falcon74
19 years ago
More Exposure for IDWK...............
International DisplayWorks to Present at C.E. Unterberg, Towbin Emerging Growth Opportunities Conference
Wednesday June 22, 6:00 am ET
Presentation by Senior Management on July 13th at the Mandarin Oriental Hotel in NYC
ROSEVILLE, Calif.--(BUSINESS WIRE)--June 22, 2005--International DisplayWorks, Inc. (IDW) (Nasdaq:IDWK - News) a designer and manufacturer of high-quality liquid crystal displays (LCDs), modules and assemblies, today announced its Chief Financial Officer, Jeff Winzeler, will present at the C.E. Unterberg, Towbin Emerging Growth Opportunities Conference at 11:35 a.m. (Eastern) on July 13, 2005. The conference is hosted at the new Mandarin Oriental Hotel on Columbus Circle in New York City.
Mr. Winzeler will provide an industry overview, and discuss the Company's product portfolio, manufacturing competencies and growth strategy, along with financial highlights, including the recently reported record fiscal second quarter earnings, which included a 113 percent increase in revenues record net income of $1.5 million. Mr. Winzeler will also discuss the Company's acquisition of the Beijing manufacturing operations and business of Three-Five Systems, and the ongoing progress related to the LCD manufacturing equipment used in the production of advanced color displays. Following the presentation, Mr. Winzeler will be available for one-on-one breakout meetings with analysts and investors. Interested parties should contact the appropriate institutional salesperson from C.E. Unterberg, Towbin or Hayden Communications at (843) 272-4653 to schedule meetings.
The presentation will be webcast. A link to the webcast is available on the Investor Relations section of International DisplayWorks' website at www.idwk.com or at www.wsw.com/webcast/ceut2/idwk/.
About C.E. Unterberg, Towbin
Founded more than 70 years ago, C.E. Unterberg, Towbin supplies capital and financial advice to companies with market capitalization of up to $1 billion in the technology, healthcare and global security industries. C.E. Unterberg, Towbin services include public offerings, direct investments, mergers and acquisitions and private placements. Unterberg, Towbin also provides equity research, sales and trading, asset management and private client services. Principal offices are located in New York, San Francisco and Menlo Park, California as well as Boston and Israel. For more information about Unterberg, Towbin and their services, visit their website www.unterberg.com.
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.
falcon74
20 years ago
International DisplayWorks Appoints Intel Veteran As Chief Financial Officer
Wednesday January 5, 4:50 pm ET
Jeff Winzeler, Former Intel Controller, Brings Large Scale Manufacturing Experience to IDW
ROCKLIN, Calif.--(BUSINESS WIRE)--Jan. 5, 2005--International DisplayWorks, Inc. (IDW) (OTCBB:IDWK - News) today announced that Jeff Winzeler has agreed to join the Company as Chief Financial Officer. Mr. Winzeler replaces Ian Bebbington. Mr. Winzeler previously served as FLASH Group Controller for Intel Corporation in Folsom, Calif., where he was responsible for all fiscal aspects of the approximately $2 billion FLASH memory division including investment analysis, product costing, inventory management, and preparation of financial statements.
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While at Intel's FLASH division, Mr. Winzeler worked in partnership with the general manager to redefine the charter of the division through evaluation of business alternatives, strategic implications, technology requirements and financial outcomes. He put in place a series of processes designed to actively manage profit and loss decisions including inventory management, spending, and profitability and implemented necessary controls to conform to Sarbanes-Oxley 404 reporting requirements. He was also instrumental in the decisions to properly match manufacturing capacity to product demand, resulting in a more fully-utilized capital base.
"Jeff brings a tremendous financial background to IDW, and his tenured experience as a controller in a large-scale manufacturing environment will prove critical to our long-term growth plans. Jeff has a proven track record of leading large international organizations and is an excellent fit for our long term plans," commented Tom Lacey, International DisplayWorks' Chairman and Chief Executive Officer. "Coming from Intel myself, I am confident Jeff will be an ideal match with our corporate culture, and his skills will help the Company to continue its growth trajectory while managing the expense side of the business to improve operational, procurement and manufacturing efficiencies, thereby increasing the leverage in the Company's business plan."
Mr. Lacey continued, "Additionally, with our desire to pursue a NASDAQ NMS listing and our increased exposure to US-based fund managers, it is now appropriate to have our Chief Financial Officer primarily located in our U.S. headquarters. We have installed systems and developed a strong team in our China operations that will make this a seamless transition. We all thank Ian for his professionalism in the job that he did in building capabilities in systems and management and we wish him the best in his future endeavors."
Prior to his position with the FLASH Memory Group, Mr. Winzeler was the Controller for the Penang, Malaysia-based World-Wide Assembly division, where he served as manufacturing controller responsible for Intel's 12,000-employee, world-wide, $1 billion assembly and test operations. Mr. Winzeler managed a finance team of 140 employees located in China, Malaysia, Costa Rica, the Philippines and Ireland. Previously, he served as controller at an Intel's largest eight-inch wafer manufacturing facility, and as operations controller for facilities in Jerusalem and Haifa, Israel.
falcon74
20 years ago
International DisplayWorks Announces Record Fourth Quarter and Fiscal 2004 Financial Results
Monday January 3, 4:16 pm ET
ROCKLIN, Calif.--(BUSINESS WIRE)--Jan. 3, 2005--International DisplayWorks, Inc. (OTCBB:IDWK - News), a designer and manufacturer of high-quality liquid crystal displays (LCDs), modules and assemblies, today announced financial results for the Company's fourth quarter and fiscal year-end period ended October 31, 2004.
