OmniVision reports financial results

According to a press release, revenues for the second quarter of fiscal 2015 were $394.0 million, as compared to $406.5 million in the first quarter of fiscal 2015, and $397.2 million in the second quarter of fiscal 2014. GAAP net income in the second quarter of fiscal 2015 was $28.0 million, or $0.47 per diluted share, as compared to net income of $45.3 million, or $0.78 per diluted share in the first quarter of fiscal 2015, and $26.3 million, or $0.47 per diluted share in the second quarter of fiscal 2014.

Non-GAAP net income in the second quarter of fiscal 2015 was $36.9 million, or $0.60 per diluted share. Non-GAAP net income in the first quarter of fiscal 2015 was $54.4 million, or $0.91 per diluted share. Non-GAAP net income in the second quarter of fiscal 2014 was $34.9 million, or $0.60 per diluted share. Non-GAAP net income excludes stock-based compensation expenses and the related tax effects. Please refer to the attached schedule for a reconciliation of GAAP net income to non-GAAP net income for the three and six months ended October 31, 2014 and 2013 and for the three months ended July 31, 2014.

GAAP gross margin for the second quarter of fiscal 2015 was 22.0%, as compared to 21.7% for the first quarter of fiscal 2015 and 18.8% for the second quarter of fiscal 2014. The sequential increase in second quarter gross margin reflected an increase in revenues recorded on the sale of previously written-down inventory and a continued mix shift towards our newer generation products.

The company ended the period with cash, cash equivalents and short-term investments totaling $525.2 million, a slight increase of $1.0 million from the previous quarter.

“Our mobile phone and automotive products continue to be the drivers behind our strong results this quarter,” said Shaw Hong, chief executive officer of OmniVision Technologies, Inc. “We are pleased with our execution in China, and with the emergence of India as a key geography for us. We are also excited about the launch of our high-performance stacked-die PureCel-S products, which demonstrates our technology leadership.”