Entropic Announces Updated Financial Outlook for Q1 2013
March 18 2013 - 8:00AM
Entropic (Nasdaq:ENTR), a world leader in semiconductor solutions
for the connected home, today announced that financial results for
the first quarter 2013 will be below the Company's previous
outlook.
The Company currently expects first quarter revenue to range
between $74 million and $76 million. The Company's previous
guidance for the first quarter was for revenue to range between $79
million and $81 million.
The Company noted STB SoC (set-top box system-on-a-chip) revenue
was negatively impacted by a change in deployment plans for HD-DTA
(high-definition digital-terminal-adapters) STBs by one of
Entropic's end-customer U.S. Pay-TV service providers. The revised
deployment plan will slow down the initial ramp of HD-DTAs and has
therefore resulted in excess inventory in the channel. The Company
noted the total amount of HD-DTA units expected to ship by U.S.
Pay-TV service providers over the next 5 years has not changed even
with this short-term set-back.
The Company expects a GAAP loss per share for the first quarter
of approximately ($0.03) to ($0.05) and non-GAAP earnings per share
of approximately $0.00 to $0.01. The Company's previous guidance
was for non-GAAP earnings per share of $0.02.
Entropic expects to release financial results for the first
quarter 2013, and host a conference call for analysts and investors
on or around April 30, 2013. At that time, the Company will review
its first quarter results and provide an outlook for the second
quarter of 2013. Details on the conference call will be announced,
prior to that date.
About Entropic
Entropic (Nasdaq:ENTR) is a world leader in semiconductor
solutions for the connected home. The Company transforms how
traditional HDTV broadcast and IP-based streaming video content is
seamlessly, reliably, and securely delivered, processed, and
distributed into and throughout the home. Entropic's
next-generation Set-top Box (STB) System-on-a-Chip (SoC) and
Connectivity solutions enable Pay-TV operators to offer consumers
more captivating whole-home entertainment experiences by
transforming the way digital entertainment is delivered, connected
and consumed – in the home and on the go. For more information,
visit Entropic at: www.entropic.com.
The Entropic logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4255
Forward-Looking Statements
Statements in this press release that are not strictly
historical in nature constitute "forward-looking statements." Such
statements include, but are not limited to, statements regarding
our expected revenue, and first quarter earnings per share, as well
as statements regarding deployment of HD-DTAs. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause Entropic's actual results to be materially
different from historical results or from any results expressed or
implied by such forward-looking statements. These factors include,
but are not limited to, our dependence on a limited number of
customers and service providers for a substantial portion of our
revenues; risks associated with the development of the market for
HD video, including the transition from analog to digital video;
risks associated with the STB business acquired in 2012; risks
associated with adverse U.S. and international economic conditions;
risks associated with timely development and introduction of new or
enhanced products; risks associated with competing against larger
and more established companies; the ability of our customers or the
service providers who purchase their products to successfully
compete and continue to grow in their markets; and other factors
discussed in the "Risk Factors" section of Entropic's Quarterly
Report on Form 10-K for the year ended December 31, 2012. All
forward-looking statements are qualified in their entirety by this
cautionary statement. Entropic is providing this information as of
the date of this release and does not undertake any obligation to
update any forward-looking statements contained in this release as
a result of new information, future events or otherwise.
CONTACT: Entropic Investor Contact:
Debra Hart
+1 858-768-3852
debra.hart@entropic.com
Entropic Media/Industry Analyst Contact:
Chris Fallon
+1 858-768-3827
chris.fallon@entropic.com
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