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October 22, 2010

Synaptics sees 28% growth in net revenue in Q1 FY11

By CBR Staff Writer

Synaptics, a developer of human interface solutions for mobile computing, communications, and entertainment devices, has reported a net revenue of $153.2 million for the first quarter of fiscal 2011, an increase of 28% compared with $119.6m in the quarter last fiscal.

Net income for the first quarter ended 30 September 2010 was $18.7m, compared with $9.8m in the first quarter last fiscal.

The net revenue in the third quarter of fiscal 2011 has registered a growth of 5% compared with $145.8m in the prior quarter, while net income of the same quarter marginally decreased from $19.3m in the last quarter of fiscal 2010 to $18.7m.

Non-GAAP net income for the first quarter of fiscal 2011 was $24.2m, compared with net income of $17.2m for the first quarter of fiscal 2010 and net income of $24.8m for the fourth quarter of fiscal 2010.

Synaptics interim president and CEO Russ Knittel said revenue from the PC market was weaker than anticipated, reflecting the widely reported softness in consumer notebook demand, while revenue from mobile touchscreen applications reached a new record level and more than doubled year-over-year.

"The broad based adoption of touch technology in consumer electronics is just beginning, and we are making the necessary investments to meet the expanding opportunities in front of us," Knittel said.

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PC revenue of $78.9m represented 51% of total revenue for the first quarter and increased 6% over the comparable quarter last year, while non-PC revenue of $74.3m, increased 65% from the comparable quarter last year and comprised 49% of total revenue for the quarter. Mobile phone applications comprised 47% of the company’s revenue.

CFO Kathy Bayless said considering the company’s backlog of approximately $81m entering the December quarter, expected product mix, and customer forecasts, the company anticipates record revenue of $154m to $162m, representing an increase of 16% to 22% over the comparable quarter last year.

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