Volterra Reports Sales Up, Income Down

Volterra Semiconductor Corp. reported net revenue of $15.7 million for its first quarter ended March 31, 2006 versus net revenue of $14.6 million for the first quarter of 2005 and net revenue of $13.5 million for the fourth quarter of 2005. Net income was $0.5 million, or $0.02 per share (diluted), for the first quarter of 2006, compared with net income of $2.3 million, or $0.09 per share (diluted), for the first 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 $1.6 million, or $0.06 per share (diluted), for the first quarter of 2006, compared to non-GAAP net income of $2.4 million, or $0.09 per share (diluted), for the first quarter of 2005.

"We are pleased with our first quarter financial results which were in line with the guidance we gave in January," said Volterra President and CEO Jeff Staszak. "As predicted, we saw a nice broad based increase across all markets which include servers and storage devices, desktops and workstations, and networking and communications. This was all very encouraging to us and was a good start to the new year."