by buddy GNSS beat earnigs and raised guidance yesterday, rocketing 8% in AH:
" Genesis Microchip 2Q Loss 12c/Shr
Tuesday October 28, 7:33 pm ET
SAN JOSE (Dow Jones)--Genesis Microchip Inc.'s reported a 4% increase in its fiscal second-quarter revenue and issued
third-quarter revenue guidance well above the Wall Street estimate.
The image processing systems company cited improving demand for its liquid- crystal display, or LCD, monitors and
television-related products.
In a press release Tuesday, Genesis reported a second-quarter loss of $3.8 million, or 12 cents a share, based on
generally accepted accounting principles. The results topped the company's loss of $4.6 million, or 15 cents a share, a
year ago.
On a pro forma basis, the company reported a loss of 3 cents a share, beating Thomson First Call's (News - Websites)
consensus estimate by a penny, based on a survey of 6 analysts.
Both the latest GAAP and pro forma results include a $5 million charge from legal costs. Pro forma results exclude
charges from the amortization of acquired intangible assets, deferred stock-based compensation expense and related
income tax adjustments.
Revenue for the second quarter was $48.2 million, up from $46.3 million in the year-ago period.
For the third quarter ending Dec. 31, Genesis Microchip expects revenue to total $51 million to $54 million,
substantially higher than the Thomson First Call consensus forecast of $46.9 million. The company said the results are
" highly dependent" on a number of conditions, including the growth rate of the flat-panel monitor and LCD television
markets.
Despite continued uncertainty over global economic and political conditions, Genesis said it expects pro forma
profitability in the third quarter. Additional financial guidance for the period wasn't immediately available.
Thomson First Call expects the company to earn 1 cent a share for the period. Last year, Genesis reported
third-quarter earnings of 9 cents a share, excluding items, on revenue of $51.7 million.
According to Island.com, shares of Nasdaq-traded Genesis Microchip climbed in after-hours trading, recently changing
hands at $17.33, after closing Tuesday at $15.88, up 37 cents, or 2.4%, on composite volume of about 3.2 million
shares. Average trading volume is about 2.4 million shares.
the chart continues to be constructive looking towards a real breakout one of these days: stockcharts.com[h,a]daclyiay[df][pb200!b50][vc60][iut!Lh14,3!La12,26,9]&pref=G |
