Thursday, system and power management solutions provider Actel Corp. (ACTL) reported fourth quarter earnings compared to a loss last year, despite a 5.8% decline in revenues. The company also announced that the company's chief executive officer John East plans to retire.
Net income for the quarter was $1.0 million or $0.04 per share compared to a net loss of $12.5 million or $0.48 per basic share in the corresponding period last year. Results for the prior year period were negatively impacted by a tax provision of $11.69 million.
Non-GAAP net income was $3.3 million or $0.12 per share compared with $3.3 million or $0.13 per share in the year-ago quarter. On average, two Street analysts expected the company to report earnings of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.
Non-GAAP net income excludes stock-based compensation, certain excess inventory reserves, fixed asset impairment charges, expenses associated with the restructuring, adjustments to deferred tax valuation allowances and other non-recurring adjustments.
Quarterly net revenues declined 5.8% to $49.7 million from $52.79 million in the year-ago period. Analysts expected the company to report revenues of $49.05 million for the quarter.
For the twelve-month period, net loss widened to $46.2 million or $1.77 per basic share from $11.7 million or $0.45 per basic share in fiscal 2008. Non-GAAP net income declined to $6.5 million or $0.25 per share from $12.0 million or $0.46 per share for fiscal 2008. Net revenues fell 12.7% to $190.6 million from $218.4 million last year.
Actel also said that John East will retire as president and chief executive officer and as a member of the Board. The Board has formed a committee to conduct a search for a new president and chief executive officer or CEO. East will participate in the search, which will include both internal and external candidates. He will remain in his current role until a new CEO is in place, and will then serve as a consultant until August 2, 2011, under the terms of a Transition Agreement
Looking ahead, the company believes that first quarter 2010 revenues will be up 2% to 6% sequentially. Gross margin is expected to be about 62%. Operating expenses are estimated to come in at about $27.0 million, which excludes an estimated $2.1 million of stock-based compensation expense and $0.6 million associated with the acquisition of Pigeon Point Systems.
ACTL declined $0.18 or 1.70% and closed Thursday's regular trading session at $10.39. After hours, ACTL rose $0.18 or 1.73% and traded at $10.57.
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