Non-GAAP operating expenses were $11.1 million for Q3, and was up .1 million sequentially. Going forward, our operating expenses could vary plus or minus a few percentage points in any given quarter, but we don’t expect to see any significant changes from this run rate at this point in time.
On the product development front, we have been, and we will continue to, invest in next generation solutions that will drive both growth and margin expansion for applications in server, embedded, networking and telecom and mobile computing.
The non-GAAP effective tax rate was 11% for Q3, compared with 9% last quarter. The Q3 tax rate included the impact of a favorable year-to-date (inaudible) of approximately $.2 million. Our tax rate has fluctuated a bit during the past few quarters, primarily due to the mixture of foreign versus domestic income, as well as having a lower pre-tax income amount as the basis for calculation.
Non-GAAP net income was $1.7 million, or $0.07 per diluted share for Q3, compared with 1 million, or $0.04 per share last quarter. Half of the net income increase came from the higher revenue volume, and the other half from cash investment income and tax.Exiting Q3, our balance sheet remained in excellent shape, and we continued to generate positive cash flow. Cash, including both short- and long-term investments in marketable securities, was $125 million, which equated to $5.20 per share. During the quarter, we repurchased 426,000 shares for $3.4 million, at an average price of $8.03 per share. The balance remaining under the 2008 share repurchase plan was $3.1 million as of quarter-end. On that note, we are pleased to announce that our board of directors have approved and authorized us to repurchase an additional $25 million of common stock, commencing when the current plan ends. Read the rest of this transcript for free on seekingalpha.com
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