GlobeNewswire, SeekingAlpha: Ambarella, a developer of HD video compression and image processing chips, announces results for its fiscal Q1 ended April 30, 2013. Revenue for the quarter was $33.9M, up 30.9% from $25.9M in the same period a year ago. GAAP gross margin the quarter was 63.9%, compared with 71.0% a year ago. GAAP net income for the first quarter of fiscal 2014 was $4.7M, compared with GAAP net income of $2.6M for the same period a year ago. Cash at the end of the last quarter was $104.3M.
"We are very pleased with our progress in the first fiscal quarter, with total revenue up 31% over the first quarter of last year and with the successful addition of new customers in key markets," said Fermi Wang, President and CEO of Ambarella. "During the quarter, we made excellent progress in the IP security camera market with new design wins at both professional and consumer IP-camera customers. We also saw especially strong revenue growth in the wearable sports camera category, led by market leader GoPro. In the automotive camera after-market, we continued to grow revenue while successfully expanding our customer base."