(RTTNews) -  Monday, digital imaging solutions provider OmniVision Technologies, Inc. (OVTI: News ) reported a profit for the second quarter from a loss in the year-ago period, on higher revenue. Looking ahead, the company provided its third quarter forecast with earnings indicated to come in ahead of estimates, while revenues are expected to fall short.

On a GAAP-basis second-quarter net income attributable to OmniVision was $8.1 million or $0.16 per share, compared to a net loss of $5.3 million or $0.10 per share in the year-ago period.

Non-GAAP net income attributable to OmniVision, excluding stock-based compensation expense and related tax effects, increased to $14.3 million from $10.1 million in the prior-year period. On a per share basis, non-GAAP net income rose to $0.27 from $0.19 in the prior year quarter.

Analysts polled by Thomson Reuters expected earnings of $0.16 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenue for the quarter increased to $183.3 million from $163.9 million last year. Analysts expected revenues of $163.87 million for the quarter.

Gross margin for the second quarter of fiscal 2010 declined to 24.0% from 25.0% in the year-earlier quarter.
For the six-month period, OmniVision recorded a net loss of $1.77 million or $0.03 per share, compared to a profit of $0.92 million or $0.02 per share in the year-ago period. Revenue declined to $288.90 million from $338.21 million last year.

Looking ahead, the company expects third-quarter revenue in the range of $145 million to $160 million and GAAP net income between $0.02 and $0.12 per share.

Analysts currently expect OmniVision to report revenue of $168.56 million in the third quarter.

Excluding stock-based compensation expense and related tax effects, non-GAAP net income is expected in the range of $0.14 and $0.24 per share. Analysts currently expect third-quarter net income of $0.20 per share.

OVTI closed Monday's regular trading at $13.96, up $0.55 or 4.10%, on the Nasdaq.

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by RTT Staff Writer

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