Silicon Image Inc. (SIMG) shares jump on Q2 revenue report

Silicon Image Inc. (Nasdaq: SIMG) shares climbed 19.1% to $9.00 Wednesday, a day after the designer of television-transmission chips forecast second-quarter revenue above analysts’ forecasts. Volume for the stock was 3.8 million shares, twice its normal full-day average.

The Sunnyvale, California-based company reported revenue for the first quarter of 2011 was $49.0 million, compared to $52.0 million for the fourth quarter of 2010 and $34.3 million for the first quarter of 2010.
GAAP net loss for the first quarter of 2011 was $0.8 million or $0.01 per share, compared to net income of $4.2 million, or $0.05 per diluted share, for the fourth quarter of 2010 and a net loss of $7.2 million, or $0.10 per share, for the first quarter of 2010.

For the second quarter, Silicon projected revenues of $51-53 million, with gross margin seen as being about 56%, while GAAP operating expenses were pegged at approximately $28 million.

Silicon Image Cheif Executive Officer Camillo Martino noted that the company’s performance “was driven by CE product sales and an increasingly successful mobile product portfolio, as mobile device manufacturers are integrating MHL-based products into their smart phones and tablets.

“We pursued our long-term strategic growth initiatives,” Martino went on, “as evidenced by the acquisition of home theater solutions from Anchor Bay Technologies and the definitive agreement to acquire wireless technology company SiBEAM, and we will continue to drive new product development for both wireless and wired HD connectivity solutions.”

Silicon Image is a leading provider of advanced, interoperable connectivity solutions that enable the reliable distribution and presentation of high-definition (HD) content for consumer electronics, mobile, and PC markets.

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This entry was posted on Wednesday, April 27th, 2011 at 12:32 pm by Glenn and is filed under Technology Stocks. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.