Tuesday, Actel Corp. (ACTL), a flash- and antifuse-based field-programmable gate arrays maker, Tuesday said it slipped to a first quarter loss from the same quarter a year ago, hurt by one-time charges as well as a decline in revenues.
Mountain View, California-based Actel's first-quarter net loss was $3.0 million or $0.11 per share, compared to net income of $0.2 million or $0.01 per share in the corresponding quarter a year ago. First quarter results were negatively impacted by a restructuring charge of $1.1 million.
Non-GAAP net income for the first quarter decreased to $0.8 million from $2.9 million in the first quarter last year. Non-GAAP net income excluded stock-based compensation expenses associated with a restructuring initiated during the first quarter and other non-recurring adjustments.
Gross margin for the first quarter also declined to 57.1% from 58.5% in the same quarter a year ago, negatively impacted by a $1.5 million charge related to low yield wafers.
Loss from operations for the first quarter widened to $3.521 million from $1.471 million in the same quarter a year ago.
Net revenues for the first quarter decreased 12% to $48.5 million from $54.8 million in the first quarter of last year.
For the second quarter, the company expects a sequential decline in revenues in the range of 1% to 7%, gross margin of 59%, and operating expenses around $28 million. Expected operating expenses excludes an estimated $1.8 million of stock-based compensation expense and $0.6 million associated with the acquisition of Pigeon Point Systems.
ACTL closed Tuesday's trading at $12.45, up $0.14 or 1.14%, on the Nasdaq.
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