OmniVision Technologies Rises on Record Revenues

Shares of OmniVision Technologies OVTI are trading higher in the after-hours following the release of the company's Q1 earnings results. Currently, shares are higher by 0.74%, trading at $25.00; they ended the regular session lower by 3.87%, at $24.82. OmniVision Technologies reported Q1 non-GAAP diluted EPS of $0.76 (GAAP EPS of $0.68) on revenues of $276.1 million. GAAP gross margin for the first quarter of fiscal 2012 was 31.7%, as compared to 30.7% for the fourth quarter of fiscal 2011 and 26.9% for the first quarter of fiscal 2011. The company sees Q2 2012 revenues in the range of $255-275 million with non-GAAP EPS in the range of $0.52-0.64. "We are extremely pleased with our achievement this quarter, with record revenues along with year-over-year revenues growth of 43 percent," stated Shaw Hong, chief executive officer of OmniVision Technologies, Inc. "We will maintain our focus on execution and our dedication to bringing leading-edge imaging sensors to the market." OmniVision Technologies, Inc., incorporated in May 1995, designs, develops and markets semiconductor image-sensor devices. The company's 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.