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OmniVision Technologies Falls In Pre-Market On Q2 Loss

Wed Dec 03 09:20:00 2008 EST

(RTTNews) - OmniVision Technologies (OVTI) slumps in pre-market, after slipping to a second quarter loss.

The stock was down $1.03 just before 9:20 am ET, sinking to $4.45. If pre-market losses hold, the stock will open at a new low.

Tuesday, OmniVision Technologies reported a net loss for the second quarter of 5.31 million, or $0.10 per share, compared to net income of $20.51 million, or $0.36 per share in the year-ago quarter.

Non-GAAP net income for the quarter declined to $10.1 million or $0.19 per share from $29.2 million or $0.51 per share in the same quarter last year.

Revenues for the quarter fell to $163.9 million from $232.6 million in the second quarter of fiscal 2008.

On average, 12 analysts polled by First Call/Thomson Financial expected the company to earn $0.18 per share on revenues of $166.35 million for the quarter. Analysts' estimate typically excludes special items.

Looking ahead, for the third quarter the company expects revenues to be in the range of $80 million - $100 million and net loss will be between $0.37 and $0.24 per share. Non-GAAP net loss is expected to be between $0.22 and $0.09 per share.

Analysts currently expect earnings of $0.17 per share on revenues of $164.35 million for the third quarter.

For comments and feedback: contact editorial@rttnews.com

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