Zoran Corporation Reports Second Quarter 2008 Results

Monday, July 28th, 2008
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  • Set-top-box revenues grow 114 percent sequentially, contributing to 33.7 percent growth in total DTV revenues
  • Challenges in Company’s DVD business, including global economic slowdown and reduced consumer spending, drive atypical seasonal expectations for the third quarter
  • Shift in projected geographic revenue mix for remainder of 2008 increases effective tax rate, adversely impacting earnings

SUNNYVALE, Calif. — Zoran Corporation (Nasdaq GS: ZRAN), a leading provider of digital solutions for applications in the growing digital entertainment and digital imaging markets, today reported results for its second quarter ended June 30, 2008.

Revenues for the second quarter were $128.7 million, compared to $109.0 million last quarter and $129.9 million for the second quarter of 2007. The Company reported a net loss for the second quarter of $36.6 million, or $0.71 per share, which includes a one time in-process research and development expense of $22.4 million as part of the acquisition of Let It Wave, charges of $9.3 million related to the amortization of acquisition-related purchased intangible assets, and stock-based compensation expenses of $3.6 million. This compares with a net loss of $4.7 million, or $0.09 per share, for the previous quarter and a net income of $0.2 million, or $0.00 per diluted share, for the second quarter of 2007.

Recent Highlights

  • Revenues by product line for the second quarter of 2008 were 33 percent Digital Camera, 28 percent DTV, 15 percent DVD, 15 percent Printer Imaging, 7 percent mobile phone processors and 2 percent other
  • Zoran Adds Frame Rate Conversion Technology Through Acquisition of Let It Wave
  • Zoran-Powered Apex Digital Converter Box Supporting Analog Pass-Through Gains NTIA Approval
  • Zoran’s APPROACH® 5C Multimedia Processor Powers LG’s Secret Black Label Phone With High Quality Image Capture
  • Zoran Launches Highly Integrated Quatro® Processors Supporting Improved Performance, Color Touch Panels and Wi-Fi and Ethernet Options
  • Zoran Announces Preliminary Approval of Derivative Litigation Settlement

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