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January 11, 2011

SMSC Q3 revenue up 23% to $107.1m

Posts net loss of $4.6m

By CBR Staff Writer

SMSC has reported total revenues of $107.1m for the third quarter of 2011, an increase of 23%, compared to $87.2m for the same quarter in 2009.

The company’s operating loss was $8.2m for the third quarter, compared to an operating income of $9.4m for the same period last year.

The company posted loss before income taxes of $8.1m for the third quarter, compared an income of $9.2m for the same quarter prior year.

For the quarter ended 30 November 2011, the company posted net loss of $4.6m, or $0.20 per share, compared to net income of $6.8m, or $0.30 per share, for the same period last year.

SMSC president and CEO Christine King said revenue for the third quarter of fiscal 2011 of $107m set a new record for the company and all of the key markets they serve have remained relatively healthy.

"Consumer Electronics revenue, which includes sales from the Symwave acquisition, grew by 4% sequentially, PC revenue grew 2%, and Industrial revenue grew slightly after five quarters of significant sequential growth," King said.

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"During the third quarter, we closed on the Symwave acquisition, which expanded our USB product portfolio into USB to SATA for SuperSpeed USB applications and we believe the addition of this highly experienced analog team will accelerate our broad connectivity road maps."

The company expects fourth quarter fiscal 2011 revenue in the range of $96m to $99m, and non-GAAP gross margin to be around 54%.

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