Synaptics Inc. (SYNA) reported that its second-quarter net income decreased to $12.23 million or $0.35 per share from $17.58 million or $0.50 per share last year.
Non-GAAP net income decreased to $21.7 million or $0.62 per share from $29.46 million or $0.84 per share prior year.
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 decreased to $133.32 million from $141.52 million a year ago. Analysts expected revenue of $131.25 million for the quarter.
The company anticipates revenue in the third quarter to be between $110 million and $115 million, an increase of 9% to 14% over the comparable quarter last year. The company anticipates fiscal 2010 revenue to be in the range of $495 million to $505 million.
The company noted that, in the December quarter, it identified a calculation error in the third-party equity accounting software commonly used in industry, resulting in an understatement of previously reported non-cash share-based compensation. The company said the cumulative error to GAAP net income since the adoption in fiscal 2006 of FAS123R was $3.1 million and was determined to be immaterial to previously reported financial results. In accordance with current accounting guidance, the December quarter GAAP results reflect the cumulative impact of correcting the calculation error. The correction did not impact non-GAAP results.
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