British chipmaker CSR Plc (CSR.L,CSRE: Quote,CSRXF.PK) reported Tuesday a decline in second-quarter profit hurt by integration and restructuring charges related to the acquisition of Zoran. Looking ahead, the company currently expects revenue for the full year to be broadly in line with market consensus expectations.
Profit for the second quarter, on IFRS basis, plunged to $5 million or $0.03 per share from last year's $11.4 million or $0.07 per share due to integration and restructuring charges. Underlying earnings, which excluded items, increased to $17.3 million or $0.09 per share from $16.1 million or $0.09 per share a year ago.
Revenue for the quarter climbed to $266.5 million from $193.9 million in the prior year. Revenue growth reflected a contribution of $81.2 million from Zoran.
Revenue in Automotive business line climbed 40 percent and Home Business Group up 34 percent with the addition of Zoran. Meanwhile, revenues from Personal Navigation Devices fell 50 percent and Handsets down 21 percent.
Gross margin improved to 50.9 percent from 49.0 percent in 2011.
The company further said it will pay an interim dividend of $0.038 per ordinary share, higher than last year's $0.032.
Looking ahead, CSR expects third-quarter revenues to be in the range of $260 million to $280 million.
Joep van Beurden, Chief Executive Officer, said, "In line with much of the sector, while we saw strong trading conditions during the first half of the year, order patterns have been more cautious with respect to the second half of 2012."
CSR previously said they were on track to deliver market consensus revenue estimates for the full year.
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by RTT Staff Writer
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