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Ambarella, Inc. Announces First Quarter Fiscal 2014 Results

SANTA CLARA, Calif., June 4, 2013 (GLOBE NEWSWIRE) -- Ambarella, Inc. (Nasdaq:AMBA), a leading developer of low-power, HD video compression and image processing semiconductors, today announced financial results for its fiscal first quarter ended April 30, 2013.

Revenue for the first quarter of fiscal 2014 was $33.9 million, up 30.9% from $25.9 million in the same period in fiscal 2013. Gross margin under U.S. generally accepted accounting principles (GAAP) for the first quarter of fiscal 2014 was 63.9%, compared with 71.0% for the same period in fiscal 2013. GAAP net income for the first quarter of fiscal 2014 was $4.7 million, or $0.16 per diluted ordinary share, compared with GAAP net income of $2.6 million, or $0.07 per diluted ordinary share, for the same period in fiscal 2013.

Gross margin on a non-GAAP basis for the first quarter of fiscal 2014 was 64.0%, compared with 71.1% for the same period in fiscal 2013. Non-GAAP net income for the first quarter of fiscal 2014 was $6.2 million, or $0.21 per diluted ordinary share. This compares with non-GAAP net income of $3.5 million, or $0.11 per diluted ordinary share for the same period in fiscal 2013.

Ambarella reports gross margin, net income and earnings per share in accordance with GAAP, as well as on a non-GAAP basis. Non-GAAP financial information excludes the impact of stock-based compensation and the associated tax impact. A reconciliation of the GAAP to non-GAAP gross margin, net income and earnings per share numbers, as well as a description of the items excluded from the non-GAAP calculations, is included in the condensed financial statements portion of this press release.

Cash at the end of the first fiscal quarter of 2014 was $104.3 million, compared with $59.7 million at the end of the same quarter a year ago, and $100.5 million at the end of the fourth quarter.

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