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Vimicro International Corp. (VIMC) Reports Net Loss; Solid Balance Sheet

Vimicro International Corporation reported a second quarter GAAP net loss of $8.2 million, or $0.24, per American Depository Share (ADS). Each ADS represents four ordinary shares. The quarter was impacted by a onetime expense of $5.7 million in share based compensation.

Although the company reported a loss in the quarter, revenue was $18.7 million, up sequentially from the first quarter and within the guidance range of $18-19 million. The company set guidance for the third quarter of $18-20 million.

Dr. John Deng, the CEO of Vimicro International Corporation said, “Looking forward, we remain focused on gaining more market share in notebook business as well as additional growth opportunities and other strategic initiatives. We will continue our R&D commitments to capture the growth opportunities in the fast growing 3G market and surveillance market in China.”

The company has a solid balance sheet with cash and securities of $145 million and no long or short-term debt. Vimicro International Corporation is a technology company that designs and manufactures mixed-signal semiconductor products for use in consumer electronics and communications products.

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