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SEOUL, South Korea, March 3 /PRNewswire-FirstCall/ -- Pixelplus Co.,Ltd. (Nasdaq: PXPL), a fabless semiconductor company in Korea that designs,develops, and markets CMOS image sensors for various consumer electronicsapplications, today announced that it reported its audited results ofoperations for the full fiscal year of 2007 during its Annual GeneralMeeting of Shareholders held on February 29, 2008 (the "Shareholders'Meeting"). Based on these audited results of operations which were prepared inaccordance with Korean GAAP on a non-consolidated basis, the Companyrecorded revenue of 17.3 billion Korean won (US$18.5 million) in the fiscalyear of 2007, compared to revenue of 26.6 billion Korean won(US$28.4million) in the fiscal year of 2006. The Company also recorded anet loss of 7.9 billion Korean won (US$8.5 million), or a net loss of 1,209Korean won (US$1.29) per diluted ADS, in the fiscal year of 2007, comparedto a net loss of 17.4 billion Korean won (US$18.6 million), or a net lossof 2,778 Korean won (US$2.97) per diluted ADS, in the fiscal year of 2006. The Company also announced at the Shareholders' Meeting that itacquired key design wins since December 2007, and that it was experiencingstrong and steadily growing demand for Pixelplus' new line of thirdgeneration image sensors based on PlusPixel2(TM) technology, including theCompany's PO4010 CIF 'System-on-a-Chip' ("SoC") image sensors from itscustomers in Korea and also its PO6030 VGA SoC image sensors from itscustomers in China. Continued demand for the Company's third generationimage sensors based on PlusPixel2(TM) technology is expected to positivelyaffect the Company' results of operations in 2008, with revenues projectedto at least double in 2008 compared to 2007, based on the assumption thatcurrent order flows continue. The financial results mentioned above were prepared and presented inaccordance with Korean GAAP on a non-consolidated basis. The audit of thefinancial results of Pixelplus, prepared and presented in accordance withU.S. GAAP, is expected to be completed by June 30, 2008. The Company willseparately host a conference call for the investment community to discussthe Company's 2007 year-end results. The U.S. dollar amounts disclosed in this press release are presentedsolely for the convenience of the reader, and have been converted at therate of 935.8 Korean won to one U.S. dollar, which is the noon buying rateof the U.S. Federal Reserve Bank of New York in effect on December 31,2007. Such conversions should not be construed as representations that theKorean won amounts represent, have been, or could be, converted into, U.S.dollars at that or any other rate. About Pixelplus Co., Ltd. Pixelplus is a South Korea-based developer of high-performance,high-resolution, and cost-effective CMOS image sensors for use primarily inmobile camera phones. In addition to mobile phones, Pixelplus provides CMOSimage sensors and SoC solutions for use in webcams and notebook embeddedcameras, toys and games, and security and surveillance systemsapplications. As a fabless semiconductor company, Pixelplus is focused on creatingproprietary design technologies to develop CMOS image sensors with sharp,colorful and enhanced image quality, size efficiency, and low powerconsumption. Forward-Looking Statement This press release contains certain statements that are not historicalin nature but are "forward-looking statements" within the meaning of the"safe-harbor" provisions of the Private Securities Litigation Reform Act of1995. Forward-looking statements generally can be identified by the use offorward-looking terminology, such as "may," "will," "expect," "intend,""estimate," "anticipate," "believe," "project," or "continue" or thenegative of such words or other similar words. Pixelplus cautions readersthat forward-looking statements are based on the Company's currentexpectations, estimates and assumptions about our company and our industry,and are subject to a number of risks and uncertainties. Actual results maydiffer materially from those contained in such forward-looking statements.Investors are directed to Pixelplus' reports and documents filed from timeto time with the U.S. Securities and Exchange Commission for a descriptionof various factors that should be considered before investing in Pixelplus'securities. These factors may cause Pixelplus' results to differ materiallyfrom the forward-looking statements made in this release. Theforward-looking statements speak only as of the date of this press releaseand Pixelplus assumes no duty or obligation to update them to reflect new,changing, or unanticipated events or circumstances. The financial resultscontained in this document were prepared in accordance with Korean GAAP ona non-consolidated basis by Pixelplus' independent registered publicaccountants.
Contact: Shane Y. Hong Pixelplus Co., Ltd. 6th Floor, Gyeonggi R&DB Center 906-5 Iui-dong, Yeongtong-gu Suwon-si, Gyeonggi-do, 443-766 Republic of Korea +82-31-888-5300 OR Taylor Rafferty: London -- Emilia Whitbread at +44 (0) 20 7614 2900 New York -- Allon Bloch at +1 212 889 4350 Tokyo -- Jason Wagers at +81 (0) 3 3221 9513 E-mail: pixelplus@taylor-rafferty.com
