Atheros Communications Announces Record Financial Results for First Quarter 2004
Q1 Revenues up 14 percent over Q4; Gross Margins Expand to 44.2 percent
Sunnyvale, Calif.-April 27, 2004-Atheros Communications, Inc. (Nasdaq: ATHR), a leading developer of advanced wireless LAN chipsets, today announced record financial results for the first quarter of fiscal 2004, ended March 31, 2004.
Revenue in the first quarter of fiscal 2004 was $43.1 million, compared with $37.7 million in the fourth quarter of fiscal 2003, an increase of 14 percent. Gross margin in the first quarter of fiscal 2004 was 44.2 percent, or 80 basis points higher than the 43.4 percent gross margin reported in the prior quarter.
In accordance with U.S. generally accepted accounting principles (GAAP), the company's net income in the first quarter of fiscal 2004 was $2.4 million, or earnings of $0.05 per diluted share on 48.2 million average shares outstanding. This compares with a net loss of $0.2 million, or a loss of $0.02 per diluted share on 13.1 million average shares outstanding in the fourth quarter of fiscal 2003.
Houston Texans 6'' x 6'' Metallic Logo Decal,Men's Philadelphia Eagles New Era Gray Sport Knit Hat NFL Jerseys Oakland Raiders Outlet.Women's San Francisco 49ers Nike White Performance Tank Top,Youth Oakland Raiders Amari Cooper Nike Black 2015 Game Jersey,Men's San Diego Chargers Melvin Gordon Nike Navy Limited Jersey Oakland Raider Jerseys Sale.Minnesota Vikings Infant Bear Security Blanket - Pink,Newborn/Infant Chicago Bears Pacifier with Clip.Men's Miami Dolphins Majestic Aqua Critical Victory Long Sleeve T-Shirt,Infant Pittsburgh Steelers Pink Bodysuit Bib & Bootie Set.Women's Dallas Cowboys Nike White Strong Side 3/4-Sleeve Raglan T-Shirt,Pittsburgh Steelers Team Logo Neon Light.Women's Dallas Cowboys Nike Navy Blue MVP Track Jacket,Women's Los Angeles Rams Majestic Gray Break The Limit V-Neck Tri-Blend T-Shirt.Antigua San Diego Chargers Pique Xtra-Lite Polo - Powder Blue,Youth Tampa Bay Buccaneers Lavonte David Nike White Game Jersey,Women's Miami Dolphins Concepts Sport Aqua Ovation Robe Future Of The Oakland Raiders.Houston Texans Unisex Solid Scrub Pants - Navy Blue,Mens Jacksonville Jaguars '47 Brand Teal/White Classic Freshman Franchise Fitted Hat Oakland Raiders Jerseys Cheap
Total cash and short-term investments were $158.4 million at March 31, 2004, compared with $29.0 million at Dec. 31, 2003. Atheros raised $133.5 million in net proceeds to the company from its initial public offering of 10.35 million shares of common stock in February 2004.
Atheros reports net income (loss) and basic and diluted net income (loss) per share in accordance with GAAP and additionally on a non-GAAP basis. Non-GAAP net income, where applicable, excludes the effect of the amortization of stock-based compensation. In the first quarter of 2004, non-GAAP net income was $3.5 million, or $0.07 per diluted share, compared with non-GAAP net income of $1.6 million, or $0.13 per diluted share, in the fourth quarter of fiscal 2003. Average shares used in computing non-GAAP net income per share for the first quarter of fiscal 2004 increased to 48.2 million, compared with 13.1 million for the fourth quarter of fiscal 2003.
"It has been an extremely exciting quarter for Atheros, and we are pleased with our company's progress," said Dr. Craig Barratt, president and CEO. "Not only did we successfully complete our initial public offering in February, we continued to expand our customer base and drive the adoption of wireless networking technologies worldwide. In January we once again demonstrated our technological leadership in wireless solutions with the introduction of the industry's first single chip 802.11g based product and we believe that this product will enable our customers to continue to provide competitive solutions to the marketplace.
"In addition, the adoption of our Super G technology has enabled several of our partners to introduce Atheros-branded, market-leading products with the highest level of throughput available, giving them a competitive advantage and providing end users with a better performing solution," he said.