SIRF Q1 revenue increases 28% from prior year period



SIRF Q1 revenue increases 28% from prior year period
SiRF Technology net revenue in the first quarter of 2007 was $67.3 million, an increase of 28 percent from $52.7 million reported in the first quarter of 2006. Gross margin in the first quarter of 2007 was 54.6 percent, as compared to 55.2 percent in the first quarter of 2006.

Net income for the first quarter of 2007 was $2.8 million, or $0.05 per diluted share, based on 56.3 million weighted average shares outstanding. This compares with net loss of $11.0 million, or $0.22 per diluted share, based on 50.2 million weighted average shares outstanding in the first quarter of 2006. The increase in net income for the first quarter of 2007 as compared to the first quarter of 2006 is primarily attributable to a one-time charge related to acquired in-process research and development associated with the acquisition of TrueSpan during the first quarter of 2006, with no similar charge during the first quarter of 2007.

Total cash, cash equivalents and short-term investments were $187.5 million at March 31, 2007, compared with $170.2 million at December 31, 2006. Long-term investments were $7.0 million at March 31, 2007, compared with $26.4 million at December 31, 2006.

“I am pleased with our Q1 results. We recorded strong financial performance in a seasonally weak quarter while strengthening our market leadership across our expanding customer base in a tough competitive environment,” said Dr. Michael Canning, President and CEO.

Friday, April 20th 2007

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