Originally published at www.seclive.com
Filing in Focus: OmniVision 8-K, December 3, 2013
OmniVision Technologies, Inc. (NASDAQ:OVTI) announced its financial results for the second fiscal quarter 2014, reporting increases in revenue. The digital imaging solutions company posted revenues of $397.2M, an increase from the year-ago $373.7M and the previous quarter's $390.1M. Profits were up similarly from $10.3M and $0.19 earnings per share to $26.3M and $0.47 per share. OmniVision's gross margin improved from 16.6% to 18.8%, a reflection of improved production costs, reduced inventory excess, and a revenue increase from its previously written-down inventory. CEO Shaw Hong commented that despite a slowing smartphone market and increased competition, the company performed well through increases in revenue while leaning ahead with new product releases that will lend to future growth.
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