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Volterra Semiconductor Corporation (VLTR) announced its financial results on Monday for the third quarter ended September 30, 2009.
Net revenue for the third quarter of 2009 was $29.7 million, a 30% increase compared with net revenue of $22.8 million for the second quarter of 2009. Non-GAAP net income was $4.8 million, or $0.19 per diluted share, compared to non-GAAP net income of $0.25 per diluted share in the third quarter of 2008, and $0.10 per diluted share in the second quarter of 2009. The Q3 non-GAAP EPS missed analysts' estimate by a penny.
Jeff Staszak, President and CEO of Volterra, commented in a conference call, "Our Q3 revenues came in at the high end of our revised guidance. Margins continued to improve due to product mix, heavy emphasis on company-wide yield improvement activities and cost reductions with all of our suppliers."
Mike Burns, CFO, of Volterra, noted, "Our server and storage business had all-time record revenues and contrinuted 62% of overall revenues during the quarter. Our graphics business also surged to 19% of overall sales. We expanded our non-GAAP net margin sequentially, and we doubled our non-GAAP net income sequentially. We also generated $11 million in cash, and we ended the quarter with $72 million in cash and no debt."
Mr. Staszak explained, "I am optimistic that we will see growth in Q4 and FY10, as new products and customer platforms continue to launch and the economy recovers. The current macro economic sutuation appears to be improving. This should have a further positive impact on our business. Our long term growth and profitability prospects remain very strong as we stick to our proven strategy of gaining market share, adding new customers and further penetrating our customer base."
He added, "We expect Q4 revenues in the range of $31 million to $33 million, which would be a record for us. We also expect Q4 non-GAAP EPS of $0.18 to $0.22, and we expect non-GAAP gross margins in the 58%-59% range."
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