MANHASSET, N.Y. Here are the winners and losers in terms of financial results posted on Thursday (August 3):
Winners: International Rectifier, Techwell, Zilog
Losers: ChipMOS, Applied Micro Circuits
Applied Micro Circuits
Applied Micro Circuits Corp. posted net sales of $69.7 million for its first fiscal 2007 quarter ended June 30, compared to $67.0 million in the previous quarter and $64.7 million in the first fiscal 2006 quarter.
At the quarter's end, Applied Micro Circuits (Sunnyvale, Calif.) had cash equivalents and short-term investments of $336.1 million, up $400,000 over the comparable balance the end of the previous quarter.
However, the company's investigation of stock options practices prevents the finalization of first-quarter financial results. Applied Micro Circuits has delayed the filing of its Form 10-K report for fiscal 2006 ended March 31, and has received a letter from Nasdaq Stock Market warning the company could be delisted from the exchange (see June 30 story).
Chip-packaging specialist ChipMOS Technologies Ltd. (Hsinchu, Taiwan) said revenue for the second quarter of 2006 was NT$4,774.7 million ($147.5 million), an increase of 27.1 percent from NT$3,755.3 million ($116.0 million) for the same period in 2005 and an increase of 9.3 percent from NT$4,367.1 million ($134.9 million) in the first quarter of 2006.
Under Taiwan GAAP, Net income for the second quarter of 2006 was NT$316.4 million or ($9.8 million), compared to net income of NT$75.2 million ($2.3 million) for the same period in 2005 and net income of NT$601.6 million or ($18.6 million) for the first quarter of 2006.
S.J. Cheng, chairman and CEO of ChipMOS, painted a mixed picture. "Revenue from DDR II came in stronger than expected in the second quarter," he said in a statement. Although our LCD driver IC business performed in line with expectations, it declined due to inventory build-up for both LCD panel and driver IC sides resulting from weak market demands in TV and monitor."
ChipMOS expects revenue for the third quarter of 2006 will be in the range of approximately $155-to-$160 million, which would represent sequential growth of approximately 5-to-8 percent compared to the second quarter of 2006.
International Rectifier Corp. reported adjusted GAAP net earnings of $31.0 million, or 43 cents per share on revenue of $322.7 million for the fourth fiscal 2006 quarter ended June. This compares to $25.7 million, or 36 cents per share for the March quarter on revenue of $297.1 million. For the prior-year June quarter, GAAP earnings were $24.7 million, or 35 cents per share on revenue of $281.8 million.
For the fiscal 2006 year ended June, International Rectifier (El Segundo, Calif.) posted GAAP earnings of $107.2 million, or $1.49 per share on sales of $1.17 billion, compared to $137.5 million, or $1.91 per share on sales of $1.17 billion for fiscal 2005.
For the June 2006 quarter, gross margin was 39.6 percent versus 40.0 percent in the March quarter and 43.5 percent a year ago.
International Rectifier CEO Alex Lidow said in a statement, "Business conditions remained strong with backlog expanding to record levels, led by 27 percent order growth over the prior quarter. We were especially pleased with our largest business segment, Computing and Communications, which delivered 17 percent sequential revenue growth in the June quarter."
For the first fiscal 2007 quarter ending September, International Rectifier projects sales to rise 5 to 7 percent sequentially.
Techwell Inc. (San Jose, Calif.), a provider of mixed-signal integrated circuits for multiple video applications in the consumer, security surveillance and automotive markets, said revenue for the second quarter of 2006 was $12.8 million as compared to total revenue of $9.8 million in the preceding quarter and $9.7 million in the second quarter of 2005.
Net income for the second quarter of 2006 totaled $2.9 million, or $0.15 per diluted share, which included pre-tax stock-based compensation expenses of $414,000, less the tax effect of $20,000.
This compares to net income in the first quarter of 2006 of $1.0 million, or $0.05 per diluted share. Net income in the second quarter of 2005 was $2.2 million, or $0.12 per diluted share.
"In the second quarter of 2006 we achieved record quarterly revenue as a result of increased demand for our products across all market segments," stated Hiro Kozato, founder and chief executive officer of Techwell, in a statement.
Techwell anticipates third quarter 2006 total revenue to range between $14-to-$15 million.
Microcontroller supplier Zilog Inc. posted sales of $21.0 million for its first 2007 fiscal quarter, up 4 percent sequentially from $20.1 million the previous quarter and up 2 percent from $20.6 million the first quarter of fiscal 2006.
GAAP net loss for the quarter was $1.5 million or 9 cents per share, compared to $2.8 million or 16 cents per share in the previous quarter and $6.1 million or 38 cents per share in the first fiscal 2006 quarter. The loss includes a $0.3 million non-cash charge for stock-based compensation reflecting the adoption of FAS 123R effective April 1, 2006.
GAAP gross margin was 50 percent, up sequentially from 43 percent the previous quarter and 42 percent a year ago.
"Sales and gross margin improved sequentially and exceeded our previous guidance. Our embedded flash microcontroller sales increased 54 percent sequentially and 85 percent from a year ago as design wins continue to convert to revenue consistent with our expectations, said Jim Thorburn, Zilog's chief executive, in a statement.