SUNNYVALE, Calif.--Memory maker Spansion, which reported strong second-quarter earnings today, has an "aggressive" roadmap to boost its product-introduction rate and break its latest design-win record, its CEO, John Kispert, said today.
Kispert spoke shortly after his company reported Q2 2012 revenue up 11 percent from Q1 to $233.4 million. Net income of $26 million compared with a first-quarter loss of $13.1 million. While the company positioned the numbers as a growth story, the company's quarterly sales still were down 22 percent from the same quarter in 2011, although quarterly profits in that same period were up slightly. Here's a link to the company press release.
The quarter marked another respectable milestone for a company that little more than two years ago went through a near-death experience with bankruptcy reorganization, early in Kispert's tenure. The company's recent fourth- and first-quarter losses were attributed in part to reorganization costs associated with shedding of its test operations overseas.
Forward progress "We're definitely getting there," Kispert said in a phone interview. "We'll keep up the pace. We're on a very aggressive road map."
Spansion reported a record 458 design wins in the period. Kispert attributed that partly to strategic positioning ("We're a products company") and partly to product expansion that includes not only its memory portfolio but its recent move into designs that offer a mix of memory and logic.
"We're growing the markets that we're in," Kispert said, alluding to the fact that the acoustic coprocessor gives Spansion to move beyond existing memory-only design wins in automotive systems.
For the third quarter, Spansion expects revenue to fall in the $230-$250 million range, with rising gross margins into the 35-38 percent range.
In the just-finished period, the company's application revenue changed slightly from Q1 to Q2:
Revenue by market
Transportation & Industrial
Communications & Gaming
On a U.S. GAAP (generally accepted accounting principles) basis, Spansion reported second quarter net sales of $233.4 million, gross margin of 31.7%, operating income of $37.8 million, net income of $26.0 million and diluted EPS of $0.43. GAAP net income includes a one-time gain of $28.4 million from sale of the Company's former manufacturing operation facility in Kuala Lumpur, Malaysia, the company said.
On a non-GAAP basis, net sales totaled $233.4 million, adjusted gross margin was 35.5%, adjusted operating income was $25.0 million, adjusted net income was $13.7 million and adjusted diluted EPS was $0.22, the company said.