PR Newswire: Omnivision's revenues for the quarter were $397.2M, as compared to $373.7M in the previous quarter, and $390.1M a year ago. GAAP net income in the second quarter of fiscal 2014 was $26.3M, as compared to net income of $23.1M in the previous quarter, and $10.3M a year ago. GAAP gross margin for the quarter was 18.8%, as compared to 17.4% for the previous quarter and 16.6% a year ago. The increase in gross margin reflects production cost improvements in some of the high-volume devices, coupled by a decrease in allowance for excess and obsolete inventories and an increase in revenues recorded on the sale of previously written-down inventory. The Company ended the period with cash, cash equivalents and short-term investments totaling $265.6M, an increase of $25.1M from the previous quarter.
"In the second quarter of fiscal 2014, OmniVision grew revenues in the midst of a slowing smartphone market and intensifying competition," said Shaw Hong, CEO of OmniVision. Based on current trends, the Company expects revenues for the next quarter will be in the range of $310M to $340M, below analyst's average expectation of $399.9M (Reuters).
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