SAN FRANCISCO—Chip vendors Spansion Inc. and Microsemi Corp. Thursday (April 28) delivered quarterly reports that were in line with consensus analysts' expectations.
NOR flash vendor Spansion (Sunnyvale, Calif.) reported first quarter sales of $292.9 million, down 11 percent from the previous quarter and up 6 percent from the first quarter of 2010. Spansion reported a net loss of $14.1 million, compared to a new loss of $13.6 million in the previous quarter and a net income of $3.7 million in the year-ago quarter.
On a pro forma basis, excluding charges, Spansion reported net sales of $294.4 million, or 40 cents per share.
Spansion's earnings were in line with consensus analysts' expectations, which called for pro forma sales of $294.3 million and earnings of 40 cents per share, according to Yahoo Finance.
"Spansion delivered a solid quarter and we see continued design win momentum," said John Kispert, president and CEO of Spansion, in a statment. "These results demonstrate our ability to execute and the value and confidence our customers have in our products and service."
For the second quarter, Spansion estimates U.S. GAAP net sales and non-GAAP adjusted net sales in the range of $300 million to $325 million, GAAP net income per diluted share of 21 to 28 cents, and non-GAAP adjusted net income per diluted share of 47 to 57 cents, the company said.
Microsemi (Irvine, Calif.) reported net sales of $207.5 million for its fiscal second quarter, up 13 percent sequentially and up 76 percent year-to-year. The company reported a loss in accordance with generally accepted accounting principles (GAAP) of $16.9 million, compared to a GAAP net loss of $1.2 million in the previous quarter and a GAAP net income of $11.5 million in the year-ago quarter.
Microsemi reported a non-GAAP net income for the second quarter of $38.4 million, or 45 cents per diluted share, up from $21.4 million in the second quarter of 2010 and $31.1 million in the first quarter of 2011. The company said its GAAP results for the second quarter include facility closure, non-cash purchase accounting and other charges.
Microsemi's quarterly report was in line with consensus analysts' expectations, which called for revenue of $205.6 million and non-GAAP earnings of 45 cents per share, according to Yahoo Finance.
"Microsemi delivered a record revenue quarter, solid bookings, and improved profitability," said James J. Peterson, Microsemi's president and CEO, in a statement. "In the March quarter we completed the closure of our Scottsdale facility and finalized the integration of Actel. With these tasks now complete, we will continue to drive new product revenues while focusing on improving profitability and cash flow generation throughout the upcoming year."
Microsemi said it expects net sales for the current quarter to increase between a 3 percent and 5 percent, sequentially.