SAN JOSE, Calif. Bucking the trend in the sluggish sector, OmniVision Technologies Inc. said revenue for the first quarter of fiscal 2008 was $173.1 million, compared to $119.2 million in the fourth quarter of fiscal 2007, and $136.9 million in the first quarter of fiscal 2007.
For the CMOS image sensor supplier, GAAP net income in the first quarter of fiscal 2008 was $13.0 million, or $0.23 per diluted share.
This compared to a GAAP net loss of $1.5 million, or minus $0.03 per diluted share, in the fourth quarter of fiscal 2007. GAAP net income in the first quarter of fiscal 2007 was $15.9 million, or $0.28 per diluted share.
Net income in the first quarter of fiscal 2008 includes a tax benefit of approximately $4.5 million that is due to a change in the tax law in one of the foreign jurisdictions in which the company conducts business.
"We continued to see very strong demand for our products both during and after our first fiscal quarter," said Shaw Hong, OmniVision's president and chief executive, in a statement.
Based on current trends, the company expects fiscal second quarter 2008 revenues will be in the range of $210 to $230 million and earnings will be between $0.19 and $0.31 per share on a diluted basis.