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InvenSense CEO Discusses F1Q13 Results - Earnings Call Transcript

Stocks in this article: INVN

Changes in the mix of our business between various motion processing solutions as well as changes in economic conditions and other risk factors that the document filed by the company with the Securities and Exchange Commission from time to time.

Copies of InvenSense SECs filings are posted on the Company’s website and are available from the Company without charge. Forward-looking statements are made as of this date of this conference call and the company does not undertake any obligations to update its forward-looking statements to reflect future events or circumstances. With that introduction I will turn the call over now to Steve Nasiri, our Founder, Chairman and Chief Executive Officer.

Steve Nasiri

Thank you Alan and good afternoon to everyone. Welcome to our fiscal 2013 first quarter call. We had a solid quarter and we were able to deliver at the mid-point of our stated guidance of $38 million to $40 million with revenue of $39.2 million.

Our earnings per share also met our guidance of $0.09 per share, our revenue grew 19% sequentially in the June quarter with the smart phone and tablets leading our growth and representing 75% of total revenue. Also ask we discussed in our last call, a sequential revenue growth opportunity in the June quarter was somewhat tampered by constraints in the availability of certain leading age components from other chip providers into the handset and tablet phase related to tight capacity up 28 nanometer technology.

Looking ahead to reminder of fiscal 2013 we believe this component shortages are already accounted for in customers forecast provided to us and we do not foresee any significant additional surprises in this regard.

Looking at the motion interface market based on all of our ongoing customer engagement, we are very pleased by the rapid rate of adoption of this functionality into many high end smart phones and we are now seeing this adoption growing into mid-range smartphones driven by some of the leading device makers. We are also pleased with markets adoption of our integrated six-axis devices in most new designs just coming to the market such as Samsung Galaxy S3 LTE smartphone.

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