Wolfson Microelectronics
has reported its
Q3 figures showing
revenues up 6.5% sequentially to $35.4m but down on Q308's revenues
of $60.5m, for a gross margin of 51.0% which is about the same as
Q308. However the company made a pre-tax loss of $1.5m compared to
an $8.3m in 2008. Cash improved to over $100m from $89m at the end
of Q308.
"We continue to execute to our 2009 plan of refreshing our
product portfolio whilst conserving cash", says CEO Mike Hickley,
"operating costs have been managed tightly and our financial
position remains healthy. Current trading remains challenging as
the full impact of previously announced design losses works
through. We are confident of the material positive effect that our
new product design wins will have on revenues as we progress
through 2010. We continue to introduce a record number of new
products and customer response to these products has been very
encouraging. This is evidenced by our selection for many new end
products by our existing customers and also by several new
customers across the applications we serve, including a new Tier 1
mobile phone customer. We have some great parts in some exciting
products and are building a solid foundation for an accelerating
recovery as these end products are launched through 2010."
Wolfson sees no change to its poor overall visibility of end
customer demand, with very short lead times and volatile ordering
patterns
The backlog for Q4 09 is currently $22.5m compared to $26m at
the equivalent point in Q3 2009. Traditionally Wolfson backlog for
the fourth quarter builds at an earlier stage than for the other
calendar quarters. Q409 gross margin expected to be around 51%
The company says it is on target to double the number of new
products introduced in 2009 over 2008; that no cash burn is
expected for the full year; that its latest audio hub products have
been selected for another 15 high volume consumer electronics
products including multiple Tier 1 mobile phones; that it's had
further design-in success with its Ambient Noise Cancellation (ANC)
products for handsets, headsets and headphones; that its WM2000
device has been selected for a Tier 1 customer handset and a Tier 2
customer handset; that in headsets and headphones it has secured
another two major brand design-ins; that it has made continued
progress with Power Management products, including portable media
player design wins with
Microsoft Zune HD and
Samsung M1; and that IREX Technologies has selected itsWM8352
power management device for its new touch-screen eReader, the
DR800SG
Also, Wolfson introduced a new family of digital still camera
(DSC) products introduced which is 'gaining traction' and it
continues to build momentum for silicon microphones with major
customer design-ins, with delivery of quarter on quarter revenue
growth