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Silicon Image (SIMG) Cuts Revenue Outlook Below Consensus, Records Charge

 January 04, 2013 08:11 AM
 


(By Balachander) Silicon Image Inc. (NASDAQ: SIMG) lowered its revenue forecast for the fourth quarter, citing rescheduling of certain orders by a large customer.

The provider of wireless and wired connectivity services now expects revenue in the range of $59 million to $60 million, down from $64 million to $67 million projected earlier. 

Wall Street analysts, on average, expect revenue of $65.65 million for the three months ended Dec. 31.

"Our lowered revenue guidance for the fourth quarter is the result of changes in the timing of production schedules and the level of inventory management by one of our large customers," commented CEO Camillo Martino.

[Related -Stocks End Modestly Higher On Data; Apple (AAPL) Slumps]

The company said its operating expenses will be lower than planned for the quarter due to continued cost controls as well as lower incentive pay as a result of the reduced financial performance.

Silicon Image also said it has taken a charge of $6.3 million to reflect the write down of certain unsalable inventory due to defects in the material used by one of its assembly vendors in the packaging process.

"With respect to our inventory charge, we are working with our vendor to either replace the inventory or compensate the Company for its incurred costs," said Martino.

The stock, which has been trading in the 52-week range of $3.53 to $6.20, ended at $5.16 on Thursday.

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