Orions MLK Contest Pick - RMTR + charts and some DD
2011 Third-Quarter Financial Highlights
•Total revenue grew 31% sequentially to $22.0 million, compared to $16.8 million in the second quarter of 2011 •Sequential revenue growth was driven by increased product shipments to customers as the company executed its capacity expansion plan •Net income was $1.2 million, or $0.04 per share, compared with a net loss of $683,000, or ($0.02) per share, for the second quarter of 2011 •Product gross margin increased to 51%, compared to a margin of 47% in the second quarter of 2011 •Product gross margin expanded due to a combination of a more favorable mix of products, higher yields, and lower test costs
The Company reported total revenue of $22.0 million for the third quarter of 2011, compared with $19.9 million for the same quarter last year. Product gross margin for the third quarter of 2011 was 51%, compared with 52% for the third quarter of 2010.
The Company reported net income of $1.2 million, or $0.04 per share, for the third quarter of 2011, compared with net income of $342,000, or $0.01 per share, for the third quarter of 2010. Third-quarter 2011 results included stock-based compensation expense of $558,000 and an income tax provision of $529,000. At September 30, 2011, the Company’s cash and cash equivalents totaled $8.2 million