Profits, revenues decline sharply at Wolfson

Revenues fell by 48 percent to $37.4 million compared with the same period last time, and the company reported an operating loss of $4.6 million compared with a profit of $13m in the same quarter last year.

The company declined to offer any revenue guidance due to uncertainty in the markets its serves.

The poor end to the year left operating profits for 2008 down by 75 percent to $8.3 million, while full year revenues declined by 14.4 percent to $198.2 million.

"Q1 2009 backlog currently $20 million, of which $7.5miliion has already been shipped and invoiced," said the company.

New CEO Mike Hickey has been carrying out an operational review and has cut costs by a fifth.

"In Q4 2008 we realigned the business to be fitter and better prepared for a difficult 2009. All of our resources are focused on delivering great products, which will increase our addressable market and enable us to deliver strong financial results as economic conditions improve," said Hickey.

He added he remained confident Wolfson has "both the strong foundations for long term success and the financial strength to weather the current economic storm."

Hickey said the focus for 2009 is cash conservation "whilst continuing to innovate and deliver compelling products."

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