OmniVision Reports A Jump In Net Profit

Aug. 30, 2013 8:37 AM ETOVTI
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Contributor Since 2013

Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.

Originally published at www.seclive.com

OmniVision Technologies, Inc. (OVTI) reported first quarter earnings of $23.1M at the start of fiscal year 2014, significantly beating the results from this quarter last year. For the first quarter last year, OmniVision reported earnings of $2.3M, or $0.04 per share, while this quarter earnings per share were $0.42. The company's largest business line is its smartphone camera sensors, which it provides for Apple's iPhone. CEO Shaw Hong cited market slowdowns and heated competition as main contributing factors to its reduced forecasts. Hong also commented that the company is exploring ways to cut supply chain costs and further future growth. Gross margin was negatively affected, slipping to 17.4% from 19.1% a year ago in response to higher manufacturing costs, which the company has been trying to impact in a positive way.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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