Key Developments For Microtune, Inc.
Microtune, Inc. (TUNE.O) (Consolidated Issue listed on NASDAQ Global Market)
Microtune, Inc. Announces Departure of CFO
Microtune, Inc. announced the resignation of Jeffrey A. Kupp, Chief Financial Officer (CFO). Mr. Kupp will continue to serve as Microtune`s CFO through December 4, 2009, and will work with the Company on transition activities through late December. Justin M. Chapman, Microtune`s current Vice President of Accounting, has been appointed Interim CFO effective upon the departure of Mr. Kupp.
Microtune, Inc. Issues Q4 2009 Revenue Guidance Above Analysts' Estimates
Microtune, Inc. announced that for the third quarter of 2009, it expects revenue to be in the range of $19.0-$20.0 million. According to Reuters Estimates, analysts are expecting the Company to report revenues of $18.1 million for the same period.
Microtune, Inc. Completes Acquisition of Auvitek
Microtune, Inc. announced it has completed its acquisition of privately held Auvitek International, Ltd. Auvitek, a developer of demodulation integrated circuits, adds new technology, intellectual property, engineering talent and an enhanced China market presence to Microtune. The terms of the acquisition were not disclosed.
Microtune, Inc. Issues Q3 2009 Revenue Outlook Below Analysts' Estimates; Comments On Q4 2009 Revenue Outlook
Microtune, Inc. announced that for the third quarter of 2009, it expects revenue to range between $16.0 and $17.0 million on a stand-alone basis. For the fourth quarter of 2009, the Company expects revenue levels to increase over third quarter of 2009 revenue levels. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $18.6 million for the third quarter of 2009 and $22.0 million for the fourth quarter of 2009.
Microtune, Inc. Announces Agreement To Acquire Auvitek International, Ltd.
Microtune, Inc. announced the signing of a definitive agreement to acquire privately held Auvitek International, Ltd. for approximately $9 million in cash and stock and with a potential earn-out if certain performance targets are met, all subject to various standard closing conditions. The acquisition is expected to close during the month of July.
