Vimicro International Corporation reported a second quarter GAAP net loss of $8.2 million, or $0.24, per American Depository Share (ADS). Each ADS represents four ordinary shares. The quarter was impacted by a onetime expense of $5.7 million in share based compensation.
Although the company reported a loss in the quarter, revenue was $18.7 million, up sequentially from the first quarter and within the guidance range of $18-19 million. The company set guidance for the third quarter of $18-20 million.
Dr. John Deng, the CEO of Vimicro International Corporation said, â€œLooking forward, we remain focused on gaining more market share in notebook business as well as additional growth opportunities and other strategic initiatives. We will continue our R&D commitments to capture the growth opportunities in the fast growing 3G market and surveillance market in China.â€
The company has a solid balance sheet with cash and securities of $145 million and no long or short-term debt. Vimicro International Corporation is a technology company that designs and manufactures mixed-signal semiconductor products for use in consumer electronics and communications products.