~ Third Quarter Revenues Grow 128.7% Year-Over-Year ~
SANTA CLARA, Calif., Feb. 28, 2013 /PRNewswire/ -- OmniVision Technologies, Inc. (Nasdaq: OVTI), a leading developer of advanced digital imaging solutions, today reported financial results for the third quarter of fiscal 2013 that ended on January 31, 2013.
Revenues for the third quarter of fiscal 2013 were $423.5 million, as compared to $390.1 million in the second quarter of fiscal 2013, and $185.2 million in the third quarter of fiscal 2012. GAAP net income in the third quarter of fiscal 2013 was $21.3 million, or $0.40 per diluted share, as compared to net income of $10.3 million, or $0.19 per diluted share in the second quarter of fiscal 2013, and $111,000, or $0.00 per diluted share in the third quarter of fiscal 2012. For the third quarter of fiscal 2013, the Company recorded a tax benefit of approximately $3.2 million that resulted from the retroactive extension of the U.S. Federal Research and Development tax credit when the American Taxpayer Relief Act was signed into law on January 2, 2013.
Non-GAAP net income in the third quarter of fiscal 2013 was $31.5 million, or $0.56 per diluted share. Non-GAAP net income in the second quarter of fiscal 2013 was $18.6 million, or $0.33 per diluted share. Non-GAAP net income in the third quarter of fiscal 2012 was $7.4 million, or $0.13 per diluted share. Non-GAAP net income excludes stock-based compensation expenses and the related tax effects. Please refer to the attached schedule for a reconciliation of GAAP net income to non-GAAP net income for the three and nine months ended January 31, 2013 and 2012 and for the three months ended October 31, 2012.
GAAP gross margin for the third quarter of fiscal 2013 was 16.9%, as compared to 16.6% for the second quarter of fiscal 2013 and 24.2% for the third quarter of fiscal 2012. The sequential increase in third quarter gross margin reflected primarily a favorable change in product mix.
The Company ended the period with cash, cash equivalents and short-term investments totaling $220.3 million, an increase of $80.7 million from the previous quarter. The increase was attributable to cash provided by operating activities in the third quarter of fiscal 2013.
"I am proud to report that we have set a new record for ourselves in the third quarter, in both dollar revenues and unit shipments. It is also the fourth consecutive quarter that OmniVision has posted higher revenues," said Shaw Hong, chief executive officer of OmniVision Technologies, Inc. "We are also pleased to report an incremental improvement in gross margin, while at the same time noting that more work remains."
Based on current trends, the Company expects revenues for the fourth quarter of fiscal 2013 will be in the range of $300 million to $330 million and GAAP net income per share will be between $0.00 and $0.15 per diluted share. Excluding the estimated expense and
The guidance for next Q is bad ..
But the stock may not get killed as the huge beat in Q3 offsets the lower EPS Q4 guidance, at least to some extent.
I would not be surprised if the stock trades up due to improved MARGIN story .. (this stock could do what AMZN has done several times)