logo
Share SHARE
FONT-SIZE Plus   Neg

Standard Microsystems Slips To Loss On Charges - Update

Chip maker Standard Microsystems Corp. (SMSC: Quote), Tuesday reported a slip to loss in the first quarter, hurt mainly by stock-based expenses, higher research costs, and a slight decline in revenues. Excluding items, the company posted a profit that topped Street estimates, as did revenues.

Standard Microsystems' results were largely impacted by stock-based expense of $28.3 million. This was due to fair market adjustments to stock appreciation rights based on an increase in its share price during the quarter.

Hauppauge, New York-based Standard Microsystems reported a first quarter net loss of $17 million or $0.76 per share, compared to net income of $6 million or $0.26 per share last year.

Excluding items, the company posted a profit of $12 million or $0.53 per share, compared to $11 million or $0.47 per share in the prior year.

On average, four analysts polled by Thomson Reuters expected earnings of $0.33 per share for the quarter. Analysts' estimates typically exclude special items.

Standard Microsystems, which designs a range of silicon-based integrated circuits, reported quarterly revenue of $103 million, slightly down from $103.5 million last year. Analysts expected revenue of $100 million for the quarter.

Gross margin for the quarter improved to 54.5 percent, compared to 53.9 percent last year. On an adjusted basis, margin expanded to 58.4 percent from 56.4 percent.

SMSC closed Tuesday at $36.87, down 0.03%, on the Nasdaq.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Internet giant Google Inc. (GOOGL, GOOG) has launched a new online flight search tool that makes it easy to find out the best flight deal. The tool dubbed "Google Flights" provides a calendar that one can scroll through and see the lowest fare highlighted for each day. One can also use the lowest... Hyperloop Transportation Technologies, a start-up that has adopted Elon Musk's ambitious project of high-speed transportation system, plans to build a Hyperloop test track in California and completed as early as 2016. Hyperloop Test Technologies, a crowd-funded company, plans to take Musk's dream... Colors have set the social media afire after an otherwise innocuous photo of a bodycon dress kept users guessing as to what hues permeate it. Opinions are divided, with some seeing the dress as white and gold, and others as blue and black. The photo was posted on Tumblr by a user called Swiked.
comments powered by Disqus
Follow RTT