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Actel posts 2Q growth, names chairman
7/30/2010 7:46 PM EDT
SAN FRANCISCO—Programmable logic supplier Actel Corp. reported second quarter growth on both a sequential and year-to-year basis and named a new chairman.
Actel (Mountain View, Calif.) appointed J. Daniel McCranie, a long-time Actel board member and chairman of Virage Logic Corp. and ON Semiconudctor Corp., chairman.
"I’ve known Dan for 30 years,” said John East, Actel president and CEO, in a statement. “I know him to be a guy with extraordinary capabilities. His experience and track record of success speak for themselves." East announced in February that he intends to step down as CEO and board member.
Actel posted sales of $57.8 million for the second quarter, up 10.5 percent sequentially and 27.7 percent from the year-ago quarter. The company posted a net income in accordance with generally accepted accounting principles (GAAP) $4.8 million, or 18 cents per diluted share, up from $2.9 million in the first quarter and a net loss in the year-ago quarter.
Actel said it expects revenue for the third quarter to increase 3 to 7 percent sequentially.
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