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ENTROPIC COMMUNICATIONS REPORTS FOURTH QUARTER AND FISCAL YEAR 2009 RESULTS
Conference Call to be Webcast Today at 2:30 p.m. Pacific Time
SAN DIEGO, February 3, 2010 Entropic Communications, Inc. (Nasdaq: ENTR), a leading provider of silicon and software solutions to enable connected home entertainment, today reported its fourth quarter and fiscal year results for the period ended December 31, 2009. Entropic reported fourth quarter net revenues of $35.1 million, an increase of 13 percent compared with $31.0 million in the third quarter of 2009 and an increase of 19 percent compared to $29.5 million reported in the fourth quarter of 2008.
In accordance with U.S. generally accepted accounting principles (GAAP), the companys fourth quarter net income was $1.0 million, or $0.01 per share (basic and diluted). This compares with GAAP net loss of $1.2 million, or ($0.02) per share (basic and diluted) in the third quarter of 2009. Non-GAAP net income in the fourth quarter was $3.6 million, or $0.05 per share (basic and diluted), compared to non-GAAP net income of $1.4 million, or $0.02 per share (basic and diluted) in the third quarter of 2009.
Net revenues for the year ended December 31, 2009 were $116.3 million, a decrease of 20 percent from the $146.0 million reported for the year ended December 31, 2008. Net loss computed in accordance with GAAP for the year ended December 31, 2009 was $13.2 million, or ($0.19) per share (basic and diluted), compared with GAAP net loss of $136.4 million, or ($2.01) per share (basic and diluted), for the year ended December 31, 2008. Non-GAAP net income for the year ended December 31, 2009 was $0.1 million, or breakeven on a per share basis (basic and diluted), compared to non-GAAP net income of $2.8 million, or $0.04 per share (basic and diluted) for the year ended December 31, 2008.
We were pleased to once again see a strong increase in quarter-over-quarter revenue and further diversification of our business, said Patrick Henry, president and CEO of Entropic Communications. Our continued focus on cost containment along with solid revenue growth allowed us to achieve a record level of net income this quarter. Historically, Entropics revenue was primarily derived from Verizons FiOS deployment, however we are now moving into our second wave of growth based on new Pay-TV service provider deployments of MoCA with DIRECTV and cable MSOs, expansion of our DBS-ODU footprint at DIRECTV and internationally, and increased traction in our tuner product line.
|Three Months ended||Years ended Dec. 31,|
|Dec. 31, 2009||Sept. 30, 2009||Dec. 31, 2008||2009||2008|
GAAP net income (loss)
GAAP net income (loss) per share (basic and diluted)
Non-GAAP net income (loss)1
Non-GAAP net income (loss) per share1
|1.||Please refer to Non-GAAP Financial Measures below and the financial statements portion of this press release for an explanation of the non-GAAP financial measures contained in the table above and a reconciliation of such measures to the comparable GAAP financial measures.|
The following information was filed by Entropic Communications Inc (ENTR) on Wednesday, February 3, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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