...OmniVision's bullish forecast all but confirms it will be supplying the rumored iPhone 5. The optimistic sales outlook is yet another indication that Apple will be launching the iPhone 5 very soon."
Seeking Alpha's transcript of Omnivision's quarterly earnings call has few interesting bits of info:
- The cash balance went down by $94M due to the decision to increase the inventory
- The bulk of this inventory is OmniBSI-2 devices
- An unusually big increase in 1.3MP sensor shipments in the past quarter is explained by the adaption of HD video across all mobile devices
- The reported GAAP gross margin is 19.1% and might go down further next quarter. This is explained by the higher cost of OmniBSI-2 sensors and their bigger proportion in overall shipments
Some quotes:
Shaw Hong, CEO:
"In Q1, we recorded revenues of $258 million and we shipped 166 million image sensors. On a non-GAAP basis, gross margin was 19.5% and net income was $11.6 million.
...Our cash balance decreased by $94 million to $237 million and our inventory balance increased by $112 million to $403 million. These were results of a strategic decision to build inventory to support our fast growing business in the face of strong seasonal demand."
Hasan Gadjali, VP Marketing and Business Development:
"...our most advanced OmniBSI-2 technology such as OV90772, OV5690, OV8850 and OV12830, ...are now being selected for premium mobile device."
Anson Chan - CFO & VP, Finance:
"R&D expense in the first quarter of fiscal 2013 totaled $28.8 million, a 6.2% increase from the $27.2 million in our fiscal 2012 fourth quarter. The increase in R&D expense was driven by an increase in R&D headcount.
...We currently expect our R&D expense in the second quarter of fiscal 2013 will increase further at a low double-digit percentage rate."
