Zoran Corp. (ZRAN, Financial) filed Quarterly Report for the period ended 2009-09-30.
Zoran Corporation develops and markets integrated circuitsintegratedcircuit cores and software for digital video and audio compression applications. The Company's products are used in a variety of video and audio products addressing PC and consumer multimedia markets. Current applications for Zoran integrated circuit products include professional and consumer video editing systemsfilmless digital camerasPC-based and stand-alone video CD and digital video disc playersand digital audio systems. Zoran Corp. has a market cap of $497.61 million; its shares were traded at around $9.63 with and P/S ratio of 1.13. Zoran Corp. had an annual average earning growth of 112.6% over the past 5 years.
Hardware product revenues for the nine months ended September 30, 2009 were $253.1 million compared to $320.0 million for the comparable period of the prior year. Hardware product revenues decreased $55.7 million or 19% in the Consumer segment and $11.2 million or 56% in the Imaging segment. The decrease in revenues in the Consumer segment was primarily due to a decrease in total units shipped for products in the Consumer segment by 18% compared to the same period of the prior year. Within the Consumer segment, hardware product revenues for DVD products decreased by $19.1 million or 32%. Total DVD products units shipped decreased by 26% and average selling price decreased by 9% compared to the same period of the prior year. Hardware product revenues for Mobile products decreased by $40.2 million or 30%. Total units shipped for Mobile products decreased by 20% and average selling price decreased by
12% compared to the same period of the prior year. Partially offsetting the reduced hardware product revenues for DVD and Mobile products was an increase of $3.6 million or 3% for DTV products. Total units shipped for DTV products increased by 4%, which was offset by a decrease in average selling price of 1% compared to the same period of the prior year. The decrease in Imaging hardware product revenues was primarily due to a 65% decrease in unit shipments attributable to a decline in our Ink Jet business as well as an overall decline in demand as a result of the economic downturn.
Cost of hardware product revenues were $150.2 million for the nine months ended September 30, 2009, compared to $192.6 million for the same period in 2008. The decrease in cost of hardware product revenues of $42.4 million or 22% was primarily due to a decrease in total units shipped of 21% compared to the same period in 2008. Cost of hardware product as percentage of hardware product revenues remained fairy consistent in the nine months ended September 30, 2009 compared to the same period of prior year.
Read the The complete ReportZRAN is in the portfolios of Richard Pzena of Pzena Investment Management LLC.
Zoran Corporation develops and markets integrated circuitsintegratedcircuit cores and software for digital video and audio compression applications. The Company's products are used in a variety of video and audio products addressing PC and consumer multimedia markets. Current applications for Zoran integrated circuit products include professional and consumer video editing systemsfilmless digital camerasPC-based and stand-alone video CD and digital video disc playersand digital audio systems. Zoran Corp. has a market cap of $497.61 million; its shares were traded at around $9.63 with and P/S ratio of 1.13. Zoran Corp. had an annual average earning growth of 112.6% over the past 5 years.
Highlight of Business Operations:
Hardware product revenues for the three months ended September 30, 2009 were $105.0 million, compared to $112.1 million for the comparable period of the prior year. Hardware product revenues decreased $5.8 million or 5% in the Consumer segment and $1.3 million or 25% in the Imaging segment. Total units shipped for products in the Consumer segment decreased by 3% and average selling price decreased by 2% compared to the same period of the prior year. Within the Consumer segment, hardware product revenues for Mobile products decreased by $8.2 million or 17%. Total units shipped for Mobile products decreased by 9% and average selling price decreased by 9% compared to the same period of the prior year. Partially offsetting the decrease in hardware product revenues for Mobile products were increases in revenues for DVD and DTV products. Hardware product revenues for DTV products increased by $1.4 million or 3% and DVD products by $0.9 million or 5%. Total DTV product units shipped decreased by 2% principally due to decreased shipment of products for the US terrestrial digital to analog converter box segment, which was offset by an increase in average selling price of 6% compared to the same period of the prior year. Total DVD products units shipped increased by 5% and average selling price was essentially flat compared to the same period of the prior year. The decrease in Imaging hardware product revenues was primarily due to a 25% decrease in unit shipments due to the decrease in demand as a result of the economic downturn. We believe that the recent worldwide recession has adversely affected the markets that our customers serve, and we expect this impact may continue to reduce sales of our products until the worldwide economy recovers.Hardware product revenues for the nine months ended September 30, 2009 were $253.1 million compared to $320.0 million for the comparable period of the prior year. Hardware product revenues decreased $55.7 million or 19% in the Consumer segment and $11.2 million or 56% in the Imaging segment. The decrease in revenues in the Consumer segment was primarily due to a decrease in total units shipped for products in the Consumer segment by 18% compared to the same period of the prior year. Within the Consumer segment, hardware product revenues for DVD products decreased by $19.1 million or 32%. Total DVD products units shipped decreased by 26% and average selling price decreased by 9% compared to the same period of the prior year. Hardware product revenues for Mobile products decreased by $40.2 million or 30%. Total units shipped for Mobile products decreased by 20% and average selling price decreased by
12% compared to the same period of the prior year. Partially offsetting the reduced hardware product revenues for DVD and Mobile products was an increase of $3.6 million or 3% for DTV products. Total units shipped for DTV products increased by 4%, which was offset by a decrease in average selling price of 1% compared to the same period of the prior year. The decrease in Imaging hardware product revenues was primarily due to a 65% decrease in unit shipments attributable to a decline in our Ink Jet business as well as an overall decline in demand as a result of the economic downturn.
Cost of hardware product revenues were $150.2 million for the nine months ended September 30, 2009, compared to $192.6 million for the same period in 2008. The decrease in cost of hardware product revenues of $42.4 million or 22% was primarily due to a decrease in total units shipped of 21% compared to the same period in 2008. Cost of hardware product as percentage of hardware product revenues remained fairy consistent in the nine months ended September 30, 2009 compared to the same period of prior year.
Read the The complete ReportZRAN is in the portfolios of Richard Pzena of Pzena Investment Management LLC.
