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This company is about to be releasing earnings. Is producing the latest cutting edge touch screens utilized by samsung, and soon all the other phone companies will be jumping in line if not already in the pipeline imo. P/e is a little high at 36. but I believe growth in this segment should be phenomenal in the next 12 months since the inception of the Iphone's smart touch tech.
charts bullish. this tech. is definitely the future of phones. no doubt.
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Synaptics Reports Record Revenue for Fiscal 2008; Announces 3-for-2 Stock SplitFont size: A | A | A 4:15 PM ET 7/31/08 | PR Newswire RELATED QUOTES
3:53 PM ET 8/5/08 Symbol Last % Chg SYNA 54.03 5.92% Real time quote.
Synaptics (Nasdaq: SYNA), a leading developer of human interface solutions for mobile computing, communications, and entertainment devices, today reported financial results for the fourth quarter and year ended June 30, 2008. The Company's GAAP results reflect the expensing of non-cash share-based compensation for all periods presented.
Net revenue for the fourth quarter of fiscal 2008 was $96.9 million, an increase of approximately 35% over $71.6 million in net revenue for the fourth quarter of fiscal 2007. Net income for the fourth quarter of fiscal 2008 was $2.6 million, or $0.11 per diluted share, compared with net income of $7.4 million, or $0.27 per diluted share, for the fourth quarter of fiscal 2007. Net income for the fourth quarter of fiscal 2008 included a non-cash charge for other-than-temporary impairment of $4.7 million related to the Company's investment in auction rate securities. Net income, excluding non-cash charges for share-based compensation and the other-than-temporary impairment, was $10.7 million, or $0.46 per diluted share, for the fourth quarter of fiscal 2008, compared with net income, excluding share-based compensation, of $10.0 million, or $0.36 per diluted share, for the fourth quarter of fiscal 2007.
Net revenue for fiscal 2008 was $361.1 million, an increase of approximately 35% over $266.8 million for fiscal 2007. Net income for fiscal 2008 was $31.1 million, or $1.19 per diluted share. This compares with net income of $26.5 million, or $0.94 per diluted share, for fiscal 2007. Net income, excluding non-cash charges for share-based compensation and non-recurring items for fiscal 2008, was $51.4 million, or $1.96 per diluted share, compared with net income, excluding share-based compensation and non-recurring items, of $37.6 million, or $1.31 per diluted share, for fiscal 2007.
"Fiscal 2008 was a phenomenal year for Synaptics as we achieved both record annual revenue and non-GAAP net income, which grew 35% and 37% year over year, respectively," stated Francis Lee, President and Chief Executive Officer of Synaptics. "Our strong performance reflects solid execution and progress with regard to our diversification strategy as our investments in the mobile phone market are beginning to pay off, generating material revenue for the first time starting in the fiscal fourth quarter. Synaptics continues to benefit from the growing demand for innovative touch interface solutions in today's increasingly complex devices, and we believe we are well-positioned to deliver record revenue and profits in fiscal 2009."
Russ Knittel, Synaptics' Chief Financial Officer, added, "As we look ahead to the current quarter and new fiscal year, we remain mindful of the broader economic concerns and potential impact on customer order patterns. We exited the June quarter with backlog of $50.3 million. Based on our backlog and current visibility, we anticipate revenue in the September quarter will be $108 million to $114 million, an increase of 25% to 31% over the comparable quarter last year. Additionally, our current outlook suggests that revenue may grow 20% to 30% in fiscal 2009."
The Company also announced that its Board of Directors has approved a three-for-two split of Synaptics' common stock to be effected as a stock dividend. Each shareholder of record at the close of market on August 15, 2008 will receive one additional share for every two outstanding shares held on the record date, the payable date will be August 29, 2008, and trading will begin on a split-adjusted basis on September 2, 2008. The Company's Form 10-K for fiscal 2008 will include the effect of the split when filed. In addition, the Board of Directors has authorized the repurchase of up to an additional $80 million of common stock from time to time in the open market or in privately negotiated transactions. The timing and amount of any future purchases will depend upon market conditions and other factors.
Mr. Lee continued, "I am pleased to report that we bought back an additional one million shares during the fourth quarter. This buyback, in conjunction with our impending stock split and authorization of additional stock repurchases, reflects our confidence in Synaptics' prospects and on-going commitment to enhancing long-term stockholder value."
Synaptics' cash and short-term investments at the end of June totaled $146.5 million and exclude all auction rate securities, which have been classified as non-current assets. The Company's total investment in auction rate securities was $47.4 million, all of which are investment grade securities that are paying interest at the contractual rates. Based on a fair value analysis in accordance with U.S. GAAP, the Company has accounted for non-cash impairment during fiscal 2008 of approximately $9.5 million, of which $2.5 million is temporary and $7.0 million is other-than-temporary.
"As we indicated last quarter we will continue to monitor our investments in auction rate securities in light of the current debt market environment. We are confident that our existing cash and other short-term investments and our expected cash flow from operations will be sufficient to allow us to continue to hold our current auction rate securities until the liquidity issues are resolved," stated Mr. Knittel.
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oh and .... FROM: http://www.streetinsider.com/Corporate+News/Synaptics+SYNA+Increases+Buyback+By+ $80+Million/3867086.html July 31, 2008 5:19 PM EDT Synaptics (Nasdaq: SYNA) Board of Directors has authorized the repurchase of up to an additional $80 million of common stock from time to time in the open market or in privately negotiated transactions. The timing and amount of any future purchases will depend upon market conditions and other factors.
Synaptics Incorporated is a developer and supplier of custom-designed user interface solutions that enable people to interact with a variety of mobile
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company still doing fantastic despite the bleeding markets.
earnings release from after hours yesterday " Synaptics beats by $0.22, beats on revs; guides MarQ revs in-line Font size: A | A | A 4:20 PM ET 1/22/09 | Briefing.com RELATED QUOTES
1:14 PM ET 1/23/09 Symbol Last % Chg SYNA 22.95 6.35% Real time quote.
Reports Q2 (Dec) earnings of $0.84 per share, excluding non-recurring items, $0.22 better than the First Call consensus of $0.62; revenues rose 43.5% year/year to $141.5 mln vs the $131.0 mln consensus. Co issues in-line guidance for Q3 (Mar), sees Q3 revs of $88-98 mln vs. $92.1 mln consensus. Co says that in spite of the current macroeconomic environment, it posted the highest quarterly revenue, net income and EPS in its history. The co says its penetration in the mobile handheld markets more than offset a relatively small decline in PC based revenue in a generally weak notebook market. Based on its strong 1H09 performance, co says it's on track to achieve record revenue and profits in FY09."
investment companies are upgrading this to a buy. company is on pace for a record 09 and is NOT lowering revenue guidance. neato!
booyea. every once in awhile i can pick 'em! take that one star rating!
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