Highlights:
Fourth quarter revenues increased over 100% to $14.3 million
2004 fiscal year revenues increased 103% to $46.4 million
Operating expenses as a percent of sales decreased quarter over quarter and year over year
Fourth quarter net income of $532,000 or $0.02 per share
Company completes fiscal year with $10.2 million in cash and cash equivalents
New LCD line successfully installed and operational (subsequent to year end): Prototypes completed
For the fourth quarter, revenues were a record $14.3 million, more than double the $7.1 million reported for the fourth quarter last year. The Company's gross profit increased 105.1 percent to $3.1 million, or 21.9 percent of sales, compared to a gross profit of $1.5 million, or 21.2 percent of sales, for the same period a year ago. Operating expenses for the quarter were $2.6 million, or 18.2 percent of sales, compared to $1.4 million, or 19.8 percent of sales in the year ago period. Operating expenses included an 89.9 percent increase in general and administrative expenses and 77.3 percent increase in sales, marketing and customer service expenses as the Company purchased, transported, integrated and began marketing the ability to manufacture and sell color displays. The Company reported EBITDA of $809,000, an increase of 88.6 percent, compared to EBITDA of $429,000 for the same period a year ago. Net income was $532,000, or $0.02 per diluted share, compared with net income of $110,000, or $0.01 per diluted share last year. IDW did not incur taxes during the fourth quarter as the Company maintains a tax loss carry-forward. The fully diluted shares outstanding were 32,175,598 million as of the fourth quarter of 2004 compared to 19,413,531 million as of the fourth quarter of 2003. The quarter included a one-time non-cash charge of $200,000 in costs related to the recruitment of the Company's new chief executive officer.
For fiscal 2004, revenues were $46.4 million, a 103.0 percent increase compared to the $22.8 million reported for fiscal 2003. Gross profit increased 92.7 percent to $10.1 million, compared to $5.2 million for fiscal 2003. Operating expenses for the year were $8.1 million, or 17.4 percent of sales, compared to the $5.9 million, or 25.9 percent of sales reported for fiscal 2003, including a 48.6 percent increase in general and administrative expenses and a 26.6 percent increase in sales, marketing and customer service expenses. The Company reported EBITDA of $2.4 million compared to EBITDA of $392,000 for the same period a year ago. Net income for the year was $1.074 million, or $0.04 per diluted share, compared to a net loss of $808,000, or ($0.04) per share last year. Earnings were impacted by $625,000 in one-time charges related to the settlement of a lawsuit. There were 27,511,228 fully diluted shares outstanding for the fiscal year period compared to 19,448,718 for the same period a year ago.
Tom Lacey, International DisplayWorks' Chief Executive Officer, commented, "In my first quarter with the Company, I am pleased to report that our monochrome business produced 100 percent revenue growth in fiscal 2004. Our two-pronged growth strategy of improving and diversifying our customer base, while focusing on higher volume contracts has yielded positive results. During the year, 17 multinational customers servicing multiple geographic regions represented over 85 percent of our revenues and four customers added during 2004 represented almost 100 percent of our incremental revenue growth. Larger production runs, which favorably impact both capacity utilization and operating efficiencies at our facilities, have benefited both profitability and cash flow.
"Many of these same customers have increased their consumption of color displays and we anticipate producing product to help meet this need. Our color line has been successfully installed and we have begun to manufacture and ship prototypes to customers, while our production team is diligently working on increasing yields to acceptable levels. We have already been specified as providers of color displays for upcoming product launches in 2005.
"We have completed the acquisition and installation of our new LCD line, and we are developing prototypes at this time," Mr. Lacey continued. "We have prudently managed expenses, and our efforts have produced sequentially improving operating profit margins, particularly as we ramp up the color production. We have also recently expanded our board of directors and corporate oversight with two new outside directors, D. Paul Regan, a certified public accountant with more than 25 years experience in forensic accounting and litigation consulting, and the current Chair of the California Society of Certified Public Accountants (CalCPA) and Glenn E. Neland, Senior Vice President of Worldwide Procurement and Global Customer Experience for Dell."
The Company completed the year with a strengthened balance sheet, reporting $10.2 million in cash and equivalents. The Company finished the quarter with a current ratio of 1.81 to 1. Current and long-term debt was $566,000 on October 31st.
Management will discuss the results in a conference call today at 4:30 p.m. eastern time. Interested parties should call 888-823-7457 if calling within the United States or 973-582-2718 if calling internationally. There will be a playback available until January 10, 2005. 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 5479553 for the replay. A web cast of the conference call is available at the International DisplayWorks website at http://www.idwlcd.com/ until February 3, 2005.
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 and EMS applications. IDW operates 410,000 square feet of manufacturing facilities in the People's Republic of China (PRC) and employs approximately more than 2,000 people. 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.idwlcd.com.
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