SiRF Earnings; Sales up Profit down
SiRF reported earnings yesterday and revenue was way up for the omnipresent GPS receiver chip maker, but net earnings was down. Their revenue was up 32% over year ago on strong sales to just about every GPS manufacturer in the world, right (See highlights below)? Their net income was down to $2.6 million from $14.6 million due to some "increased employee stock compensation expense associated with SiRF's acquisitions".
"I am very pleased with our performance in Q3. We have once again reported record revenues, and record shipment volumes and strong operating profit. Order backlog for Q4 is strong and some customers are requesting early delivery of orders," said Dr. Michael Canning, President and CEO.
SiRF Cited a few highlights:
Delphi targets value-oriented consumers with new NAV200 portable navigation system with entertainment features;
A family of products from Garmin, including nuvi 660 all-in-one Personal Travel Assistant(TM), Garmin zumo designed for motorcyclists and Garmin Mobile family that turns Bluetooth enabled devices such as laptops, smartphones, Pocket PCs, and PDAs into GPS navigators;
HP's iPAQ rx5900 Travel Companion, a new class of mobile handhelds that lets customers navigate, stay connected and be entertained when on the move;
Magellan RoadMate 2000 series, including devices designed to provide navigation for both driving and outdoor adventures;
Mio DigiWalker H610, a stylish, handheld digital media player and personal navigation device about the size of a business card;
A range of portable navigation products from Navman, including devices with a built-in digital camera, that enable you to navigate to pictures; and
TomTom ONE (Europe) and TomTom ONE (Regional), two slimmer design successors to TomTom's popular entry level all-in-one navigation product.
Read More in: Earnings Announcements | SiRF News
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Posted by Scott Martin at October 20, 2006 8:20 AM
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