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| [June 08, 2006] |
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International Display Works Announces Record Fiscal 2006 Second Quarter Financial Results
ROSEVILLE, Calif. --(Business Wire)-- June 8, 2006 -- International DisplayWorks, Inc. (IDW) (NASDAQ:IDWK), a manufacturer and distributor of liquid crystal displays (LCDs), modules and assemblies, today announced financial results for the Company's second quarter of fiscal 2006 which ended on April 30, 2006.
First Quarter Highlights:
-- Total revenues were a record $27.2 million, representing a 20.3 percent increase over the comparable quarter of FY05.
-- This represents the IDW's 11th consecutive quarter of profitability.
-- The Company expanded and strengthened the management team by adding industry veterans Mr. Dwight D. Boliek as VP of Materials and Steve Gerisch as VP of Sales.
-- IDW successfully completed all factory qualifications for the Tier One cell phone customer.
"We delivered another record quarter from a revenue perspective, showing both sequential and year over year growth. We made two significant additions to our management team by retaining Dwight Boliek as VP of Materials and Steve Gerisch as VP of Sales. Both Dwight and Steve bring substantial procurement and sales expertise respectively, which we expect to benefit IDW as we implement initiatives to better position the Company for further growth," commented Tom Lacey, Chairman and CEO.
"Our sales pipeline remains solid and we believe the recent progress with our Tier 1 OEM handset customer serves as a validation of our state of the art manufacturing process, high yield output capabilities and overall product quality which we believe will collectively enable us to win additional business," Tom Lacey further commented.
Financial Results
"During the second quarter, we experienced solid revenue growth," commented Joe Bedewi, the Company's Chief Financial Officer.
The Company completed the second quarter with $61.4 million in cash and liquid investments as a result of the recently completed follow-on offering. During the quarter the Company used a portion of these proceeds to reduce debt by $12.9 million on its existing credit line.
"Our recently completed follow-on offering significantly strengthened our working capital position, which will enable us to support our current production ramps and future growth. Looking forward, our revenue guidance for the third fiscal quarter is $30 - $36 million," Mr. Bedewi went on to state.
Teleconference Information
Management will discuss the results in a conference call today, June 8, at 4:30 p.m. Eastern time. Interested parties should call 888-243-6208 if calling within the United States or 973-582-2869 if calling internationally. There will be a playback available until June 15, 2006. To listen to the playback, please call 877-519-4471 if calling within the United States or 973-341-3080 if calling internationally. Please use pass code 7416604 for the replay. This call is being web cast by ViaVid Broadcasting and can be accessed at International DisplayWorks' website at www.idwk.com. The web cast may also be accessed at ViaVid's website at www.viavid.net. The web cast can be accessed until April 1, 2006 on either site.
About International DisplayWorks
International DisplayWorks, Inc. is a manufacturer and designer of high quality liquid crystal displays, modules and assemblies for a variety of customer needs including OEM applications. IDW operates 466,000 square feet of manufacturing facilities in the People's Republic of China (PRC). Sales offices are located in US, Europe, Hong Kong, Singapore, and China. Copies of IDW's 10-K and other documents as filed with the SEC are available through a link on our web site: www.idwk.com.
NOTE: The foregoing is news relating to International DisplayWorks, Inc. ("IDW") and contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. When used in this release, the words "anticipate," "believe," "estimate," "expect" and similar expressions as they relate to IDW or its management, including without limitation, IDW and its subsidiaries, are intended to identify such forward-looking statements. IDW's actual results, performance or achievements could differ materially from the results expressed in, or implied by these forward-looking statements. For more detailed information the reader is referred to IDW's 10-K and other related documents filed with the Securities and Exchange Commission. This does not constitute an offer to buy or sell securities by the Company and is meant purely for informational purposes.
INTERNATIONAL DISPLAYWORKS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
----------- -----------
ASSETS April 30, October 31,
--------------------------------------------- 2006 2005
Unaudited Audited
----------- -----------
Current assets:
Cash and cash equivalents
Cash and cash equivalents $ 11,053 $ 8,875
Cash in banks - restricted deposits - 383
--------- ---------
Total cash and cash equivalents 11,053 9,258
Trading securities, at market 50,311
Accounts receivable, net of allowance for
doubtful accounts of $5 and $36 25,768 21,776
Inventories 12,691 8,516
Prepaid expense and other current assets 2,814 1,939
--------- ---------
Total current assets 102,637 41,489
--------- ---------
Other assets
Deferred tax asset 1,218 262
Property, plant and equipment at cost, net 27,693 27,031
--------- ---------
Total assets $131,548 $ 68,782
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
---------------------------------------------
Current liabilities:
Accounts payable $ 17,962 $ 13,928
Accrued liabilities 3,446 3,835
Income taxes payable 257 163
Line of credit - 12,953
Current portion of long term debt 2,521 2,545
--------- ---------
Total current liabilities 24,186 33,424
Long-term debt, net of current portion 1,496 5
--------- ---------
Total liabilities 25,682 33,429
--------- ---------
Commitments and contingencies
Shareholders' equity
Preferred stock, par $0.001, 10,000,000 shares
authorized, none issued - -
Common stock, par $0.001, 100,000,000 shares
authorized 44,478,579 and 31,971,629 shares
issued and outstanding at April 30, 2006 and
October 31, 2005 respectively 44 32
Additional paid in capital 135,057 67,424
Accumulated deficit (30,189) (32,812)
Cumulative translation adjustment 954 709
--------- ---------
Total shareholders' equity 105,866 35,353
--------- ---------
Total liabilities and shareholders' equity $131,548 $ 68,782
========= =========
INTERNATIONAL DISPLAYWORKS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except Share and per share data)
For Six Months For Three Months Ended
----------------------- -----------------------
April 30, April 30, April 30, April 30,
2006 2005 2006 2005
Unaudited Unaudited Unaudited Unaudited
----------- ----------- ----------- -----------
Net sales $50,763 $40,723 $27,241 $22,637
Cost of goods sold 42,292 32,960 22,972 18,517
----------- ----------- ----------- -----------
Gross profit 8,471 7,763 4,269 4,120
----------- ----------- ----------- -----------
Operating expenses:
General and
administrative 4,817 3,695 2,395 1,777
Selling, marketing
and customer service 1,354 1,174 691 584
Engineering, advanced
design and production
management 579 251 295 169
----------- ----------- ----------- -----------
Total operating
expenses 6,750 5,120 3,381 2,530
----------- ----------- ----------- -----------
Operating income 1,721 2,643 888 1,590
----------- ----------- ----------- -----------
Other income (expense):
Interest expense (255) (177) 79 (115)
Investment income, net 399 - 399 -
Other income 21 22 13 (2)
----------- ----------- ----------- -----------
Total other expense 165 (155) 491 (117)
----------- ----------- ----------- -----------
Income before taxes 1,886 2,488 1,379 1,473
----------- ----------- ----------- -----------
Provision for
income taxes (737) - 161 -
----------- ----------- ----------- -----------
Net income $2,623 $2,488 $1,218 $1,473
=========== =========== =========== ===========
Basic and diluted
income per common share
Basic $0.07 $0.08 $0.03 $0.05
=========== =========== =========== ===========
Diluted $0.07 $0.08 $0.03 $0.05
=========== =========== =========== ===========
Weighted average common
shares outstanding
Basic 35,591,689 31,146,049 44,477,954 31,525,498
=========== =========== =========== ===========
Diluted 36,969,771 32,131,389 45,856,036 32,510,838
=========== =========== =========== ===========
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