ROSEVILLE, CA -- International DisplayWorks, whose acquisition by Flextronics is scheduled to close in the fourth quarter, reported third-quarter revenues climbed 37% to a record $32.3 million, while net income rose 129.2% to $2.3 million.

For the period ended July 31, operating income was $2.0 million, up 53.8% over 2005.


It was the company's 12th consecutive quarter of profitability.

During the quarter shipments began to a top tier cellphone customer. IDW also won a contract worth up to $7 million in TFT orders from CK Telecom Ltd., a Chinese handset manufacturer, with initial shipments beginning in the fourth quarter, and a new contract win from a leading printer manufacturer with anticipated revenues of $6 million over the next 12 months.

IDW also won new contracts for two separate satellite radio products with anticipated revenues of $7 million for both the automotive and mobile MP3 markets.

Gross profit increased 34.6% to $5.6 million during the third quarter; gross margins were down 0.3 points to 17.2%.

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