Zoran Corp., a supplier of digital single-chip imaging solutions for consumer electronics, multimedia, and Internet applications, saw its year-over-year revenue increase 49% to$24.0 million in the third quarter, ended Sept. 30. Sequentially, revenue was up 27%.
Pro forma net income increased 101% to $4.0 million, or 25 cents per share on a diluted basis, from $2.0 million, or 17 per share, for the same period last year. Including acquisition-related costs, third-quarter net income was $2.5 million, or16 cents per diluted
"During the quarter we succeeded in securing design wins across all of our major product lines which we anticipate will have a positive impact on our business in 2001 and beyond,"
said Levy Gerzberg, president and chief executive of Zoran, Santa Clara, Calif.
During the quarter, Zoran agreed to acquire Nogatech Inc., a manufacturer of IC
compression chips that establish connections between video devices and
computers. "The combination of the two companies' technologies should allow
Zoran to more aggressively pursue its strategy to address the increasingly
complex market for mobile appliances," Gerzberg said.
Zoran anticipates sequential revenue growth for the fourth quarter of approximately 20% to 25%. With additional $2 million to $3 million expected to derive from Nogatech, this increase could be between 28% and 37%, Gerzberg added.