News
PEMBROKE, BERMUDA – Tyco International Ltd. reported second-quarter 2008 revenue of $4.86 billion, up 8.4% year-over-year, topping company estimates.
SAN JOSE – Tessera Technologies reported total revenue for the first quarter 2008 of $59.4 million, up 21.2% year-over-year.
GAAP net income was $2.2 million, down 80.2% year-over-year, including non-cash charges of $4.5 million for stock-based compensation, $2.5 million for acquired in-process research and development, and $2.3 million for amortization of acquired intangibles.
Non-GAAP net income was $16.1 million.
“Our first quarter total revenue was driven by robust DRAM and wireless unit growth and included a favorable adjustment by one of our licensees,” said Bruce McWilliams, chairman, president and CEO for Tessera. “Demand for increased memory and functionality in both computing and consumer devices is driving broader usage of chip scale packaging in a wide range of applications. From a strategic perspective, as the features of digital still cameras and cellphones converge, we believe our platform of consumer imaging technologies is well positioned to help drive next-generation wireless devices. We believe this will generate longer-term company growth.”
Tessera guided for second-quarter revenue of $54 million to $56 million, which includes projected royalty and license fees of between $47 million and $49 million, $1 million above the company's Jan. 31 guidance.
MANKATO, MN – EMS firm Winland Electronics reported net sales for the first quarter were $7 million, down 24.4% year-over-year. The company incurred a loss from operations of $569,000 compared to a loss of $342,000 in 2007. First-quarter net loss was $380,000, compared to a net loss of $267,000 last year.
Gross profit was $611,000, or 8.7% of sales, down from last year’s $872,000, or 9.4% of sales. Decreased gross profit was primarily a result of underutilization of fixed manufacturing costs because of lower sales volume for the quarter, said the firm.
Operating expenses were $1.2 million, which was consistent overall with the same period of 2007, according to Winland. The company's sales and marketing expense increased with the hiring of two salespeople during the past year, and in the first quarter, the company decreased new product development spending.
"Winland's results during the first quarter this year reflect the negative impact of a sharp decline in customer demand from two of our three largest customers, as well as the phase out of sales from two customers," said newly named CEO Thomas de Petra.
"Early in the first quarter, we responded to this sales trend with discretionary expense reductions and adjustments to fixed overhead that were paired to a restructuring of our manufacturing and operations departments and other initiatives announced earlier this year," de Petra added.
Gross profit was $611,000, or 8.7% of sales, down from last year’s $872,000, or 9.4% of sales. Decreased gross profit was primarily a result of underutilization of fixed manufacturing costs because of lower sales volume for the quarter, said the firm.
Operating expenses were $1.2 million, which was consistent overall with the same period of 2007, according to Winland. The company's sales and marketing expense increased with the hiring of two salespeople during the past year, and in the first quarter, the company decreased new product development spending.
"Winland's results during the first quarter this year reflect the negative impact of a sharp decline in customer demand from two of our three largest customers, as well as the phase out of sales from two customers," said newly named CEO Thomas de Petra.
"Early in the first quarter, we responded to this sales trend with discretionary expense reductions and adjustments to fixed overhead that were paired to a restructuring of our manufacturing and operations departments and other initiatives announced earlier this year," de Petra added.
