Techwell Reports First Quarter 2008 Financial Results

About Techwell

Techwell is a fabless semiconductor company that designs, markets and sells mixed signal integrated circuits for multiple video applications in the security surveillance, automotive and consumer electronics markets. Techwell designs application specific products that enable the conversion of analog video signals to digital form and perform advanced digital video processing to facilitate the display, storage and transport of video content. Headquartered in San Jose, CA, Techwell currently has over 125 employees in the U.S., Korea, Taiwan, China and Japan. Please visit www.techwellinc.com for more information.

Techwell, Inc. and the Techwell, Inc. logo are trademarks of Techwell, Inc. All other trademarks are the property of their respective owners.

 
TECHWELL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
   
Three Months Ended
March 31,
2008 2007
 
Revenues $ 15,607 $ 13,517
 
Cost of Revenues   6,061   5,791
 
Gross Profit   9,546   7,726
 
Operating Expenses
Research and development 3,549 2,215
Selling, general and administrative   3,692   2,758
Total operating expenses   7,241   4,973
 
Income from operations 2,305 2,753
Interest income   755   679
 
Income before income taxes 3,060 3,432
Provision for income taxes   1,189   968
 
Net Income $ 1,871 $ 2,464
 
Net income per share
Basic $ 0.09 $ 0.12
Diluted $ 0.09 $ 0.11
 
Weighted average shares used in computing
net income per share:
Basic 20,926 20,637
Diluted 21,821 21,827
 
Stock-based compensation expense:
Cost of revenues 113 45
Research and development 693 318
Selling, general and administrative   871   386
1,677 749

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