OmniVision Reports Second-Quarter Fiscal 2005 Results
Tuesday November 30, 4:05 pm ET
SUNNYVALE, Calif.--(BUSINESS WIRE)--Nov. 30, 2004--OmniVision Technologies, Inc. (Nasdaq:OVTI - News) today reported that in the three months ended October 31, 2004, it earned $17.8 million, or $0.28 per diluted share, on revenue of $84.4 million, compared to $13.8 million, or $0.23 per diluted share, on revenue of $78.0 million in the comparable period a year ago.
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For the six months ended October 31, 2004, OmniVision earned $37.6 million, or $0.60 per diluted share, on revenue of $183.2 million, compared to $20.1 million, or $0.35 per diluted share, on revenue of $124.8 million in the first six months of fiscal 2004.
Commenting on the results for the quarter, Shaw Hong, OmniVision's president and chief executive officer, said: "In spite of the expected revenue decline from the previous quarter, OmniVision maintained excellent profitability and generated $34.5 million in cash from operations. In addition, our outlook for the coming quarter indicates a return to top-line growth. We are especially pleased with the progress we are making in transitioning the Company's product line to the OmniPixel(TM) platform. Our 5-megapixel CameraChip(TM), which we introduced at Photokina in September, is now ready for volume production, and we expect to see it appearing in consumer products during the first quarter of calendar 2005. We believe that our new OmniPixel technology gives OmniVision a strong product line-up for all of the markets we serve now and many of the markets that we expect to serve in the future."
Gross profit for the second quarter of fiscal 2005 was $38.2 million, or 45.3 percent of revenue, compared to $29.6 million, or 37.9 percent of revenue, for the second quarter of fiscal 2004, and $39.7 million, or 40.2 percent of revenue, for the first quarter of fiscal 2005. Second-quarter 2005 gross margin reflects a $1.4 million credit to cost of goods sold pursuant to settlement of a dispute regarding the late cancellation of an order from one of the Company's customers; without the credit, gross margin would have been 43.6 percent.
During the quarter, total cash, cash equivalents and short-term investments increased by $33.6 million to $281.3 million. Stockholders' equity increased by $19.2 million to $340.1 million.
For the third quarter of fiscal 2005, ending January 31, 2005, the Company currently expects that diluted earnings per share will be in the range of $0.24 to $0.29 on revenues of $90 million to $100 million.
Teleconference
At 1:30 p.m. PST (4:30 p.m. EST) today, November 30, 2004, the Company will hold a teleconference to discuss the financial results. To participate in the teleconference, please call (toll free) 877-523-2171 approximately 10 minutes prior to the start time. For international callers, the dial-in number is 706-634-1478. You may also listen live via the Internet at the Company's web site, www.ovt.com, or at www.FullDisclosure.com. |
