Thursday, Sigma Designs, Inc. (SIGM), a fabless provider of integrated system-on-chip solutions, announced second quarter financial results, reporting an increase in earnings, helped by a 37% growth in revenues. Adjusted earnings per share came in ahead of the Street's expectation.
The Milpitas, California-based company reported net income for the second quarter of $9.6 million or $0.35 per share, up 12% from $8.6 million or $0.32 per share for the yea-ago quarter.
Excluding items, adjusted net income edged down to $12.7 million or $0.47 per share from $13.0 million or $0.48 per share in the second quarter of fiscal 2008. On average, 11 analysts polled by First Call/Thomson Financial expected the company to earn $0.40 per share.
Total revenues increased 37% to $58.2 million from $42.5 million in the same period of the prior year, however, missed analysts' consensus revenue estimate of $58.68 million.
Gross margin was 50.7% of revenues, compared to 52.4% a year ago. Total operating expenses rose to $16.79 million from $13.51 million in the same quarter last year.
Income from operations totaled $12.73 million, up from $8.8 million in the prior-year quarter.
For the six-month period, net income increased to $16.17 million or $0.57 per share from $13.96 million or $0.52 per share last year. Adjusted net income grew to $26.35 million or $0.93 per share from $21.47 million or $0.80 per share in the previous year. Net revenues for the six-month period surged to $115.09 million from $78.56 million a year ago.
SIGM closed Thursday's regular trading session at $17.79, up $0.49 or 2.83%. The stock gained 84 cents in after-hours trade.
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