Thursday, OmniVision Technologies Inc. (OVTI), a semiconductor image-sensor device designer, reported a swing to loss in the first quarter from a profit in the year ago period, hurt by a sharp decline in its quarterly revenues. Adjusted earnings, however, came in ahead of Street estimates. Exuding optimism, OmniVision said it expects that it would turn profitable in the second quarter of fiscal 2010. On the news of its first quarter results, OmniVision stock gained more than 15% in the after hours.
The Santa Clara, California-based company reported a net loss attributable to the company for the first quarter of $9.9 million or $0.19 per share, compared to net income of $6.2 million or $0.12 per share in the year-ago quarter.
Non-GAAP net loss attributable to OmniVision Technologies in the first quarter was $3.94 million or $0.08 per share, compared to non-GAAP net income of $12.80 million or $0.25 per share in the same quarter last year.
Non-GAAP net loss attributable to the company in the first quarter of fiscal 2010 excluded stock-based compensation expense and the related tax effects under FAS 123.
On average, ten analysts polled by Thomson Reuters expected the company to report a loss of $0.11 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter decreased to $105.6 million from $174.3 million in the prior-year quarter. Nine analysts had a revenue consensus of $99.13 million for the first quarter.
Loss from operations for the first quarter was $8.92 million, compared to income from operations of $6.21 million in the same quarter a year ago.
In the immediately preceding quarter, the company posted a loss of $20.1 million or $0.40 per share, compared to net income of $9.1 million or $0.17 per share in last year period. Non-GAAP net loss for the fourth quarter was $15.0 million or $0.30 per share, compared to profit of $14.3 million or $0.27 per share in the year-ago period. Revenues for the fourth quarter were $89.1 million, compared to $169.0 million in the fourth quarter last year.
Among the others in the industry, Semiconductor company STMicroelectronics NV (STM) reported a wider net loss for the first quarter, hurt by lower revenues amid the difficult economic conditions. The company posted a net loss attributable to parent company of $318 million or $0.36 per share for the first quarter, a non-GAAP net loss of $243 million or $0.28 per share, on revenues of $1.99 billion.
For the first quarter of 2009, the company's gross margin was 22.4%, compared to 25.2% for the first quarter of fiscal 2009.
The developer of advanced digital imaging solutions' total operating expenses for the first quarter declined to $32.59 million from $37.68 million in the same quarter last year.
Commenting on the results, the company's chief executive officer Shaw Hong said, "As the macroeconomic environment begins to improve, we are pleased with the many new consumer product introductions which feature our image sensors. We believe the current market demand for our products demonstrates that our operating strategy is well aligned with the demands of the image sensor market."
Looking forward to the second quarter, the company expects net income attributable to OmniVision Technologies to be between breakeven and $0.10 per share, and non-GAAP income to be between $0.10 and $0.20 per share.
Further, the company also anticipates that the first quarter revenue will be in the range of $155 million to $170 million.
Analysts currently expect a loss of $0.04 per share on revenues of $111.81 million for the third quarter. OVTI closed Thursday's trading at $13.30, flat with the previous close, on a volume of 811,800 shares on the Nasdaq. However, the stock gained $2.00 or 15.04%, and traded at $15.30 in after hours.
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