Thursday, Synaptics Inc. (SYNA), a developer of interface solutions for mobile computing, communications and entertainment devices, reported that its profit for the second quarter decreased from the previous year quarter.
The company recorded net income including charges for the second quarter of fiscal 2010 of $12.2 million or $0.35 per share, compared to $17.6 million or $0.50 per share for the second quarter of fiscal 2009.
Excluding charges, net income for the second quarter of fiscal 2010, which excludes non-cash charges for interest expense and share-based compensation, was $21.7 million or $0.62 per share compared with net income of $29.5 million or $0.84 per share for the second quarter of fiscal 2009.
On average, 14 analysts polled by Thomson Reuters expected the company to report profit of $0.56 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenue for the second quarter of fiscal 2010 was $133.3 million, a decrease of 6% from net revenue of $141.5 million for the second quarter of fiscal 2009. Analysts expected revenue of $131.25 million for the quarter.
PC revenue of $73.6 million represented 55% of total revenue for the quarter. Synaptics continued to drive increasing penetration of its multi-finger gesture enabled TouchPads and innovative product offerings, such as ClickPad.
Non-PC revenue of $59.7 million comprised 45% of total revenue for the quarter and grew 33% sequentially. Non-PC revenue growth was driven by increasing adoption of Synaptics' capacitive touchscreen solutions and strong demand for personal entertainment devices.
For the six months, the company recorded net income of $22.03 million or $0.62 per share , compared to $30.3 million or $0.86 per share in the previous year. Revenues for the half-year period decreased to $253.0 million from $257.4 million last year.
Kathy Bayless, CFO, Synaptics, said, "Considering backlog of approximately $58 million entering the quarter, expected product mix, customer order patterns, and customer forecasts, we anticipate revenue in the March quarter to be between $110 million and $115 million, an increase of 9% to 14% over the comparable quarter last year. Taking into account first half results, design wins, customer forecasts, and visibility into our pipeline of new business opportunities, we anticipate fiscal 2010 revenue to be in the range of $495 million to $505 million."
Analysts currently expect revenues of $119.56 million for the third quarter and $502.57 million for the full year 2010.
SYNA closed Thursday's regular trading at $30.35 up $0.77 or 2.60% on a volume of 1.599 million shares on the Nasdaq. However, in the after hour trading the stock price decreased to $26.62 down $3.73 or 12.29%.
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