Celeritek reports results, acquires Tavanza
The net loss for the September 2002 quarter was $1.2 million or $0.10 per share, compared with a net loss of $2.7 million or $0.23 per share for the same period a year ago.
Semiconductor sales were $11.4 million in the September 2002 quarter, up 21% sequentially as a result of increased shipments of power amplifier modules. Subsystem sales in the September 2002 quarter were $4.1 million, down 31% sequentially.
Celeritek also announced that it has signed a definitive agreement to acquire Tavanza Inc., a privately held, fabless designer of power amplifier modules and components for cellular and wireless LAN products. The acquisition strengthens Celeritek s focus on low-cost, next generation products and supports its efforts to expand its customer base.
Celeritek is predicting that its revenues will fall in the December 2002 quarter to approximately $13.0 million to $14.0 million.
"We are working to ensure that our business is right-sized for current market conditions, while moving forward with the strategic initiatives that will support our growth," commented Tamer Husseini, president and CEO of Celeritek. "During the second quarter we announced a new sales and technical support office in Korea to further strengthen our efforts in the Asia-Pacific region. In the second quarter, semiconductor revenue from Korea for power amplifier modules for both cellular and Korean PCS platforms increased to over 8% of our semiconductor revenue. The local office will provide our customers with the level of support they deserve."
