Sigma Designs Reports Preliminary Revenue Results for Fiscal Third QuarterTuesday, November 18th, 2008
MILPITAS, Calif. — Sigma Designs®, Inc. (NASDAQ:SIGM) (“Sigma” or the “Company”), a leading provider of highly integrated system-on-chip, or SoC, solutions used to deliver multimedia entertainment throughout the home, today reported preliminary revenue would be below prior estimates provided by the Company for the third quarter of fiscal year 2009, ended November 1, 2008.
Net revenue for the third quarter of fiscal 2009 is now expected to be approximately $46.5 million, a decline of approximately 20 percent from net revenue of $58.2 million reported for the second quarter of fiscal 2009. Prior outlook for the third quarter of fiscal 2009 was for revenue to be in a range comparable to the second quarter. At this time, the outlook for the fourth quarter is for revenue to be flat to down 10% from the third fiscal quarter of 2009.
“The slowing of the world-wide economy has significantly impacted our customer’s business strategy, particularly in the IPTV market. On the positive side, preliminary results indicate that Sigma generated more than $15 million in cash during the third quarter which would bring our total cash and investments to more than $7.00 per share as of quarter end,” said Thinh Tran, Sigma’s Chairman, President and Chief Executive Officer. “We believe in the long-term strengths of our technology and our target markets and our financial position remains strong as we manage through the current macroeconomic weakness.”
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