Volterra Semiconductor Corp. reported financial results for its third quarter ended September 30, 2007. Net revenue for the third quarter of 2007 was $18.9 million versus net revenue of $20.1 million for the third quarter of 2006 and net revenue of $18.5 million for the second quarter of 2007. The company reported net income of $0.5 million, or $0.02 per share (diluted), for the third quarter of 2007, compared with net income of $1.8 million, or $0.07 per share (diluted), for the third quarter of 2006.
Volterra also reported net income 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 $2.1 million, or $0.08 per share (diluted), for the third quarter of 2007, compared to non-GAAP net income of $2.9 million, or $0.11 per share (diluted), for the third quarter of 2006.
Volterra also announced that it began executing repurchases of common stock during the quarter under its previously announced stock repurchase program, purchasing 477,500 shares at an average cost of $11.56. Under the program, the company is authorized to purchase up to an additional $9.5 million of common stock.
"We are pleased with our financial performance in the third quarter, as we returned to profitability and our revenues and earnings per share were in the mid and upper ranges, respectively, of our guidance," said Volterra President and CEO Jeff Staszak. "In addition, we added three key members to our executive staff over the past two quarters, who will help position Volterra for our anticipated growth."
