Actel Downgrades Q3 Financial Figures, Cites Weak Asian Consumer Market
[Satellite Today 09-11-08] Actel Corp. released a business update for its third quarter 2008 financial report on Sept. 10 revealing that the company now believes quarter revenues will decline seven to nine percent due primarily to weakness in the Asian consumer market.
The statement by Actel is an update from its previous projection that stated company revenue would be one percent up to three percent down, sequentially.
Other updates were also included in Actel’s report. The company expects gross margin to be about 58 percent. The previous expected figure was 57 percent. Operating expenses are anticipated to come in at approximately $30.5 million, which excludes an estimated $2.0 million of stock-based compensation expense. The previous guidance was $30.7 million. Other income is expected to be about $1.6 million, down from the previous $1.8 million. The outstanding fully diluted share count is expected to be about 25.9 million shares instead of the previously reported 26.2 million shares.
Actel said the new guidance does not include any one-time charges related to the company’s acquisition of Pigeon Point Systems during the third quarter.