Advanced Analogic Technologies Inc. on Wednesday reduced its second-quarter revenue projection and said it expects its earnings per share to miss its previous forecast.
The company, which makes chips for wireless phones and digital cameras, cited weakness in handset sales in China, delays in its customers' release of new handsets and softness in end markets.
Advanced Analogic projects second-quarter revenue of $20.5 million to $21.5 million, compared with a previous estimate of $24 million to $26 million.
The company did not provide a new estimate for per-share earnings. In April, the company predicted results between a loss of a penny per share and profit of a penny per share.
Analysts polled by Thomson Financial projcet a profit of 2 cents per share on $23.4 million in revenue. Analyst estimates generally exclude special items.
Advanced Analogic also said it expects to report a larger-than-normal excess inventory charge of between $800,000 and $1.2 million due to lower-than-expected sales, and a $400,000 severance charge related to the departure of its former chief operating officer.
The company expects to report a charge of $300,000 for in-process research and development expenses related to its purchase of Elite Micro Devices Inc.
Advanced Analogic shares finished regular trading up 12 cents at $4.23.
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