OmniVision Reports Record Revenues and Earnings for the Third Quarter of Fiscal 2005
Monday February 28, 4:05 pm ET
SUNNYVALE, Calif.--(BUSINESS WIRE)--Feb. 28, 2005--OmniVision Technologies, Inc. (Nasdaq:OVTI - News), one of the world's leading suppliers of CMOS image sensors, today reported that in the three months ended January 31, 2005, it earned a record $21.1 million, or $0.33 per diluted share, on record revenues of $101.8 million. In the prior-year third quarter, the Company earned $17.9 million, or $0.29 per diluted share, on revenues of $93.6 million.
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For the nine months ended January 31, 2005, OmniVision earned $58.7 million, or $0.94 per diluted share, on revenues of $285.1 million, compared to $37.9 million, or $0.64 per diluted share, on revenues of $218.5 million in the first nine months of fiscal 2004.
Gross profit for the third quarter of fiscal 2005 was $41.5 million, or 40.7 percent of revenues, compared to $36.9 million, or 39.5 percent of revenues, for the third quarter of fiscal 2004, and $38.2 million, or 45.3 percent of revenues, for the second quarter of fiscal 2005. As previously reported, second-quarter 2005 gross margin benefited from the favorable impact of certain non-recurring items.
"We are pleased to report both year-over-year and sequential improvements in top- and bottom-line performance," said Shaw Hong, OmniVision's president and chief executive officer. "The strength of our business is further reflected in the fact that we ended the quarter with cash and short-term investments totaling $315 million. Inventory at quarter-end rose to $66.9 million reflecting our determination to be in a position to meet expected customer demand, particularly for 1.3 mega-pixel products this quarter and next.
"The transition of our entire product line to the new OmniPixel(TM) technology platform, announced last summer, remains on schedule," continued Hong. "We now offer products ranging from VGA to 5-megapixel on the new platform. Our 5-megapixel sensor -- which, as announced last week, is now in volume production and has achieved eight design wins since its introduction last September -- remains the only CMOS sensor able to compete head-to-head with comparable CCD sensors in applications such as high-resolution digital still cameras. Our SmartSensor(TM) technology also shows great promise; aimed at the growing market for smart toys, it provides a low-cost solution for storing and subsequently identifying unique images, such as individuals' faces."
For the fourth quarter of fiscal 2005, ending April 30, 2005, the Company currently expects that diluted earnings per share will be in the range of $0.29 to $0.34 on revenues of between $93 million and $103 million.
Teleconference
At 1:30 p.m. PST (4:30 p.m. EST) today, February 28, 2005, the Company will hold a teleconference to discuss the financial results. To participate in the teleconference, please call (toll free) 877-569-7690 approximately 10 minutes prior to the start time. For international callers, the dial-in number is 706-758-0239. You may also listen live via the Internet at the Company's web site, www.ovt.com, or at www.FullDisclosure.com.
These web sites will host an archive of the teleconference. Additionally, a playback of the call will be available for 48 hours beginning at 4:30 p.m. PST on February 28. You may access the playback by calling 800-642-1687, or for international callers 706-645-9291, and providing Conference ID number 3993350. |
