Techwell Reports Third Quarter 2008 Financial Results (Revenue up 22%)

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 150 employees in the U.S., China, Japan, South Korea and Taiwan. 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.

(Financial Tables to Follow)

TECHWELL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
Revenues $ 18,520 $ 15,122 $ 51,133 $ 43,382
Cost of Revenues 6,859 6,048 19,423 17,828
Gross Profit 11,661 9,074 31,710 25,554
Operating Expenses
Research and development 4,442 3,496 12,199 8,581
Selling, general and administrative 3,576 3,135 11,033 8,767
Total operating expenses 8,018 6,631 23,232 17,348
Income from operations 3,643 2,443 8,478 8,206
Interest income 507 819 1,802 2,235
Income before income taxes 4,150 3,262 10,280 10,441
Income tax benefit/(provision) (1,634 ) 2,154 (4,051 ) 80
Net income $ 2,516 $ 5,416 $ 6,229 $ 10,521
Net income per share
Basic $ 0.12 $ 0.26 $ 0.30 $ 0.51
Diluted $ 0.11 $ 0.25 $ 0.28 $ 0.48

Weighted average shares used in computing net income per share:

Basic 21,169 20,822 21,054 20,741
Diluted 22,080 21,768 22,038 21,795
Stock-based compensation expense:
Cost of revenues 122 77 366 193
Research and development 901 579 2,453 1,414
Selling, general and administrative 825 660 2,614 1,637

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