SANTA CLARA, Calif. , Feb. 26 /PRNewswire-FirstCall/ -- OmniVision Technologies, Inc. (Nasdaq: OVTI), a leading developer of advanced digital imaging solutions, today reported financial results for the third fiscal quarter ended January 31, 2009 .
Revenues for the third quarter of fiscal 2009 were
Non-GAAP net loss in the third quarter of fiscal 2009, which excludes
stock-based compensation expense and the related tax effects under FAS 123(R),
Gross margin for the third quarter of fiscal 2009 was 22.4% as compared to 25.0% for the second quarter of fiscal 2009 and 27.1% for the third quarter of fiscal 2008. The sequential decrease in gross margin resulted primarily from a decrease in average selling prices and the recording of a proportionately larger allowance for excess and obsolete inventories than in the second quarter of fiscal 2009.
The Company ended the period with cash, cash equivalents and short-term
"Despite the current overall economic downturn which is impacting our near-term results, we are confident that our strategy and operations are sound," said Mr. Shaw Hong, CEO of OmniVision Technologies. "This is illustrated by our market share and increased customer interest. In addition, we are making targeted expense reductions which will serve our needs today while still allowing for us to grow in the long-term."
"As anticipated in the guidance we gave in December 2008 , our third quarter results are a reflection of the very difficult current market environment," continued Mr. Hong. "However, we are still optimistic about the long-term growth of the image sensor market and believe that with our technology and fabless operating model, we are well positioned for success when market growth returns."
Based on current trends, the Company expects fiscal fourth quarter 2009
revenues will be in the range of
OmniVision Technologies will host a conference call today at 2:00 p.m. Pacific Time to discuss these results further. This conference call can be accessed via a webcast at http://www.ovt.com. The call can also be accessed by dialing 800-573-4842 or 617-224-4327 and enter passcode 68458069.