Sigma Designs Fiscal 1Q Profit Falls 58 Percent

MILPITAS, Calif. (AP) — Chip designer Sigma Designs Inc. said Wednesday its fiscal 2010 first-quarter profit fell 58 percent on a dip in revenue and a series of charges.

The company posted earnings of $2.7 million, or 10 cents per share, down from $6.6 million, or 22 cents per share from a year prior. Revenue fell 10 percent to $51.2 million from $56.9 million. The fiscal first-quarter ended May 2.

On an adjusted basis, excluding amortization and stock-based compensation charges, the company said earnings came to $8.3 million, or 30 cents per share.

Analysts polled by Thomson Reuters expected profit of 23 cents per share on revenue of $47.8 million.

Shares of Sigma Designs rose 17 cents to $16.80 in after-hours trading, following a loss of 2 cents to close at $16.63 in the regular session.