EmailOmniVision (OVTI $14.19 -1.97) reported fourth quarter earnings of $0.20 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus of $0.22, while revenues fell 15.4% year/year to $218.5 million versus the $205.39 million consensus. The company issued mixed guidance for the first quarter EPS of $0.16-0.27, excluding non-recurring items, versus the $0.27 consensus and revenues of $235-255 million versus the $219.20 million consensus. "For the second consecutive quarter, we are pleased to report revenues that exceeded the high-end of our guidance as demand for our image sensors continued to strengthen..
As we enter fiscal 2013, our focus on developing new technology remains a key element of our growth strategy, and we are as committed as ever to regaining our business momentum." GAAP gross margin for the fourth quarter of fiscal 2012 was 22.5%, as compared to 24.2% for the third quarter of fiscal 2012 and 30.7% for the fourth quarter of fiscal 2011. The sequential decrease in fourth quarter gross margin reflected the unfavorable impact of a decrease in revenues recorded on the sale of previously written-down inventory combined with an increase in inventory valuation allowances.
