Wednesday, Advanced Analogic Technologies, Inc. (AATI), a manufacturer of power management semiconductors, said that it has lowered its revenue outlook for the second quarter of fiscal 2008.
The company said that it expects earnings per share, net revenues and gross margin below its original forecast primarily due to continued weakness in China handset sales, short-term delays in the roll out of new high profile handsets by its customers and general softness in its end markets.
For the second quarter, the company lowered its revenue outlook to $20.5 million - $21.5 million from its previous forecast of $24.0 million - $26.0 million. On average, seven analysts surveyed by First Call/Thomson Financial estimate revenues of $23.44 million.
Advanced Analogic expects to record a higher than normal excess inventory charge in the range of $0.8 million - $1.2 million due to lower than anticipated sales and a severance charge of $0.4 million.
During the second quarter, the company acquired Elite, a Shanghai, China-based audio company, for about $1.0 million in cash. The company expects to record a charge of $0.3 million related to in-process research and development expenses associated with the acquisition of Elite Micro Devices.
Shares of Advanced Analogic closed Wednesday's regular trading session at $4.23, up 12 cents or 2.92% but lost 8 cents or 1.89% in the after-hours trading.
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