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Ambarella, Inc. Announces Second Quarter Fiscal 2014 Results

Stocks in this article: AMBA

SANTA CLARA, Calif., Sept. 5, 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 second quarter ended July 31, 2013.

Revenue for the second quarter of fiscal 2014 was $37.7 million, up 35% from $28.0 million in the same period in fiscal 2013. For the six months ended July 31, 2013, revenue was $71.7 million, up 33% from $53.9 million for the six months ended July 31, 2012.

Gross margin under U.S. generally accepted accounting principles (GAAP) for the second quarter of fiscal 2014 was 61.8%, compared with 69.1% for the same period in fiscal 2013. For the six months ended July 31, 2013, GAAP gross margin was 62.8%, compared with 70.0% for the six months ended July 31, 2012.

GAAP net income for the second quarter of fiscal 2014 was $6.3 million, or $0.21 per diluted ordinary share, compared with GAAP net income of $5.2 million, or $0.19 per diluted ordinary share, for the same period in fiscal 2013. GAAP net income for the six months ended July 31, 2013 was $11.0 million, or $0.37 per diluted ordinary share. This compares with GAAP net income of $7.8 million, or $0.26 per diluted ordinary share, for the six months ended July 31, 2012.

Gross margin on a non-GAAP basis for the second quarter of fiscal 2014 was 61.9%, compared with 69.2% for the same period in fiscal 2013. For the six months ended July 31, 2013, non-GAAP gross margin was 62.9%, compared with 70.1% for the six months ended July 31, 2012.

Non-GAAP net income for the second quarter of fiscal 2014 was $7.7 million, or $0.26 per diluted ordinary share. This compares with non-GAAP net income of $6.2 million, or $0.23 per diluted ordinary share for the same period in fiscal 2013. Non-GAAP net income for the six months ended July 31, 2013 was $13.9 million, or $0.47 per diluted ordinary share. This compares with non-GAAP net income of $9.6 million for the six months ended July 31, 2012, or $0.34 per diluted ordinary share.

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