
|
|
|
|
|
|
Shareholders equity: |
|
|
|
|
|
|
|
|
Ordinary shares |
|
|
340 |
|
|
|
327 |
|
Additional paid-in capital |
|
|
128,966 |
|
|
|
105,798 |
|
Accumulated comprehensive income |
|
|
2,148 |
|
|
|
2,382 |
|
Statutory reserves |
|
|
745 |
|
|
|
745 |
|
Retained Earnings |
|
|
16,212 |
|
|
|
1,300 |
|
|
|
|
|
|
|
|
|
|
Total shareholders equity |
|
|
148,411 |
|
|
|
110,552 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders equity |
|
$ |
175,192 |
|
|
$ |
139,833 |
|
|
|
|
|
|
|
|
|
|
MONTAGE TECHNOLOGY GROUP LTD (NASDAQ:MONT)
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