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Synaptics Reports Third Quarter Fiscal 2012 Results

SANTA CLARA, Calif. April 26, 2012 March 31

$131.7 million $142.4 million $11.4 million $0.33 $13.5 million $0.38

$17.9 million $0.51 $19.5 million $0.55 $0.02

Rick Bergman

Third Quarter 2012 Business Metrics

  • Revenue mix from PC and non-PC applications was approximately 49% and 51%, respectively.
  • $65.1 million
  • $66.6 million
  • Non-GAAP gross margin was 47.4%, an increase of 670 basis points year-over-year.
  • Non-GAAP operating margin was 18%, up 200 basis points year-over-year.
  • March 31, 2012 $324.1 million

Kathy Bayless $60 million $133 million to $140 million


2:00 p.m., Pacific Time Thursday, April 26, 2012 www.synaptics.com

About
www.synaptics.com

the United States



This press release contains "forward-looking" statements about Synaptics, as that term is defined under the federal securities laws.  Synaptics intends such forward-looking statements to be subject to the safe harbor created by those laws. Such forward-looking statements include, but are not limited to, statements regarding the company’s belief that it has industry-leading technologies; the company’s belief it is beginning to see signs of recovery in the notebook PC market; the company’s belief that there is limited visibility in the mobile market; and the company’s anticipated revenue for the fourth quarter of fiscal 2012, including that revenue is anticipated to be up on a sequential basis.  Synaptics cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein.  Such factors include, but are not limited to, (a) demand for Synaptics’ products, (b) market demand for OEMs’ products using Synaptics’ solutions, (c) changing market demand trends in the markets Synaptics serves, (d) the success of Synaptics’ customers’ products that utilize Synaptics’ product solutions, (e) the development and launch cycles of Synaptics’ customers’ products, (f) market pressures on selling prices, (g) changes in product mix, (h) the market acceptance of Synaptics’ product solutions compared with competitors’ solutions, (i) general economic conditions, including consumer confidence and demand, and (j) other risks as identified from time to time in Synaptics’ SEC reports, including Quarterly Reports on Form 10-Q and the Annual Report on Form 10-K for the fiscal year ended June 30, 2011. All forward-looking statements are based on information available to Synaptics on the date hereof, and Synaptics assumes no obligation to update such statements.

For more information contact:

Jennifer Jarman

[email protected]

 

(Tables to Follow)

 

SYNAPTICS INCORPORATED

 CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

March 31,

June 30,

2012

2011

Assets

Current assets:

Cash and cash equivalents                                                                 

$ 324,118

$ 247,153

Receivables, net of allowances of $503 and $709, respectively

95,493

93,808

Inventories                                                                              

27,975

28,850

Prepaid expenses and other current assets                                                     

4,476

4,373

Total current assets                                                                    

452,062

374,184

Property and equipment, net                                                               

24,800

26,222

Goodwill                                                                             

1,927

1,927

Non-current auction rate securities

18,088

25,876

Other assets                                                                                 

26,333

27,992

Total assets                                                                              

$ 523,210

$ 456,201

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable                                                                          

$  47,062

$  44,930

Accrued compensation                                                                      

11,469

13,210

Income taxes payable

8,788

11,808

Other accrued liabilities                                                                    

27,598

22,813

Total current liabilities                                                                  

94,917

92,761

Notes payable

2,305

2,305

Other liabilities                                                                            

23,600

21,142

Commitments and contingencies

Stockholders’ equity:

Preferred stock; 

$.001 par value; 10,000,000 shares authorized; 

no shares issued and outstanding

Common stock;

$.001 par value; 120,000,000 shares authorized;  

48,432,280 and 46,832,208 shares issued, and 33,674,481 and 

33,465,732 shares outstanding, respectively

48

47

Additional paid in capital

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