Microtune, Inc. (TUNE) Reports Better Than Expected 2Q Results, Begins Stock Buyback
Source: http://Blog.QualityStocks.net/?p=11439Posted on Tuesday, July 29th, 2008 | In Market Commentary, OTCBB Markets, Small & Micro Cap, Stocks to Watch
Microtune, Inc. (TUNE), a designer and marketer of radio frequency (RF) solutions for the worldwide consumer electronics and automotive electronics markets, reported better than expected second quarter results yesterday after the close. Revenues rose to $26.6 million, an increase of 7% year over year and 5% sequentially. Net income fell 19% to $1.7 million. On a non-GAAP basis excluding items, Microtune earned 6 cents per share vs. analysts’ estimates of 4 cents per share.
“The second quarter represented another record revenue level for Microtune, driven by strong demand in our core cable and automotive markets. Our strong financial performance was capped by a major achievement – the shipment of our 100-millionth silicon TV tuner chip,” said James Fontaine, Microtune President and CEO. “While we remain cautious of unforeseen macroeconomic factors, we expect solid revenue growth in the third quarter and for the full year 2008.”
Microtune provided guidance for the third quarter. The company expects to recognize a greater profit than in the second quarter on sales of $27.5 million to $29.0 million. Analysts currently expect earnings of 5 cents per share on revenues of $27.6 million. Microtune’s Board of Directors authorized a stock repurchase plan during the quarter that allows for the repurchase up to $10 million of its outstanding shares of common stock until the end of 2008. The Company to date has already repurchased and retired approximately 927,000 shares of its common stock at a cost of $3.7 million.
Shares of TUNE closed Monday at $3.27 and have traded in a 52-week range of $2.60 – $6.88. The 52-week low was set two weeks ago on July 15. The early pre-market bid in TUNE suggests a gap higher on the open of approximately 5%.
Let us hear your thoughts below:
Last 5 posts by QualityStocks
- Omnicity Corp. (OMCY.OB) Announces Addition of New Board Member - November 20th, 2009
- Muscle Flex, Inc. (MFLI.PK) Announces Release Time for the BUDDY Tablet Caddy Two-Minute Commercial and Landing Page - November 20th, 2009
- Artfest International, Inc. (ARTS.OB) Announces Revenue Profit Jumps - November 20th, 2009
- Omnicity Corp.’s (OMCY.OB) Recently-Issued Corporate Update - November 20th, 2009
- Soligenix Inc. (SNGX.OB) Taking Steps to Meet Challenges of Vaccine Technology and Biological Warfare - November 20th, 2009
 About QualityStocks (http://QualityStocks.net)
Our name, QualityStocks, emphasizes our commitment to connect subscribers with companies that have huge potential to succeed in the short and long-term future. We believe strong management and vision for the future are crucial for any company to be successful. Timing is everything and we help investors succeed by providing an objective, broad-based view of the SmallCap markets on a daily basis. Please see disclaimer on QualityStocks website: http://disclaimer.qualitystocks.net |
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.