SAN FRANCISCO System-on-chip IC provider Pixelworks Inc. Thursday (April 28) reported first quarter revenue of $40.3 million, down 11 percent from the $45.3 million that the company posted for the fourth quarter of 2004, but up 5 percent from the $38.5 million that it posted for the fourth quarter of 2004.
First quarter net income on a generally accepted accounting principles (GAAP) basis was $836,000, or about 2 cents per diluted share, down from $6.6 million, or 14 cents per diluted share, in the first quarter of 2004 and $4 million, or 8 cents per diluted share, for the fourth quarter of 2004, the company said.
Pro forma net income for the first quarter was $1.1 million, also roughly 2 cents per diluted share, down from $7 million, or 14 cents per diluted share, in the first quarter of 2004 and $4.3 million, or 9 cents per diluted share, in the fourth quarter of 2004.
Pixelworks (Tualatin, Ore.) also reported Thursday (April 28) that is has agreed to acquire for $109 million cash all outstanding shares of Equator Technologies Inc. (Campbell, Calif.), a fabless provider of programmable digital video and audio encoding and decoding products. Pixelworks said the transaction would close in the second quarter, subject to regulatory approval and customary closing conditions.
Pixelworks said it expects revenue of $40-$43 million for the second quarter.