UPDATE 2-Gennum Q1 profit beats, to buy Nanotech Semiconductor
* Says to pay $34 million for Nanotech
* Deal to add to adjusted earnings this year
* Q1 EPS $0.13 vs est $0.12
* Q1 rev up 7 pct to $31.5 mln
* Says evaluating impact of Japan quake on business (Adds Japan quake impact on business in paragraph 4)
April 6 (Reuters) - Gennum Corp posted a quarterly profit above market estimates, helped by a slew of product launches, and said it would acquire Nanotech Semiconductor for $34 million in cash.
Gennum said it expects the Nanotech deal to add to its 2012 GAAP earnings, and to this year's adjusted earnings.
The intellectual property firm could also pay Nanotech, which makes components for fiber optic communications markets, an additional $6 million under an earn-out agreement based on revenue targets over the next year.
Gennum also said it was evaluating the effects of the earthquake in Japan on its business and that it might see some near-term impact.
The company, which also designs semiconductor products for the broadcast industry, added that its second-quarter order book is trending at levels recorded at the same time in the first quarter.
Net income for the first quarter was $4.6 million, or 13 cents per share, compared with $4 million, or 12 cents per share, a year ago.
Revenue rose 7 percent to $31.5 million.
Analysts on an average were expecting the company to earn 12 cents a share, on revenue of $32.6 million, according to Thomson Reuters I/B/E/S.
Shares of the Burlington, Ontario-based company closed at C$7.60 on Wednesday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Roshni Menon)
- Malaysian PM says lost airliner was diverted deliberately |
- Malaysia PM says lost plane's movements indicate a deliberate act
- Exclusive: Radar data suggests missing Malaysia plane deliberately flown way off course - sources
- UPDATE 2-Satellite data shows missing Malaysia plane may have flown thousands of miles-source
- UPDATE 1-Rolls-Royce concurs with Malaysia on missing jet's engine data