November 7, 2011 - OmniVision Technologies Inc. (OVTI) stock is down by 19% in pre market on Monday after the company slashed 2012 revenue guidance. OVTI is trading at $13.91 on heavy volume.
OmniVision Revises Second Quarter Fiscal 2012 Revenues Guidance
Announces a $100 million stock buyback program
OmniVision Technologies, Inc. (Nasdaq:OVTI), a leading developer of advanced digital imaging solutions, today revised its revenues outlook for the fiscal second quarter, which ended on October 31, 2011.
The company currently projects net revenues for the second quarter of fiscal 2012 to be in the range of $212 million to $217 million. This compares to the revenues forecast of $255 million to $275 million announced on August 25, 2011. This revised outlook reflects an unexpected cutback in orders for certain key projects that are currently in production. This has reduced the unit sales of OmniBSI™ and OmniPixel3-HS™ based products. The company expects the business environment to remain volatile, especially in consumer-oriented product markets. As such, the company is expecting a more cautionary outlook for its third fiscal quarter.
Separately, towards the end of the second fiscal quarter, the company started to ship in very limited quantities the OV8830, the company's 8-megapixel OmniBSI-2™ based product. The company will continue to promote this product to key customers, and successful engagement in new projects may in the longer term provide growth opportunities.
Announces a $100 million stock buyback program
OmniVision Technologies, Inc. (Nasdaq:OVTI), a leading developer of advanced digital imaging solutions, today revised its revenues outlook for the fiscal second quarter, which ended on October 31, 2011.
The company currently projects net revenues for the second quarter of fiscal 2012 to be in the range of $212 million to $217 million. This compares to the revenues forecast of $255 million to $275 million announced on August 25, 2011. This revised outlook reflects an unexpected cutback in orders for certain key projects that are currently in production. This has reduced the unit sales of OmniBSI™ and OmniPixel3-HS™ based products. The company expects the business environment to remain volatile, especially in consumer-oriented product markets. As such, the company is expecting a more cautionary outlook for its third fiscal quarter.
Separately, towards the end of the second fiscal quarter, the company started to ship in very limited quantities the OV8830, the company's 8-megapixel OmniBSI-2™ based product. The company will continue to promote this product to key customers, and successful engagement in new projects may in the longer term provide growth opportunities.
