Microtune, Inc. (NASDAQ: TUNE), a silicon and subsystems company that designs and markets radio frequency (RF) solutions for the worldwide consumer electronics and automotive electronics markets, recently reported its financial results for the second quarter that ended June 30, 2008. Microtune’s net revenue for the second quarter totaled $26.6 million, a 7% year-over-year increase compared to net revenue of $24.8 million for the same period one year earlier. Non-GAAP net income per diluted share reached $0.06 for the second quarter versus $0.07 in the second quarter of 2007.
Shares for Microtune traded higher earlier this week on the company’s strong second quarter results. The company expects third quarter net revenue to be in the range of $27.5 to $29.0 million. Senior management expects gross margins be in the range of 49 percent to 50 percent for the remaining quarters of 2008.
According to James A. Fontaine, the president and chief executive officer of Microtune, the company remains the number one silicon tuner in the world from a market and brand perspective. He also stated that the company has the largest and most successful pure play silicon provider in the industry. Based on a solid balance sheet and modest expense growth plans, management expects a positive outlook for the third and fourth quarter of this year.
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