Key Developments For Conexant Systems, Inc.
Conexant Systems, Inc. (CNXT.O) (Nasdaq)
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.
Conexant Systems, Inc. Announces Proposed Public Offering of Common Stock
Conexant Systems, Inc. announced that it intends to offer to sell, subject to market and other conditions, 7 million shares of its common stock in an underwritten public offering. Conexant intends to grant the underwriter a 30 day option to purchase up to 1.05 million additional shares to cover over-allotments, if any. Oppenheimer & Co. Inc. is the sole underwriter for the offering. 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.
Ikanos Communications Completes Acquisition Of Broadband Access Product Line From Conexant Systems, Inc.
Ikanos Communications announced that it has completed the acquisition of the Broadband Access product line from Conexant Systems, Inc. Under the terms of the agreement, Ikanos purchased Conexant's Broadband Access product line for approximately $54 million in cash, excluding transaction costs, and the assumption of certain employee and facility related liabilities. Simultaneously, Ikanos received an investment of $42 million, excluding transaction-related expenses, from Tallwood Venture Capital, a investment firm focused on the semiconductor industry.
