Vimicro posts less revenue for Q2

Wed. July 30, 2008; Posted: 03:51 AM

BEIJING, Jul 30, 2008 (Xinhua via COMTEX) -- VIMC | Quote | Chart | News | PowerRating -- Vimicro International Corporation ( VIMC.Nasdaq), a leading fabless semiconductor company in China, registered a net revenue of 23.1 million U.S. dollars for Q2 of 2008, compared with 26.50 million US dollars for Q2 of 2007 and 16.20 million US dollars for Q1 of 2008.

Its net profit under non-generally accepted accounting principle ( non-GAAP) stood at 0.3 million US dollars in the quarter, with diluted earnings per ADS at 0.01 dollars, excluding the share-based compensation expense of 1.3 million dollars in the period. This compared with net profit of 1.6 million US dollars for the same period of 2007.

Under GAAP, however, the company suffered a net loss of one million dollars in Q2, compared with a net loss of 3.2 million dollars in the first quarter and net profit of 0.2 million dollars in the same period of last year. The diluted loss per ADS under GAAP was 0.03 dollar in the period, compared with a loss per ADS of 0.09 dollar in the first quarter and earnings per ADS of 0.01 dollar in the second quarter of 2007.

John Deng, Chairman and CEO of Vimicro, commented that the results reflect a significant increase in unit shipments but a slight decline in average selling prices sequentially.

He believed that Vimicro could return to the growth objective in the near future, as many of the recent designs will result in revenue growth opportunities when its consumer products are put on the market.

The company expected the revenue for the third quarter to arrive at 21 million to 25 million dollars.

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