Synaptics announces financial results following Validity acquisition
Net revenue of $222.6 million for the first quarter of fiscal 2014 was a record for a September quarter and increased 75% compared with $127.0 million for the same quarter last year. Net income for the first quarter of fiscal 2014 was $34.9 million, or $1.00 per diluted share, compared with net income of $6.1 million, or $0.18 per diluted share, for the comparable quarter last year.
“In addition to posting substantial revenue growth during the fiscal first quarter, we made strong progress on a number of fronts,” stated Rick Bergman, President and CEO. “We saw a growing number of devices deploy our on-cell and in-cell display integrated solutions, continued to gain traction in the China mobile market, and broadened our customer base in large touchscreens through key new design wins in tablets and touch-enabled notebooks. Following a strong first quarter, the first half of the fiscal year is tracking according to plan, and we expect to post top-line growth in excess of 50% over the same period last year.”
Reported previously, earlier this month, Synaptics acquired Validity Sensors for $255 million in cash and stock. According to the company, this is seen as a powerful way to gain access to the growing biometrics market.
“We recently announced Synaptics’ entry into the fast growing fingerprint ID market through a definitive agreement to acquire Validity. We believe this acquisition reinforces our market leadership in human interface technology while significantly expanding our market opportunity,” Bergman said.