OmniVision Technologies Tanks on Q4 Results

Shares of OmniVision Technologies OVTI are falling in the after-hours trade following the release of its Q4 earnings release. Currently, shares are off by 8.07%, at $33.48; they closed the regular session higher by 0.61%, at $36.42. OmniVision Technologies reported Q4 EPS of $0.66 on revenues of $258.3 million. OmniVision Technologies ended the period with cash, cash equivalents and short-term investments totaling $466.9 million, a decline of $32.0 million from the previous quarter. The decrease reflects, in part, a $58.5 million payment to Eastman Kodak Company in March 2011 for the purchase of image sensor-related patents and patent applications. "In the fourth quarter, we met the high end of our guidance on our key financial metrics. This was another strong quarter to close a remarkable year for the Company, a year in which OmniVision revenues approached $1 billion," said Shaw Hong, chief executive officer of OmniVision Technologies, Inc. "Underlying OmniVision's success is our ability to deliver high-performance image sensors for Tier-One customers across diverse and growing markets. We anticipate that our continued focus on innovation using our advanced OmniBSI2(TM) architectures will enable OmniVision to maintain its technological leadership and achieve its financial objectives." OmniVision Technologies, Inc. designs, develops and markets semiconductor image-sensor devices. Its main products, image-sensing devices, which it refers to as CameraChip image sensors, capture an image electronically and are used in a number of consumer and commercial mass-market applications.