|
|
GAAP |
|
|
Non-GAAP |
| ||
|
|
Q1 2015 |
Q4 2014 |
Q1 2014 |
|
Q1 2015 |
Q4 2014 |
Q1 2014 |
|
Net revenue |
$ 318.3 |
$ 346.0 |
$ 337.4 |
|
$ 316.9 |
$ 346.0 |
$ 337.4 |
|
Gross margin |
46.3% |
40.6% |
41.5% |
|
47.6% |
49.0% |
44.0% |
|
Operating margin |
6.5% |
(1.6%) |
1.4% |
|
13.6% |
14.1% |
8.9% |
|
Net income (loss) |
$ 16.5 |
$ (6.5) |
$ 2.2 |
|
$ 45.1 |
$ 49.2 |
$ 29.1 |
|
Diluted EPS |
$ 0.04 |
$ (0.02) |
$ 0.01 |
|
$ 0.11 |
$ 0.12 |
$ 0.07 |
|
|
|
(In millions, except earnings per share data and percentages) |
Revenue for the first quarter of 2015 was $318.3 million, an 8% decrease compared to $346.0 million for the fourth quarter of 2014, and 6% lower compared to $337.4 million for the first quarter of 2014. Non-GAAP revenue of $316.9 million for the first quarter 2015 excludes the XSense business which has been exited. Quarterly results prior to the first quarter of 2015 have not been recast to reflect the exit from the XSense business.
GAAP gross margin was 46.3% in the first quarter of 2015 compared with 40.6% in the fourth quarter of 2014 which included a $26.6 million charge for the impairment of manufacturing assets related to the XSense business, and 41.5% in the first quarter of 2014 which included a $7.1 million loss from manufacturing facility damage and related shutdown.
Non-GAAP gross margin was 47.6% in the first quarter of 2015 compared to 49.0% in the immediately preceding quarter and 44.0% in the first quarter of 2014. Non-GAAP gross margin excludes the XSense cost of revenue for the first quarter 2015 only. Refer to the non-GAAP reconciliation table included in this release for more details.
GAAP net income totaled $16.5 million or $0.04 per diluted share for the first quarter of 2015. This compares to a net loss of $(6.5) million or $(0.02) per diluted share for the fourth quarter of 2014 and net income of $2.2 million or $0.01 per diluted share for the first quarter of 2014.
