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Volterra Reports Fourth Quarter and Fiscal Year 2004 Financial Results
 
 
Year-Over-Year Growth Demonstrates Solid Execution
 
 
FREMONT, Calif., January 31, 2005
-- Volterra Semiconductor Corporation (Nasdaq: VLTR), a leading provider of high-performance analog and mixed-signal power management semiconductors, today reported financial results for its fourth quarter and fiscal year ended December 31, 2004.
 
 
Financial highlights include:
 
 
·   Fourth quarter revenue more than doubled year-over-year; full-year 2004 revenue grew 75% over 2003;
 
 
·   Gross margins expanded to 57.8% in the fourth quarter up from 55.7% in the third quarter and up from 47.2% year-over year;
 
 
·   Non-GAAP operating margin improved to 19.3% up sequentially from 14.0% in the third quarter; and
 
 
·   Five consecutive quarters of positive operating cash flow.
 
 
Net revenue for the fourth quarter of 2004 was $14.6 million, an increase of 125% over net revenue of $6.5 million for the fourth quarter of 2003 and a 16% sequential increase from net revenue of $12.6 million for the third quarter of 2004. Net income was $2.7 million, or $0.10 per share (diluted), for the fourth quarter of 2004, compared with a net loss of $0.5 million, or ($0.10) per share (diluted), for the fourth quarter of 2003.
 
 
Volterra also reported net income and basic and diluted net income per share on a non-GAAP-basis. Non-GAAP net income, where applicable, excludes the effect of stock-based compensation expense and special items such as restructuring charges, net of tax. Non-GAAP net income was $2.9 million, or $0.11 per share (diluted), for the fourth quarter of 2004, compared to non-GAAP net loss of $0.5 million, or ($0.10) per share (diluted), for the fourth quarter of 2003.
 
 
“We are extremely pleased with our solid execution to plan and strong fourth quarter financial results, including revenue, gross margins and earnings per share," said Volterra President and CEO Jeff Staszak. “We continued to make design-in progress at key customers throughout the quarter and ended the year ahead of plan. We saw traction in the server and storage market, as well as the workstation/desktop market. Longer term, we believe we are well-positioned to capitalize on the growth in our markets as adoption of our technology expands.”
 
 
For the full fiscal year 2004, net revenue increased to $43.9 million, an increase of 75% over net revenue of $25.1 million for fiscal year 2003. Net income was $5.1 million, or $0.22 per share (diluted), for the fiscal year ended December 31, 2004, compared with a net loss of $4.0 million, or ($0.74) per share (diluted), for fiscal year 2003. Non-GAAP net income was $5.8 million, or $0.25 per share (diluted), compared to non-GAAP net loss of $3.9 million, or ($0.71) per share (diluted), for the fiscal year ended December 31, 2003.
 

 
     

The following information was filed by Volterra Semiconductor Corp (VLTR) on Monday, January 31, 2005 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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