This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Volterra Announces Financial Results And Acquisition Of Element Energy

Stocks in this article: VLTR

Investors should note that the non-GAAP financial measures used by Volterra may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies. Whenever Volterra discloses such a non-GAAP financial measure, it provides a reconciliation of non-GAAP financial measures to what it believes to be the most closely applicable GAAP financial measure. A reconciliation of GAAP net income to non-GAAP net income is included in the financial statements portion of this release and at the Investors section of our website at  www.volterra.com . Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measure. Volterra does not provide a non-GAAP reconciliation for non-GAAP estimates on a forward-looking basis, as it believes it is unable to provide a meaningful or accurate calculation or estimation of stock based compensation or other special items without unreasonable effort.

Volterra is a trademark of Volterra Semiconductor Corporation and is registered in certain jurisdictions. All other names mentioned are the property of their respective owners and are mentioned for identification purposes only.

Forward-Looking Statements:

This press release regarding financial results for the fiscal year and quarter ended December 31, 2012 contains forward-looking statements based on current expectations of Volterra. The words "expect," "will," "should," "would," "anticipate," "project," "outlook," "believe," "intend," and similar phrases as they relate to future events are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Volterra but are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: risks related to our ability to maintain revenue growth or other financial results; risks related to our dependence on a limited number of customers; risks related to the limited markets we operate in and the limited number of products we sell; risks related to the quality of our products or the management of our inventory; risks related to our relationship with our vendors and contractors; intellectual property litigation risk; and other factors detailed in our filings with the Securities and Exchange Commission, including the annual report on Form 10-K filed on March 6, 2012 and the quarterly report on Form 10-Q filed on November 1, 2012. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Volterra undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.

 
VOLTERRA SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
         
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
         
  Three Months Ended Twelve Months Ended
  December 31, December 31,
  2012 2011 2012 2011
         
Net revenue  $ 40,259  $ 38,776  $ 168,043  $ 155,986
Cost of revenue *  17,193  16,165  71,064  66,468
Gross margin  23,066  22,611  96,979  89,518
         
Operating expenses:        
Research and development *  10,896  9,720  43,253  37,383
Selling, general and administrative *  6,726  6,602  26,939  26,646
Litigation  690  711  3,473  4,679
Total operating expenses  18,312  17,033  73,665  68,708
         
Income from operations  4,754  5,578  23,314  20,810
Non-operating expense (income), net  54  (91)  33  58
Income before income taxes  4,700  5,669  23,281  20,752
Income tax expense (benefit)  125  (15)  434  108
Net income  $ 4,575  $ 5,684  $ 22,847  $ 20,644
         
Net income per share:        
Basic  $ 0.18  $ 0.23  $ 0.90  $ 0.84
Diluted  $ 0.18  $ 0.22  $ 0.86  $ 0.79
         
Weighted average shares outstanding:        
Basic  25,112  24,712  25,266  24,654
Diluted  25,912  26,148  26,556  26,163
         
* Includes stock-based compensation expense as follows:        
Cost of revenue  $ 180  $ 198  $ 776  $ 769
Research and development  1,193  899  4,318  3,368
Selling, general, and administrative  1,178  1,014  4,946  4,096
Total stock-based compensation expense  $ 2,551  $ 2,111  $ 10,040  $ 8,233
 
 
VOLTERRA SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
       
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)
(Unaudited)
       
  Three Months Ended December 31, 2012
    Effect of  
    Stock-based   
  GAAP Compensation Non-GAAP
       
Gross margin  $ 23,066  $ (180)  $ 23,246
Gross margin % 57.3% -0.4% 57.7%
       
Operating expenses:      
Research and development  $ 10,896  $ 1,193  $ 9,703
Selling, general and administrative  6,726  1,178  5,548
Litigation  690  --   690
       
Total operating expenses  $ 18,312  $ 2,371  $ 15,941
       
Income from operations  $ 4,754  $ (2,551)  $ 7,305
Operating margin % 11.8% -6.3% 18.1%
       
Net income  $ 4,575  $ (2,551)  $ 7,126
Diluted net income per share  $ 0.18  $ (0.10)  $ 0.28
       
       
  Three Months Ended December 31, 2011
    Effect of  
    Stock-based   
  GAAP Compensation Non-GAAP
       
Gross margin  $ 22,611  $ (198)  $ 22,809
Gross margin % 58.3% -0.5% 58.8%
       
Operating expenses:      
Research and development  $ 9,720  $ 899  $ 8,821
Selling, general and administrative  6,602  1,014  5,588
Litigation  711  --   711
       
