Vimicro Announces Preliminary First-Quarter 2012 Results and Provides Second-Quarter Guidance
Expects a 40% Sequential Revenue Increase in the Second Quarter and a large cost reduction from business restructuring
BEIJING, May 23, 2012 /PRNewswire-Asia-FirstCall/ -- Vimicro International Corporation (NASDAQ: VIMC) ("Vimicro" or the "Company"), a leading PC-camera processor and IP-based surveillance solution provider, today announced preliminary results for the first quarter ended March 31, 2012 and provided financial guidance for the second quarter ended June 30, 2012.
For the first quarter ended March 31, 2012, Vimicro expects revenues of approximately $11 to $12 million. Due to the Company's restructuring efforts last year, the Company expects non-GAAP operating expenses to decline to approximately $9.32 million from $12.45 million in the year-ago quarter.
"Our first-quarter results reflect the restructuring efforts we completed in the fourth quarter of 2011, and the success of these efforts enables us to increase our focus on the PC-camera processor and IP-based surveillance businesses, as well as further streamline our cost structure going forward", commented Dr. John Deng, Vimicro's Chairman and CEO.
For the second quarter of 2012, Vimicro expects revenues to increase approximately 40% from the first quarter to $15-$17 million. As a result of the Company's continued cost reduction efforts, Vimicro expects a further reduced non-GAAP net loss attributable to Vimicro Corporation of less than $1.5 million.
Separately, the Company announced today it will conduct a conference call at 8:00 a.m. EDT on Wednesday, June 13, 2012 to discuss results for the fourth quarter ended December 31, 2011 and the first quarter ended March 31, 2012.
About Vimicro International Corporation
Vimicro International Corporation is a leading multimedia semiconductor and solution provider that designs, develops and markets mixed-signal semiconductor products and system-level solutions that enable multimedia capabilities in a variety of products for PC/Notebook, consumer electronics and surveillance markets. Vimicro is aggressively expanding business into the surveillance market with system-level solutions and semiconductor products to capitalize on China's domestic demand. Vimicro's ADSs, each of which represents four ordinary shares, are currently trading on the NASDAQ Global Market under the ticker symbol "VIMC."
Ms. Anita Zhang, IR Associate Manager
Mr. Roger Ellis, Senior Partner & SVP for M.I.
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