Dialog Semiconductor Reports Results for Fourth Quarter and Year Ended 31 December 2013

Company confirms full year revenue growth of 17% and increasing profitability

LONDON — (BUSINESS WIRE) — February 19, 2014 — Dialog Semiconductor (FWB: DLG), a provider of highly integrated innovative power management, audio, AC/DC and short range wireless technologies, today reports results for its fourth quarter and year ended 31 December 2013.

Q4 and full year 2013 financial highlights

- IFRS Revenue in Q4 up 31% over Q4 2012 at $352 million. Full year IFRS revenue at $903 million representing 17% growth over FY 2012

- Q4 2013 underlying gross margin improved by 290 bps on Q3 2013 to 42.9%. Underlying gross margin for the full year was 40.4%

- Q4 2013 underlying(*) EBITDA(**) up 55% over Q4 2012 to $86.2 million or 24.4% of revenue. Full year underlying(*) EBITDA(**) up 30% to $174.2 million or 19.2% of revenue

- Q4 2013 underlying EBIT up 62% to $76.4 million or 21.7% of revenue. Full year underlying EBIT up 30% to $139.6 million. On an IFRS basis full year EBIT was up 13% to $102.7 million

- Underlying(*) Q4 2013 diluted EPS up 56% over Q4 2012 to 70 cents. Full year underlying(*) diluted EPS up 21% over FY 2012 to $1.44

- Cash generated from operating activities in Q4 2013 was $46.2 million. Full year 2013 cash generated from operating activities was up 111% on FY 2012 to $110.7 million; cash and cash equivalents balance as of 31 December 2013 was $186.0 million

Q4 and full year 2013 operational highlights

- Continued momentum with power management smartphone and tablet design wins, across new platforms and models at our largest customers

- Diversification efforts continued with new product launches, new application partners added and the continued ramp of new platform design wins for power management and audio at Samsung

- Continued to increase content of our products and achieved an ASP of $2.30 in 2013 excluding Power Conversion products

- SmartBondTM, the world's smallest and lowest power Bluetooth Smart System-on-Chip (SoC) entered volume production

- SmartWaveTM, our first multi-touch IC, gained traction with a number of ODMs

- Our collaboration with Asia based chipset partners to address their local markets continued to build momentum

- New product rollouts by the Power Conversion Business Group

Commenting on the results Dialog Chief Executive, Dr Jalal Bagherli, said:

'I am very pleased with the exceptional business performance we have achieved in Q4 and over the full year, delivering uninterrupted annual revenue growth for the 7th consecutive year, increasing profitability and outstanding cash generation.

During the year, we grew significantly faster than the industry average while investing in new product development and innovation. We have laid the foundations for a more diversified business and we are well placed to build on the market opportunity open to us in 2014 and beyond.'

Outlook

Given our current visibility, we expect 2014 to be another year of good growth. As in previous years, revenue performance will be strongly weighted towards the second half of the year.

Q1 2014 revenue will reflect the traditional seasonal pattern and deliver year on year growth. We expect revenue for Q1 2014 to be in the range of $200 to $215 million.

Gross margin is expected to improve year on year in 2014. In line with the seasonal lower revenue, gross margin in Q1 2014 will decline sequentially but improve on a year on year basis.

Financial overview -

Underlying     Fourth Quarter     Full Year
US$ million 2013     2012     % Var. 2013     2012     % Var.
Revenue 352.7 267.7 +32% 909.1 773.6 18%
Gross Margin 42.9% 38.6% +430bps 40.4% 38.0% +240bps
EBITDA 86.2 55.5 +55% 174.2 134.5 +30%
EBITDA % 24.4% 20.7% +370bps 19.2% 17.4% +180bps
EBIT 76.4 47.2 +62% 139.6 107.5 +30%
EBIT % 21.7% 17.6% +410bps 15.4% 13.9% +150bps
Net income 52.1 33.9 +54% 97.6 80.0 +22%
Basic EPS $ 0.79 0.52 +52% 1.49 1.24 +20%
Diluted EPS $ 0.70 0.45 +56% 1.44 1.19 +21%
 
IFRS Fourth Quarter Full Year
US$ million

2013 1

2012 % Var.

2013 1

2012 % Var.
Revenue 351.8 267.7 +31% 902.9 773.6 +17%
Gross Margin 42.1% 38.5% +360bps 39.0% 37.8% +120bps
R&D % 14.5% 13.1% +140bps 17.6% 16.5% +110bps
SG&A % 8.5% 8.2% +30bps 10.4% 9.3% +110bps
EBIT 70.6 44.5 +59% 102.7 91.0 +13%
EBIT % 20.1% 16.6% +350bps 11.4% 11.8% -40bps
Net income 46.6 30.2 +54% 62.2 62.5 0%
Basic EPS $ 0.71 0.46 +54% 0.95 0.97 (2)%
Diluted EPS $ 0.66 0.43 +53% 0.92 0.93 (1)%
Operating cash flow 46.2 53.5 (14)% 110.7 52.4 +111%
 

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