Monday, Volterra Semiconductor Corporation (VLTR) reported a swing to loss in the first quarter of fiscal 2009, on higher expenses and a 21% decline in revenues.
The Fremont, California-based analog and mixed-signal power management semiconductor maker, posted a first quarter net loss of $519 thousand or $0.02 per share, compared to a profit of $2.49 million or $0.10 per share last year.
On an adjusted basis, non-GAAP net income for the quarter was recorded at $628 thousand or $0.03 per share, down from $3.21 million or $0.13 per share a year ago.
On average, 12 analysts polled by Thomson Reuters expected the company to report breakeven per share for the first quarter. Analysts' estimates typically exclude special items.
Net revenue for the three-month period declined to $18.28 million from $23.01 million a year ago. Analysts expected revenues of $17.44 million for the quarter.
Gross margin dropped to $10.17 million from $12.86 million, while operating expenses were marginally higher than last year at $10.72 million.
Commenting on the results, President and Chief Executive Officer, Volterra, Jeff Staszak said, "I am pleased with our financial performance as revenue and non-GAAP earnings were in line with our guidance despite these challenging market conditions."
VLTR ended Monday's regular trading at $10.37, up 0.97% or $0.10, on a volume of 638,869 shares on the Nasdaq.
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