Volterra Reports Fourth Quarter and Fiscal Year 2006 Financial Results

Volterra Semiconductor Corp. reported financial results for its fourth quarter and fiscal year ended December 31, 2006. Net revenue for the fourth quarter of 2006 was $21.2 million, a 57% increase over net revenue of $13.5 million for the fourth quarter of 2005, and a 6% increase over net revenue of $20.1 million for the third quarter of 2006. Net income was $3.4 million, or $0.13 per share (diluted), for the fourth quarter of 2006, compared with net income of $1.3 million, or $0.05 per share (diluted), for the fourth quarter of 2005.

Volterra also reported net income and basic and diluted net income per share on a non-GAAP basis. Non-GAAP net income excludes the effect of stock-based compensation expense, net of tax. Non-GAAP net income was $4.5 million, or $0.17 per share (diluted), for the fourth quarter of 2006, compared to non-GAAP net income of $1.2 million, or $0.05 per share (diluted), for the fourth quarter of 2005.

"We were extremely pleased with the company’s performance during the fourth quarter and for the overall fiscal year," said Volterra President and Chief Executive Officer Jeff Staszak. "We achieved record revenues for the quarter, were able to improve our profitability and margins, and met the revenue and earnings guidance we gave in October."

For the full fiscal year 2006, net revenue increased to $74.6 million, an increase of 38% over net revenue of $53.9 million for fiscal year 2005. Net income was $6.9 million or $0.26 per share (diluted), for the fiscal year ended December 31, 2006, compared to $5.4 million, or $0.21 per share (diluted), for fiscal year 2005. Non-GAAP net income was $11.2 million, or $0.43 per share (diluted), for the fiscal year ended December 31, 2006, compared to non-GAAP net income of $5.7 million, or $0.22 per share (diluted), for fiscal year 2005.