Key Developments: Conexant Systems, Inc. (CNXT.O)
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9 Feb 2010
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$3.87
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$3.78
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Latest Key Developments
Conexant Systems, Inc. Issues Q2 2010 Guidance Above Analysts' Estimates
Conexant Systems, Inc. announced that it expects revenues for the second quarter of 2010 to be $60 million to $61 million and core operating income to range between $11.6 million and $12.5 million, with core net income of $0.13 to $0.14 per share. According to Reuters Estimates, analysts were expecting the Company to report revenue of $55 million, EBIT of $7.8 million and EPS of $0.08 for the second quarter of 2010.
Conexant Systems, Inc. Delivers New Imaging Controller For ZINK Zero Ink Photo Printing Applications
Conexant Systems, Inc. announced an eco-friendly system on chip (SoC) solution for ZINK enabled printing products, which allow consumers to print digital photos and other images without ink cartridges or ribbons. Conexant teamed with a major Japanese electronic components manufacturer to develop the integrated CX92137 photo printer SoC, which features ZINK Imaging`s ZINK Zero Ink Printing Technology. ZINK Imaging provides the proprietary ink-free printing technology, as well as ZINK Paper, the heart of the system, to their global partner network.
Conexant Systems, Inc. to Sell Property in Newport Beach
Conexant Systems, Inc. announced that it has agreed to sell property adjacent to its Newport Beach headquarters to City Ventures LLC for $26.1 million. City Ventures is a residential and mixed-use developer of urban projects throughout California. The property, located on Jamboree Road in Newport Beach, consists of approximately 25 acres and includes two leased buildings. The transaction is subject to further due diligence by City Ventures as well as customary closing conditions, and is expected to be completed by the end of March 2010. The Capital Markets Group of Jones Lang LaSalle is serving as the exclusive agent on the transaction.
Conexant Systems, Inc. Wins Video Surveillance Design With huperLab
Conexant Systems, Inc. announced that Huper Laboratories Co., Ltd. (huperLab) has selected the Company's video surveillance products for its new family of digital video recorder (DVR) server boards. Taiwan based huperLab provides intelligent video surveillance systems and DVR products for global video security and surveillance applications. The huperVision 4000 DSS Server Board Gaia Series integrates Conexant's CX25853 and CX25821 video solutions, and an Intel Atom processor, to enable video optimization and compression on DVR video surveillance systems.
Conexant Systems, Inc. Files Universal Shelf Registration Statement
Conexant Systems, Inc. announced that it has filed a universal shelf registration statement with the Securities and Exchange Commission (SEC). When the shelf registration statement is declared effective by the SEC, Conexant will have the option to offer and sell, from time to time in one or more offerings, up to $100 million of common stock, preferred stock, debt securities, warrants to purchase any of these securities, or any combination of such securities. Specific terms and share prices of any future offering under this registration statement will be established at the time of any such offering, and will be described in a prospectus supplement that Conexant will file with the SEC. The Company intends to use the net proceeds from the sale of securities under the shelf registration statement for general corporate purposes including, but not limited to, repaying, redeeming, or repurchasing existing debt, and for working capital, capital expenditures, and acquisitions.
Conexant Systems, Inc. And Ozmo Devices Unveil Audio Reference Design For Wi-Fi Peripherals
Conexant Systems, Inc. and Ozmo Devices, announced the availability of a jointly developed speaker and speakerphone reference design. The new solution is based on Conexant`s innovative CX2070X audio system-on-chip (SoC) product family and the OZMO1000 ultra-low-power Wi-Fi PAN SoC. Conexant also offers a complete hardware and software evaluation kit (EVK) that includes a fully populated board, software, and supporting technical documentation.
Conexant Systems, Inc. Establishes New Credit Facility
Conexant Systems, Inc. announced that its special purpose entity, Conexant CF, LLC, has established a new accounts receivable credit facility with Silicon Valley Bank for $15 million through November 30, 2010.
Conexant Systems, Inc. Issues Q1 2010 Guidance Above Analysts' Estimates
Conexant Systems, Inc. announced that for first quarter of 2010, it expects revenues of approximately $60 million. As a result, the Company expects that first quarter of 2010 core operating income (EBIT) will be approximately $11 million, with core net income of approximately $0.11 per share. According to Reuters Estimates, analysts were expecting the Company to report revenues of $56 million, EBIT of $9 million and EPS of $0.09 for the same period.
Conexant Systems, Inc. Announces Over-Allotment Exercise on Recent Common Stock Offering
Conexant Systems, Inc. announced that underwriter of its recently concluded public offering of 7,000,000 shares of common stock exercised its over-allotment option to purchase an additional 1,050,000 shares of the Company's common stock, bringing the total shares sold to 8,050,000 at a price of $2.85 per share. The offering of 7,000,000 shares closed on September 29, 2009. Net proceeds to the Company from the sale of the 8,050,000 shares of common stock, after deducting the underwriting discount and estimated offering expenses, were approximately $21.2 million. Oppenheimer & Co. Inc. acted as sole underwriter in the offering. The company intends to use the net proceeds from the offering for general corporate purposes including, but not limited to, repaying, redeeming, or repurchasing existing debt, and for working capital, capital expenditures, and acquisitions.
Conexant Systems, Inc. Announces Pricing of Common Stock Offering
Conexant Systems, Inc. announced the pricing of an underwritten public offering of seven million shares of its common stock at a price to the public of $2.85 per share. Conexant has granted the underwriter a 30-day option to purchase up to an additional 1.05 million shares of its common stock to cover over-allotments, if any. Conexant expects to receive net proceeds, after deducting the underwriting discount and estimated offering expenses, of approximately $18.4 million from the offering, or $21.2 million if the underwriter exercises its over-allotment option in full. Oppenheimer & Co. Inc. is the sole underwriter of the offering. The offering is expected to close on September 29, 2009, subject to customary closing conditions. Conexant intends to use the net proceeds of the offering for general corporate purposes including, but not limited to, repaying, redeeming, or repurchasing existing debt, and for working capital, capital expenditures, and acquisitions.
UPDATE 1-Conexant profit tops Street; sees strong Q2
Jan 21 (Reuters) - Communications and network chipmaker Conexant Systems Inc posted first-quarter earnings that beat market estimates, helped by lower operating expenses, and forecast a strong second quarter, sending its shares up 13 percent in after-hours trade.
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