Total operating expenses  $ 17,033  $ 1,913  $ 15,120
       
Income from operations  $ 5,578  $ (2,111)  $ 7,689
Operating margin % 14.4% -5.4% 19.8%
       
Net income  $ 5,684  $ (2,111)  $ 7,795
Diluted net income per share  $ 0.22  $ (0.08)  $ 0.30
 
 
VOLTERRA SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
       
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)
(Unaudited)
       
  Twelve Months Ended December 31, 2012
    Effect of  
    Stock-based   
  GAAP Compensation Non-GAAP
       
Gross margin  $ 96,979  $ (776)  $ 97,755
Gross margin % 57.7% -0.5% 58.2%
       
Operating expenses:      
Research and development  $ 43,253  $ 4,318  $ 38,935
Selling, general and administrative  26,939  4,946  21,993
Litigation  3,473  --   3,473
       
Total operating expenses  $ 73,665  $ 9,264  $ 64,401
       
Income from operations  $ 23,314  $ (10,040)  $ 33,354
Operating margin % 13.9% -5.9% 19.8%
       
Net income  $ 22,847  $ (10,040)  $ 32,887
Diluted net income per share  $ 0.86  $ (0.38)  $ 1.24
       
       
  Twelve Months Ended December 31, 2011
    Effect of  
    Stock-based   
  GAAP Compensation Non-GAAP
       
Gross margin  $ 89,518  $ (769)  $ 90,287
Gross margin % 57.4% -0.5% 57.9%
       
Operating expenses:      
Research and development  $ 37,383  $ 3,368  $ 34,015
Selling, general and administrative  26,646  4,096  22,550
Litigation  4,679  --   4,679
       
Total operating expenses  $ 68,708  $ 7,464  $ 61,244
       
Income from operations  $ 20,810  $ (8,233)  $ 29,043
Operating margin % 13.3% -5.3% 18.6%
       
Net income  $ 20,644  $ (8,233)  $ 28,877
Diluted net income per share  $ 0.79  $ (0.31)  $ 1.10
 
 
VOLTERRA SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
 
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 
  December 31, September 30, December 31,
  2012 2012 2011
Assets      
Current assets:      
Cash, cash equivalents and short-term investments  $ 150,364  $ 142,683  $ 126,733
Accounts receivable, net  24,487  24,329  22,399
Inventories  18,719  20,192  14,687
Prepaid expenses and other current assets  3,103  3,173  2,933
Total current assets  196,673  190,377  166,752
Property and equipment, net  11,013  10,813  7,905
Other assets  6,121  265  1,059
Total assets  $ 213,807  $ 201,455  $ 175,716
       
Liabilities and Stockholders' Equity       
Current liabilities:      
Accounts payable  $ 7,073  $ 6,522  $ 5,643
Accrued liabilities  13,974  9,499  8,299
       
Total current liabilities  21,047  16,021  13,942
       
Lease incentives  150  197  339
Other long-term liabilities  3,411  2,402  2,214
       
Total liabilities  24,608  18,620  16,495
Stockholders' equity:      
Common stock  29  29  28
Additional paid-in capital  174,056  170,213  152,644
Retained earnings  66,053  61,478  43,206
Treasury stock  (50,939)  (48,885)  (36,657)
       
Total stockholders' equity  189,199  182,835  159,221
       
Total liabilities and stockholders' equity  $ 213,807  $ 201,455  $ 175,716
 
 
VOLTERRA SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
 
SUPPLEMENTAL FINANCIAL AND OTHER INFORMATION 
(In thousands)
(Unaudited)
       
  Q4 2012 Q3 2012 Q4 2011
Selected Cash Flow Information:       
Depreciation   $ 934  $ 886  $ 792
Capital spending   $ (1,702)  $ (2,439)  $ (774)
Stock repurchase program   $ (2,054)  $ (10,234)  $ (2,877)
Proceeds from sales of shares to employees  $ 1,334  $ 1,309  $ 3,785
       
Stock Buyback:       
Shares repurchased   94  436  140
Cumulative shares repurchased   4,873  4,779  4,275
CONTACT: For investor information contact:
         Heidi Flannery, Investor Relations
         (510) 743-1718
         investor@volterra.com

3 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,710.91 +249.59 1.52%
S&P 500 1,954.61 +27.50 1.43%
NASDAQ 4,458.3890 +75.5420 1.72%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs