SiRF: Earnings Up and a Deal with Intel

SiRF announced a deal with Intel to work collaboratively in GPS capable electronics. Does everything need to have a GPS chip in it? No, not really, but it certainly wouldn't happen if SiRF was still going it alone, but the Intel deal makes getting much broader inclusion of GPS chips possible.

SiRF also announced their earnings; a 23% increase over year ago. Not bad, as things continued to be hot in the market for GPS navigation systems.

More details on earnings follow...

Net revenue in the second quarter of 2007 was $70.6 million, an increase of 23.4 percent from $57.2 million reported in the second quarter of 2006. Net revenue in the first six months of 2007 was $137.9 million, an increase of 25.5 percent from $109.9 million reported in the first six months of 2006. Gross margin in the second quarter of 2007 was 54.6 percent, as compared to 56.3 percent in the second quarter of 2006. Gross margin in the first six months of 2007 was 54.6 percent, as compared to 55.7 percent in the first six months of 2006.

Net income for the second quarter of 2007 was $2.1 million, or $0.04 per diluted share, based on 56.5 million diluted weighted average shares outstanding. This compares with net income of $1.7 million, or $0.03 per diluted share, based on 56.0 million diluted weighted average shares outstanding in the second quarter of 2006.

Net income for the first six months of 2007 was $4.9 million, or $0.09 per diluted share, based on 56.4 million diluted weighted average shares outstanding. This compares with net loss of $9.3 million, or $0.18 per diluted share, based on 50.7 million diluted weighted average shares outstanding in the first six months of 2006. The increase in net income for the first six months of 2007 as compared to the first six months of 2006 is primarily attributable to a one-time charge related to acquired in-process research and development associated with the acquisition of TrueSpan during the first six months of 2006, with no similar charge during the first six months of 2007.

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