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ENTROPIC COMMUNICATIONS REPORTS FOURTH QUARTER AND FISCAL YEAR 2011 RESULTS
Revenue up 9% Quarter-over-Quarter to $56.2 Million, Record Annual Revenue of $241 Million
Conference Call to be Webcast Today at 2:30 p.m. Pacific Time
SAN DIEGO, Calif., February 1, 2012 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, 2011. Entropic reported fourth quarter net revenues of $56.2 million, an increase of 9 percent compared with $51.5 million in the third quarter of 2011.
In accordance with U.S. generally accepted accounting principles (GAAP), the Companys fourth quarter net income was $2.3 million, or $0.03 per share (diluted). This compares with GAAP net income of $4.6 million, or $0.05 per share (diluted) in the third quarter of 2011. Non-GAAP net income in the fourth quarter was $10.2 million, or $0.12 per share (diluted), compared to non-GAAP net income of $10.4 million, or $0.12 per share (diluted) in the third quarter of 2011.
Net revenues for the year ended December 31, 2011 were $240.6 million, an increase of 14 percent from the $210.2 million reported for the year ended December 31, 2010. Net income computed in accordance with GAAP for the year ended December 31, 2011 was $26.6 million, or $0.30 per share (diluted), compared with GAAP net income of $64.7 million, or $0.82 per share (diluted), for the year ended December 31, 2010. Note that GAAP net income for the year-ended December 31, 2010 included a $31.6 million one-time, non-cash tax benefit associated with the reversal of the valuation allowance related to certain deferred tax assets. A reconciliation of the comparable GAAP financial measures to the non-GAAP measures used in this release is included in the attached tables.
Non-GAAP net income for the year ended December 31, 2011 was $55.3 million, or $0.62 per share (diluted), compared to non-GAAP net income of $45.2 million, or $0.55 per share (diluted) for the year ended December 31, 2010.
We are very pleased with our resumption of revenue growth in the fourth quarter and our overall performance for the year. We delivered record full-year revenue and non-GAAP earnings, and shipped more MoCA and CSS chipsets this year than any other year in the Companys history, said Patrick Henry, president and CEO, Entropic Communications. We are continuing to build on our leadership position with the worlds first MoCA 2.0 silicon solution and believe we will benefit from continued HDTV, DVR and multi-room DVR penetration worldwide, as well as the paradigm shift around streaming IP-based video and multimedia content and services throughout the home. With our industry-leading chipset roadmap, coupled with a deep bench of global partners, we are poised to capitalize on the rising consumer demand to stream high definition video content to fixed and portable devices in the home or on the go. This shift has created market opportunities to bring new silicon solutions to market that will effectively change the way consumers experience digital entertainment.
The following information was filed by Entropic Communications Inc (ENTR) on Wednesday, February 1, 2012 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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