Sirenza Reports Q2 Earnings, Raises Full Year Guidance
Sirenza Microdevices Reports Second Quarter 2006 Results; Record Revenue and Pro Forma Profit With Continued Positive Operating Cash Flow; Increases Full Year Guidance
Wednesday July 26, 4:10 pm ET
BROOMFIELD, Colo., July 26 /PRNewswire-FirstCall/ --
Sirenza Microdevices, Inc. (Nasdaq:
SMDI -
News) today reported its financial results for its second fiscal quarter ended June 30, 2006.
Financial Highlights
Revenue
* Record quarterly revenue of $39.0 million; 87% sequential quarterly
revenue increase
* Year-over-year quarterly revenue increase of 156%
* Record first half 2006 revenue of $59.9 million; 118% increase over the
same period last year
* SMDI segment quarterly revenue increased year over year by 64% and
sequentially by 20%
* PDI segment revenue represented 36% of consolidated Sirenza quarterly
revenue
Earnings
* Quarterly gross margin of 37%, compared to 43% a year ago and
48% sequentially
* Quarterly pro forma(1) gross margin of 44% compared to 43% a year ago
and 49% sequentially
* Quarterly net income of $2.1 million or 5% net income margin
* Record quarterly pro forma net income of $7.2 million or 18% pro forma
net income margin
* Quarterly earnings per share of $0.05 per diluted share, compared to a
loss of $(0.01) per share a year ago and $0.04 per share sequentially
* Quarterly earnings per share of $0.16 per diluted share on a pro forma
basis, compared to $0.01 per share a year ago and $0.09 per share
sequentially
Cash Flow
* Quarterly cash flow from operations of approximately $3.7 million, or
$0.08 per diluted share
* Record first half cash flow from operations of approximately
$9.1 million or $0.21 per diluted share
* Eleven consecutive quarters of positive cash flow from operations
Sirenza's second quarter net revenues were $39.0 million, compared with $20.9 million for the first quarter of 2006 and with $15.3 million for the second quarter of 2005.
"We are extremely pleased to report record revenue, record pro forma earnings and continued positive cash flows from operations this quarter," stated Robert Van Buskirk, president and chief executive officer of Sirenza Microdevices. "Our more than 100% increase in pro forma profit on revenue growth of 87% clearly demonstrates the continued earnings leverage in our business. We have made substantial progress in the integration of Premier Devices and both our PDI and SMDI business segments delivered increased revenues in our second quarter. We currently expect continued growth in our business in the second half of this year as we capitalize on our current momentum and leverage our diversified, global business platform. In our earnings teleconference today, we will outline our current third quarter outlook and our increased outlook for our full fiscal year."
Link to full press release:
7/26/2006 05:14:00 PM
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