Financial news: AXT and Sirenza Microdevices
US-based substrate manufacturer AXT has reported revenue of $6.6 million for the first fiscal quarter of 2005, down $1.0 million sequentially, and $3.2 million lower year-on-year.
Revenue for the recent quarter was dominated by GaAs substrate sales worth $5.2 million. Raw materials and InP substrates contributed $1.3 million and $0.1 million, respectively.
Gross margin for the quarter was 4 %, down 4 % sequentially. Net loss was $4.1 million, including a $1.3 million charge for the decommissioning of the company's Fremont facilities in the US.
AXT CEO Phil Yin remarked: "While we are on the right course, there is much more to be done before we can be satisfied with our performance."
Yin did point out that the company was now distributing samples of auto-cleaned 4 inch and 6 inch GaAs wafers to customers, and added: "Regaining significant market share in larger diameter substrates is critical to our success."
AXT expects revenue of between $6.7 million and $7.1 million for the second quarter of 2005 and a loss in the range $3.0 million to $3.4 million.
Sirenza blames order deferrals for poor salesSirenza Microdevices has recorded revenue of $12.2 million for the first fiscal quarter of 2005, down $2.9 million sequentially.
"We are disappointed that our sales did not track the forecasts of our major OEM customers," said Sirenza in a statement. The US-based RF component supplier blamed its poor sales on "substantial order deferrals and shipment delays resulting from revised OEM forecasts".
Although Sirenza made a loss of $1.8 million in the recent quarter, the company predicts that increased sales will enable it to post a profit for the 2005 fiscal year.
