Faraday Reported 2011 First Quarter Results

Hsinchu, Taiwan –Apr, 29 2011 – Faraday Technology Corporation (TSE: 3035), a leading fabless ASIC service and silicon IP provider, today announced its unconsolidated operating results for the quarter ended March 31, 2011.

First Quarter 2011 Highlights[1]:

Year-over-year revenue decreased 13.9% to NT$1,268 million (US$43.0million)
Gross margin, 46.4%
Net income of NT$120 million (US$4.1 million)
Earnings per share of NT$0.32 for the quarter

The first quarter revenue was NT$1,268 million, while net income and basic earnings per share came to NT$120 million and NT$0.32, respectively.

IP revenue increased by 48% compared with last quarter, which raised the gross margin from 40.4% to 46.4%. ASIC revenue decreased due to the less market demand in the low season. It deserves to be mentioned that a 40nm NRE in communication field was collected, which especially sets up a great milestone in Faraday's advancing the process nodes.

Looking into Q2, the business growth will be significant on account of the momentum from multimedia, display, and USB 3.0 applications covering host and device sides.

Summary of Operating Results

(Amount: NT$ million)	1Q11	4Q10	QoQ% change	1Q10	YoY% change
Revenue	1,268	1,529	(17.1)	1,472	(13.9)
Gross Profit	588	617	(4.8)	626	(6.1)
Operation Expenses	(390)	(428)	(9.0)	(395)	(1.3)
Operating Income	198	189	4.8	231	(14.4)
Non-op. Income (Expenses)	(38)	(12)	209.1	(20)	89.2
Net Income	120	112	6.9	211	(43.1)
EPS (NT$ per share)	0.32	0.31	0.58

Financial Tables

To read financial tables, click here

About Faraday

Faraday Technology Corporation is a leading silicon IP and fabless ASIC vendor. The company's broad IP portfolio includes 32-bit RISC CPUs, DSPs, PHY/Controllers for USB 2.0, Ethernet, and Serial ATA. With 2010 revenue of US$ 198 million, Faraday is one of the largest fabless ASIC companies in the Asia-Pacific region, and it also has a significant presence in other world-wide market. Headquartered in Taiwan, Faraday has service and support offices around the world, including the U.S., Japan, Europe, and China. For more information, please visit: http://www.faraday-tech.com