Synaptics announces financial results following Validity acquisition
Synpatics has announced its financial results for the first quarter ended September 30, 2013, just weeks after its massive acquisition of Validity Sensors.
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.
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