MANHASSET, N.Y. Genesis Microchip Inc. reported a GAAP net loss of $0.3 million, or 1 cent per share on sales of $60.9 million for the fourth quarter of fiscal 2006 ended March 31. In the previous quarter, Genesis earned $7.4 million, or 20 cents per share on sales of $74. 0 million.
The fourth quarter net loss included charges of $2.1 million in amortization of acquired intangibles and stock-based compensation.
The company shipped 3.8 million flat-panel TV controller units and 11.8 million LCD monitor units during the quarter.
Revenue of $60.9 million decreased $13.1 million from the third quarter, due primarily to weaker-than-expected demand for flat-panel television controllers in Europe and for digital CRT TV controllers in China.
Gross margin was 43.2 percent, down from 48.9 percent the previous quarter. A contributing factor was the lower-than-expected yield on one of the company's newly launched TV controller products.
For fiscal 2006, Genesis (San Jose), posted sales of $269.5 million, up 32 percent from $204.1 million for fiscal 2005 ended March 31, 2005. GAAP net income was $18.4 million, or 50 cents per share, compared with a net loss of $9.4 million, or 29 cents per share in fiscal 2005.
For the first fiscal 2006 quarter ending June, Genesis expects sales of $55 million to $60 million, with gross margin of 39 to 41 percent.