Tuesday, October 10, 2017 9:08:44 AM
Spectra7 Announces Preliminary Third Quarter 2017 Results
Delayed Shipments Expected to Impact Q3 Results; Industry Veteran Joins as Vice President of Operations
SAN JOSE, CALIFORNIA--(Marketwired - Oct. 10, 2017) - Spectra7 Microsystems Inc. (TSX:SEV) ("Spectra7" or the "Company"), a leading provider of high-performance analog semiconductor products for broadband connectivity markets, today announced preliminary selected unaudited financial results for the three month period ended September 30, 2017. Unless otherwise indicated, all dollar amounts in this press release are expressed in US dollars.
Preliminary Q3 2017 Results
The Company expects to report revenues for the quarter ended September 30, 2017 of approximately $2.0 million1 as compared to $1.0 million in the same period in the prior year, representing a 100% year-over-year increase in revenue, but a 35% decline from the quarter ended June 30, 2017. The Company encountered manufacturing delays and supply-side push outs late in the quarter, affecting its ability to meet demand and consequently impacting third quarter revenue. These supply chain issues are now being resolved. Demand remains robust, however, and the Company expects to return to a normal shipping schedule in the fourth quarter of 2017. Gross margin2 as a percentage of revenues is projected to fall within the range of 55-58%, reflecting new product ramp-up costs. Operating expenditures for the Company, excluding non-cash items, are expected to increase by $0.3 million from the prior quarter, stemming from one-time prototype build costs.
1 All information herein is subject to change based on the reported unaudited Q3 results, expected in November 2017.
2 Additional GAAP Measure - Gross margin is presented in this press release consistent with
information presented in the Company's financial statements. Gross margin has been calculated by deducting manufacturing cost of sales, and provision for inventory write-downs from revenue. Management of the Company believes that providing this information allows investors to better understand the Company's historical and future financial performance.
CEO Commentary
"Production ramp issues and supply constraints left unfilled orders on the books as the quarter ended", said Spectra7 CEO Raouf Halim. "We want to emphasize that this was a supply-driven issue during the quarter, and that our customers remain committed. We are working diligently to complete and ship these unfilled orders early in the fourth quarter".
Semiconductor Veteran Joins as Vice President of Operations
Spectra7 is pleased to announce that Antony Ng Yukshing is joining the Company as Vice President of Operations. Mr. Ng Yukshing joins Spectra7 from Marvell Technology Group, a company focused on network infrastructure, storage, and wireless solutions, where his most recent role was Senior Director of the Operations Group. Mr. Ng Yukshing joined Marvell in 2005, and previously spent over 10 years as a semiconductor designer at Cypress Semiconductor. He is experienced in scaling semiconductor and system level product lines, such as Wi-Fi modules and enterprise storage solutions, into multi-hundred-million-dollar businesses. Mr. Ng Yukshing has a BEng (Hons) in Electronic and Electrical Engineering from King's College London (UK) and a MSc in Microelectronics from Brunel University London (UK).
"I'm excited to be joining Spectra7 Microsystems, given its large market opportunities in the high-performance analog semiconductor market," said Mr. Ng Yukshing. "Over my career, I've been selective with the companies that I've worked with and I have focused on businesses like Spectra7 that have large scale potential."
"We are pleased that a respected industry veteran like Antony is joining Spectra7 as VP of Operations," said Mr. Halim. "Antony brings decades of semiconductor industry experience that will be critical to Spectra7 manufacturing operations going forward."
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