Atheros Announces Financial Results for Q2
2007 Revenue Surpasses $100 Million
Santa Clara, Calif.
– July 23, 2007 – Atheros Communications, Inc. (NASDAQ: ATHR), a
leading developer of advanced wireless solutions, today announced financial
results for the second quarter of 2007, ended June 30, 2007.
Revenue in the second quarter was $100.8 million, up 6 percent from the $95.5
million reported in the first quarter of 2007 and up 38 percent from the $73.2
million reported in the second quarter of 2006.
In accordance with U.S. generally accepted accounting principles (GAAP), the
company recorded second quarter net income of $9.3 million or $0.16 per diluted
share. This compares with a GAAP net income of $7.6 million or $0.13 per diluted
share in the first quarter of 2007. Net income in the second quarter of 2006
was $6.8 million or $0.12 per diluted share. Total cash and investments were
$228 million at June 30, 2007.
Atheros reports operating income, net income and basic and diluted net income
per share in accordance with GAAP and additionally on a non-GAAP basis. Non-GAAP
net income excludes, where applicable, the effect of stock-based compensation,
amortization of acquired intangible assets and acquisition related charges. A
reconciliation of GAAP to non-GAAP condensed consolidated statements of
operations is presented in the financial statements portion of this release.
Non-GAAP gross margins in the second quarter
were 49.7 percent, compared with 48.0 percent in the first quarter of 2007 and
49.1 percent in the second quarter of 2006. Non-GAAP operating income was 16.1
percent of revenue, compared with 14.5 percent in the first quarter of 2007 and
14.4 percent in the second quarter of 2006.
Non-GAAP net income in the second quarter was $14.7 million or $0.25 per diluted
share, compared with non-GAAP net income of $13.6 million or $0.23 per diluted
share in the first quarter of 2007 and $9.5 million or $0.17 per diluted share
in the second quarter of 2006.
“Q2 represents our first quarter in which revenue
exceeded $100 million and our ninth consecutive quarter of revenue growth. Both
our non-GAAP operating profit and non-GAAP net income were also records,” said
Craig Barratt, president and CEO of Atheros.
“Revenue from our 802.11n products grew significantly in
the second quarter, and our 802.11g business remained strong. We continued to
see strength in our PC OEM segment, a result of increased shipments of both our
wireless LAN and Ethernet products,” he said.
“Atheros is driving the ongoing market adoption of
802.11n solutions, with draft 802.11n certification and our recently
introduced second generation XSPAN® 802.11n product line, featuring enhanced
performance and industry leading integration. Our extensive family of XSPAN
products, combined with our diversification into the Ethernet and Bluetooth®
markets further establishes Atheros as a significant communications solutions
provider to the PC, Networking and Consumer markets,” Dr. Barratt said.
Recent Atheros Press Release
Highlights:
-
June 18- Atheros Appoints Ben Naskar as Vice President and General Manager
to Lead Wireless Networking Business Unit
-
May 21- Atheros Expands 802.11n Portfolio with Second-Generation XSPAN
Solutions
-
May 16- Atheros' XSPAN Dual-Band Solutions Selected for Wi-Fi CERTIFIED™
802.11n Draft 2.0 Test Suite
-
May 7- Atheros Expands Networking Portfolio with Industry's Smallest Gigabit
Ethernet PHY
Conference Call
Atheros will broadcast its second quarter 2007 financial results conference call
today, Monday, July 23, 2007, at 2 p.m. Pacific time (5 p.m. Eastern time).
To listen to the call, please dial (210) 234-0000 approximately 10 minutes prior
to the start time. The pass code is Atheros. A taped replay will be available
approximately one hour after the conclusion of the call and will remain
available for one week. To access the replay, dial (402) 998-1002.
The Atheros financial results
conference call will be available via a live webcast on the
investor relations section of the Atheros website at
www.atheros.com. Please access
the website approximately 15 minutes prior to the start of the call to download
and install any necessary audio software. An archived webcast replay of the
call will be available on the web site for one year.
About Atheros Communications, Inc.
Atheros Communications is a leading developer of semiconductor system solutions
for wireless and other network communications products. Atheros combines its
wireless and networking systems expertise with high-performance radio frequency
(RF), mixed signal and digital semiconductor design skills to provide highly
integrated chipsets that are manufactured on low-cost, standard complementary
metal-oxide semiconductor (CMOS) processes. Atheros technology is being used by
a broad base of leading customers, including personal computer, networking
equipment and consumer device manufacturers. For more information, please visit
www.atheros.com or send email to
info@atheros.com.
NOTE: Atheros, the Atheros logo and XSPAN are trademarks of
Atheros Communications, Inc.
Note on Forward-Looking Statements
Except for the historical information contained herein, the matters set forth in
this press release, including the anticipated ongoing market adoption of 802.11n
solutions and the expected benefits of our diversification into the Ethernet and
Bluetooth® markets, are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties that could cause actual
results to differ materially, including, but not limited to, the impacts of
competition, technological advances; general economic conditions; difficulties
in the development of new products and technologies; manufacturing difficulties;
whether Atheros is successful in marketing its products; and other risks
detailed in Atheros’ Annual Report on Form 10-K for the year ended December 31,
2006, as filed with the Securities and Exchange Commission, and in other reports
filed with the SEC by Atheros from time to time. These forward-looking
statements speak only as of the date hereof. Atheros disclaims any obligation
to update these forward-looking statements.
– Summary Financial Data PDF Link –
For
analyst inquires contact: Jack Lazar,
Chief Financial Officer for Atheros Communications, Inc., +1-408-773-5200; or Deborah Stapleton of Stapleton Communications, Inc.,
+1-650-470-0200, for Atheros
Dakota Lee, 408-720-5597,
dakota@atheros.com, or Greg Wood, A&R Edelman for
Atheros , 650-762-2838,
gwood@ar-edelman.com
View All 2007 Press Releases
