FREMONT, Calif., Jan. 6, 2011 (GLOBE NEWSWIRE) -- Volterra Semiconductor Corporation (Nasdaq:VLTR), a leading provider of high-performance analog and mixed-signal power management semiconductors, today provided a financial update for the fourth quarter ending December 31, 2010.
The company announced that it expects fourth quarter net revenue in the range of approximately $35.4 million to $35.6 million, lower than the company's previous outlook range of $37 million to $40 million. The middle of the updated revenue range would bring Volterra's full year 2010 net revenue to $153.6 million, representing 46% growth from the prior year and Volterra's tenth consecutive year of revenue growth.
"The customer inventory correction we experienced in the fourth quarter with our major customers in communications, server and storage markets was deeper than originally expected," said Jeff Staszak, Volterra's President and CEO. "Recent order activity indicates normal seasonality in the first quarter of 2011 with the exception of our notebook business which will be up sequentially. Going forward Volterra remains well-positioned with excellent visibility on continued market share gains as notebook and server platforms launch."As a result of the updated revenue outlook the company now expects fourth quarter non-GAAP diluted earnings per share in the range of approximately $0.20 to $0.22, lower than the company's previous range of $0.24 to $0.31. Volterra's full year 2010 non-GAAP diluted earnings per share at this updated level would be in the range of $1.34 to $1.36, representing approximately 100% growth from the prior year. No conference call will be held in conjunction with this press release. Additional commentary will be provided when the company issues its financial results for the December quarter on Monday, January 24, 2011. Jeff Staszak, President and CEO, and Mike Burns, Vice President of Finance and CFO, will host a conference call, which is open to all investors, following the issuance of its earnings release.