Spreadtrum Communications, Inc. Announces Second Quarter 2009 Results
SHANGHAI, -- Spreadtrum Communications, Inc. (Nasdaq: SPRD; "Spreadtrum" or the "Company"), one of China's leading wireless baseband chipset providers, today announced its unaudited financial results for the second quarter 2009.
SECOND QUARTER 2009 (2Q09) FINANCIAL SUMMARY:
-- Total revenue in 2Q09 increased 97% sequentially and decreased 60%
year-over-year to US$16.2 million. Baseband and RF revenue grew 101%
sequentially and was down 58% year-over-year.
-- Gross margin in 2Q09 was 23.6% compared to 19.4% in 1Q09 and 45.2%
in 2Q08.
-- Non-GAAP net loss per ADS in 2Q09 was $0.15, an improvement of 12%
compared to a non-GAAP net loss per ADS in 1Q09 of $0.17, and
compared with non-GAAP net income per ADS of $0.11 in 2Q08.
-- GAAP net loss in 2Q09 was US$13.1 million, compared to a net loss of
US$8.3 million in 1Q09 and net income of US$2.6 million in 2Q08.
BUSINESS HIGHLIGHTS:
-- Spreadtrum increased baseband shipments by 86% sequentially, including
greater shipments of GSM/GPRS and TD-SCDMA basebands in 2Q09.
-- Spreadtrum increased transceivers shipments by 93% sequentially,
including greater shipments of GSM/GPRS/EDGE transceivers to Samsung
in 2Q09.
-- Spreadtrum began volume shipment of its TD-SCDMA baseband chips for use
in the fixed wireless market.
-- Dr. Leo Li and Mr. Zhongrui Xia have been elected to the Board of
Directors.
Commenting on the results, Spreadtrum's CEO, Dr. Leo Li, said: "We are beginning to see the fruits of our efforts to focus on product quality and customer support, as we firmly exceeded our top line guidance for the second quarter. We have improved our financial health with a non-GAAP net loss of $0.15 per ADS in 2Q09, an improvement of 12% compared to a non-GAAP net loss of $0.17 per ADS in 1Q09. Our operational performance and potential for long-term success remain on track. We have implemented quality improvement programs in our product development to ensure customer satisfaction, and we are working with our customers to expand their 2G, 2.5G, 2.75G and TD-SCDMA sales in an effort to boost our margin performance. We have started volume shipment of our TD-SCDMA products, and our experience with these products will undoubtedly give us a competitive advantage.
"Currently, we expect third quarter 2009 revenue to be in the range of US$31-36 million with improving margins, sequentially," Dr. Li concluded.
Click to read full press release
SECOND QUARTER 2009 (2Q09) FINANCIAL SUMMARY:
-- Total revenue in 2Q09 increased 97% sequentially and decreased 60%
year-over-year to US$16.2 million. Baseband and RF revenue grew 101%
sequentially and was down 58% year-over-year.
-- Gross margin in 2Q09 was 23.6% compared to 19.4% in 1Q09 and 45.2%
in 2Q08.
-- Non-GAAP net loss per ADS in 2Q09 was $0.15, an improvement of 12%
compared to a non-GAAP net loss per ADS in 1Q09 of $0.17, and
compared with non-GAAP net income per ADS of $0.11 in 2Q08.
-- GAAP net loss in 2Q09 was US$13.1 million, compared to a net loss of
US$8.3 million in 1Q09 and net income of US$2.6 million in 2Q08.
BUSINESS HIGHLIGHTS:
-- Spreadtrum increased baseband shipments by 86% sequentially, including
greater shipments of GSM/GPRS and TD-SCDMA basebands in 2Q09.
-- Spreadtrum increased transceivers shipments by 93% sequentially,
including greater shipments of GSM/GPRS/EDGE transceivers to Samsung
in 2Q09.
-- Spreadtrum began volume shipment of its TD-SCDMA baseband chips for use
in the fixed wireless market.
-- Dr. Leo Li and Mr. Zhongrui Xia have been elected to the Board of
Directors.
Commenting on the results, Spreadtrum's CEO, Dr. Leo Li, said: "We are beginning to see the fruits of our efforts to focus on product quality and customer support, as we firmly exceeded our top line guidance for the second quarter. We have improved our financial health with a non-GAAP net loss of $0.15 per ADS in 2Q09, an improvement of 12% compared to a non-GAAP net loss of $0.17 per ADS in 1Q09. Our operational performance and potential for long-term success remain on track. We have implemented quality improvement programs in our product development to ensure customer satisfaction, and we are working with our customers to expand their 2G, 2.5G, 2.75G and TD-SCDMA sales in an effort to boost our margin performance. We have started volume shipment of our TD-SCDMA products, and our experience with these products will undoubtedly give us a competitive advantage.
"Currently, we expect third quarter 2009 revenue to be in the range of US$31-36 million with improving margins, sequentially," Dr. Li concluded.
Click to read full press release
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