MANHASSET, N.Y. Fabless semiconductor supplier Conexant Systems Inc. posted a GAAP loss of $32.2 million, or 7 cents per share, on sales of $197.5 million in its third fiscal 2005 quarter ended July 1, compared to $73.2 million, or 16 cents per share on sales of $169.7 million in the previous quarter.
Conexant (Newport Beach, Calif.) expected sales of $190 million. In the year-ago quarter, the company lost $71.4 million, or 15 cents per share on sales of $267.6 million.
The company reduced its operating expenses from $120.6 million to $113.7 million sequentially, as it improved gross margins and completed cost-reduction measures. In addition, Conexant’s cash position improved, with cash and cash equivalents increasing from $22 million to $386 million.
For the fourth 2005 fiscal quarter, Conexant expects to grow revenue 5 percent, and reduce its core net loss by 50 percent sequentially to 2 cents per share. Gross margin is projected at 39 percent.