SANTA CLARA, Calif., — May 30, 2013 — OMNIVISION Technologies, Inc. (Nasdaq: OVTI), a leading developer of advanced digital imaging solutions, today reported financial results for the fiscal fourth quarter and fiscal year ended April 30, 2013.
Revenues for the fourth quarter of fiscal 2013 were $336.2 million, as compared to $423.5 million in the third quarter of fiscal 2013, and $218.5 million in the fourth quarter of fiscal 2012. GAAP net income in the fourth quarter of fiscal 2013 was $8.9 million, or $0.17 per diluted share, as compared to net income of $21.3 million, or $0.40 per diluted share in the third quarter of fiscal 2013, and $2.7 million, or $0.05 per diluted share in the fourth quarter of fiscal 2012.
Non-GAAP net income in the fourth quarter of fiscal 2013 was $17.5 million, or $0.31 per diluted share. Non-GAAP net income in the third quarter of fiscal 2013 was $31.5 million, or $0.56 per diluted share. Non-GAAP net income in the fourth quarter of fiscal 2012 was $10.9 million, or $0.20 per diluted share. Non-GAAP net income excludes stock-based compensation expenses and the related tax effects. Please refer to the attached schedule for a reconciliation of GAAP net income to non-GAAP net income for the three months and fiscal year ended April 30, 2013 and 2012 and for the three months ended January 31, 2013.
Revenues for the fiscal year ended April 30, 2013 were $1.4 billion, as compared to $897.7 million in fiscal 2012. GAAP net income for fiscal 2013 was $42.9 million, or $0.80 per diluted share, as compared to GAAP net income for fiscal 2012 of $65.8 million, or $1.13 per diluted share.
Non-GAAP net income for fiscal 2013 was $79.0 million, or $1.41 per diluted share. Non-GAAP net income for fiscal 2012 was $95.5 million, or $1.60 per diluted share.
GAAP gross margin for the fourth quarter of fiscal 2013 was 17.5%, as compared to 16.9% for the third quarter of fiscal 2013 and 22.5% for the fourth quarter of fiscal 2012. The sequential increase in fourth quarter gross margin reflected a favorable change in product mix, partially offset by the unfavorable impacts from a decrease in revenues recorded on the sale of previously written-down inventory and an increase in allowance for excess and obsolete inventories.
The Company ended the period with cash, cash equivalents and short-term investments totaling $212.3 million, a slight decrease of $8.0 million from the previous quarter.
“In fiscal 2013, we completed a record year both in terms of revenues and unit shipments. We are proud to have exceeded a billion dollars in revenues and would like to thank our suppliers, employees and customers,” said Shaw Hong, chief executive officer of OMNIVISION Technologies, Inc. “We believe that our reported results are beginning to validate our cost reduction efforts, and we will strive to further improve our cost structure.”
Outlook
Based on current trends, the Company expects revenues for the first quarter of fiscal 2014 will be in the range of $355 million to $390 million and GAAP net income per share will be between $0.21 and $0.38 per diluted share. Excluding the estimated expense and related tax effects associated with stock-based compensation, the Company expects its non-GAAP net income per share will be between $0.35 and $0.52 per diluted share. Refer to the table below for a reconciliation of GAAP to non-GAAP net income.
Conference Call
OMNIVISION Technologies, Inc. will host a conference call today at 5:00 p.m. Eastern time to discuss these results further. This conference call can be accessed via a webcast at www.ovt.com. The call can also be accessed by dialing 866-825-1709 (domestic) or 617-213- 8060 (international) and entering passcode 98371745.
A replay of the call will remain available at www.ovt.com for approximately twelve months. A replay of the call will also be available for one week beginning approximately one hour after the conclusion of the call. To access the replay, dial 888-286-8010 (domestic) or 617-801- 6888 (international) and enter passcode 19121760.