FREMONT, Calif., Oct. 25, 2010 (GLOBE NEWSWIRE) -- Volterra Semiconductor Corporation (Nasdaq:VLTR), a leading provider of high-performance analog and mixed-signal power management semiconductors, today reported financial results for its third quarter ended September 30, 2010.
Net revenue for the third quarter of 2010 was $41.6 million, a 40% increase from $29.7 million in the third quarter of 2009, and a 3% increase from $40.2 million in the second quarter of 2010. GAAP net income was $8.4 million, or $0.32 per share (diluted), a 144% increase from $3.4 million, or $0.14 per share (diluted) in the third quarter of 2009, and a 7% decrease from $9.0 million, or $0.34 per share (diluted), in the second quarter of 2010.
Volterra also reported net income and basic and diluted net income per share on a non-GAAP basis. Non-GAAP net income excludes the effect of stock-based compensation expense, net of tax. Non-GAAP net income was $10.2 million, or $0.39 per share (diluted), for the third quarter of 2010, a 112% increase from $4.8 million, or $0.19 per share (diluted), in the third quarter of 2009, and a 4% decrease from $10.5 million, or $0.40 per share (diluted), in the second quarter of 2010."We were pleased to achieve record revenue led by our notebook business, and to deliver revenue and earnings within our guidance," said Volterra President and CEO Jeff Staszak. Volterra also announced that its Board of Directors recently approved an expansion of its previously authorized share repurchase plan by an additional $15 million. Repurchases under Volterra's repurchase plan may be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. The repurchases shall be made in compliance with applicable rules and regulations and may be made under a plan that complies with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.