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Volterra Reports Second Quarter Financial Results
FREMONT, Calif., July 22, 2013 Volterra Semiconductor Corporation (Nasdaq: VLTR), a leading provider of high-performance analog and mixed-signal power management semiconductors, today reported financial results for its second quarter ended June 30, 2013.
Net revenue for the second quarter of 2013 was $34.4 million, a 21% decrease from $43.6 million in the second quarter of 2012, and a 14% decrease from $39.9 million in the first quarter of 2013. GAAP net income was $0.7 million, or $0.03 per share (diluted), an 88% decrease from $6.0 million, or $0.22 per share (diluted) in the second quarter of 2012, and a 76% decrease from $3.0 million, or $0.12 per share (diluted), in the first quarter of 2013.
Volterra also reported net income and basic and diluted net income per share on a non-GAAP basis. Non-GAAP net income excludes the effect of stock-based compensation expense. Non-GAAP net income was $3.2 million, or $0.13 per share (diluted), in the second quarter of 2013, a 62% decrease from $8.5 million, or $0.32 per share (diluted), in the second quarter of 2012, and a 44% decrease from $5.8 million, or $0.22 per share (diluted), in the first quarter of 2013.
Revenue came in at the low end of guidance as our notebook business declined as expected and we experienced a one quarter inventory correction with a server customer, said Volterra President and CEO Jeff Staszak. Q3 orders are stronger at this point than this time last quarter and we are therefore encouraged about our short term outlook and longer term growth opportunities in our server storage, communications and energy businesses.
Earnings Conference Call
Volterra will be conducting a conference call today at 2:00 p.m. (PDT). To access the conference call, investors can dial (877) 941-8609 approximately ten minutes prior to the initiation of the teleconference. International and local participants can dial (480) 629-9692. Investors should reference Volterra. A digital replay of the conference call will be available until midnight on Monday, July 29, 2013. To access the replay, investors should dial (800) 406-7325 or (303) 590-3030 and enter access code 4627837. A webcast of the conference call also will be available from the Investors section of the Companys website at: http://www.volterra.com until midnight on Monday, Aug. 19, 2013.
About Volterra Semiconductor Corporation
Volterra Semiconductor Corporation, headquartered in Fremont, CA, designs, develops, and markets leading edge silicon solutions for low-voltage power delivery. The Companys product portfolio is focused on advanced switching regulators for the computer, datacom, storage, and portable markets. Volterra operates as a fabless semiconductor company utilizing world-class foundries for silicon supply. The Company is focused on creating products with high intellectual property content that match specific customer needs. For more information, please visit http://www.volterra.com.
Non-GAAP Financial Measures
Volterra provides all information required in accordance with generally accepted accounting principles (GAAP), but it believes that evaluating its financial results may be difficult if limited to reviewing only GAAP financial measures. Volterras management believes the non-GAAP information provided is useful to investors and other users of its financial information and its inclusion with our financial results is warranted for several reasons:
it can enhance the understanding of Volterras financial performance by adjusting for special, non-recurring items that may obscure results and trends in our core operating performance, particularly in reconciling differences between reported income and actual cash flows;
it can provide consistency in reviewing Volterras historical performance between periods, as well as allowing for better comparisons of Volterras performance with similar companies in Volterras industry;
it allows users to evaluate the results of the business using the same financial measures that management uses to evaluate and manage Volterras internal planning, budgeting and operations; and
it provides investors with additional information used by management, its board of directors and committees thereof, to determine management compensation.
The following information was filed by Volterra Semiconductor Corp (VLTR) on Monday, July 22, 2013 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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