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Uni-Pixel, Inc. Message Board

  • vvvvvvrebel89130 vvvvvvrebel89130 Jan 25, 2013 8:54 AM Flag

    syna, touch screen company; blowout quarter up 10%

    SANTA CLARA, Calif., Jan. 24, 2013 /PRNewswire/ -- Synaptics (SYNA), a leading developer of human interface solutions, today reported financial results for its second quarter ended December 31, 2012.

    Net revenue for the second quarter of fiscal 2013 was $143.0 million compared with $145.5 million for the comparable quarter last year. Net income for the second quarter of fiscal 2013 was $11.1 million, or $0.33 per diluted share, compared with net income of $17.4 million, or $0.51 per diluted share, for the comparable quarter last year.

    Non-GAAP net income for the second quarter of fiscal 2013 was $17.7 million, or $0.53 per diluted share, compared with non-GAAP net income of $23.0 million, or $0.68 per diluted share, for the second quarter of fiscal 2012. (See attached table for a reconciliation of GAAP to non-GAAP results.)

    "Second quarter revenue exceeded the high end of our guidance range, reflecting better than anticipated revenue from mobile phone touchscreen applications, partially offset by lower than expected PC revenue," stated Rick Bergman, President and CEO. "Based on our strong product line-up, Synaptics is executing very well across our key markets, and we believe our ongoing technology roadmap positions us for continued success across future product generations. We look forward to a return to year-over-year revenue growth in the third fiscal quarter."

    Second Quarter 2013 Business Metrics
    •Revenue mix from mobile and PC products was approximately 57% and 43%, respectively.
    •Revenue from mobile products totaled $81.6 million and was up 4% year-over-year. Mobile products revenue includes all touchscreen and video display products.
    •Revenue from PC products totaled $61.4 million, a decrease of 8% year-over-year.
    •Gross margin was 48.3%, an increase of 110 basis points year-over-year.
    •Net income reflects additional operating expenses associated with the company's recent acquisitions, as previously indicated.

    Sentiment: Strong Buy

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    • I listened to their CC, here are some of my notes, my comments in ():

      They expect that 660 Million smartphones were sold in 2012, and that this will increase to over 1 Billion smartphones by 2014.
      They expect that over 200 Million 'large-screen' touch devices will sell in 2013, and over 300 million in 2014. (these numbers seem very conservative given that Morgan Stanley expects this many tablets alone)

      They expect that 25% of all notebooks will be touch-enabled by 2014 (I think this is low given what was discussed at CES. Will probably be closer to 50%-60%)

      A 5% market share for Unipixel in just the 'large-screen' devices would be 10 Million devices in 2013, or $200 Million in revenues.

      They emphasized at various points that 'thinner' and 'cheaper' products are being demanded by OEMs. They also mentioned at one point that they have many designs targeting the 'value' segment of the display market as well as the 'premium' segment.

      Lots of interest in in-cell, but it can not be expanded to greater than 7"/8" screens. Expect in-cell to prevail in smaller screens for now, and larger screens in a few years as the kinks get worked out (this is of course bad for UNXL, but I've heard that in-cell has horrible yields and is much much more expensive than UniBoss....)

      (considering the push for 'thinner' and 'cheaper', i'm surprised that they are so focused on in-cell, which is generally seen as 'thinner', but certainly not 'cheaper'. I, however, do know of a working product which is significantly 'thinner' and 'cheaper'....)

      Sentiment: Buy

1.15-0.02(-1.71%)11:54 AMEDT