Consolidated non-GAAP gross profit was $15.7 million for Q4 compared with $12.9 million last quarter, and $15.4 million last year. Non-GAAP gross margin for the fourth quarter was 36.2% and was 3.6% higher than last quarter's 32.6%, and 0.8% lower than year's 37%.
The sequential quarter gross margin increase was due to a couple of factors. First, we had some favorable mix due to the decline in product shipment for the consumer segment. And also, our oscillator volume increased quarter-to-quarter. And second, we had much lower unfavorable absorption charges compared with last quarter due to higher volume.
For the full fiscal year consolidated gross margin was 35.1% compared with 34.8% last year. And gross profit was $58.4 million compared with $51.2 million last year.
Non-GAAP operating expenses were $11.2 million for Q4 compared with $10.6 million last quarter and $10.8 million last year. The Q4 operating income on a non-GAAP basis was $4.5 million or 10% of revenue compared with $2.2 million or 6% of revenue last quarter, and $4.5 million or 11% of revenue for the same period last year.The sequential increase was primarily due to the higher revenue volume and also the 3.6% increase in gross margin. Our total fiscal year 2011, non-GAAP operating income was $15.7 million and was 37% higher than the $11.5 million last year.Interest and other income was $0.9 million for Q4 compared with $1.3 million last quarter, and $1.1 million last year. The decrease of $0.4 million was mostly due to Q4 having a $0.1 million currency exchange loss, while last quarter had a $0.3 million gain.Income before tax was $5.4 million on a non-GAAP basis for Q4 compared with $3.6 million last quarter, and $5.6 million last year. The non-GAAP effective tax rate was 34% for Q4 compared with 31% last quarter, and 28% for the same period last year. The Q4 tax rate was higher than last quarter and last year, primarily due to the mixture of domestic versus foreign income.Read the rest of this transcript for free on seekingalpha.com
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