WLF27 Apr 2011 08:41
First quarter operational summary:
· 2010 revenue growth momentum continues with revenues up 44%. Sales more than doubled year-on-year in mobile phones, particularly smartphones, gaming, eBooks and PC/tablets
· Industry trends towards dis-integration of the audio function and opening up of digital signal processors (DSP) for audio enhancements ideally suit Wolfson's Audio Hubs. This is helping to support strong design-in momentum with over 100 new design-ins, at both existing and new customers, in the quarter
· Market penetration with existing customers continues to progress with notable new Wolfson product adoptions in the quarter that include:
o LG selected Wolfson audio solutions for its G-Slate tablet PC, multiple mobile phones including the Optimus 2X smartphone, the Optimus Mach, Black and 7, and its 4G LTE phone, Thrill
o Samsung selected Wolfson Audio Hubs for multiple new Galaxy S models, including the Google Nexus S, its Wave 2 smartphone platform, one of its next generation Galaxy S2 platforms, its latest tablet PC products and its 4G LTE phone, the Galaxy S Vibrant
o A major global Japanese consumer electronics brand selected Wolfson's Audio Hubs for its new portable gaming console and its new tablet PCs
· Encouragingly, and further increasing market penetration, new customers are also adopting Wolfson products.
Notable additions in the quarter include:
o Research in Motion (RIM) has selected a Wolfson Audio Hub for the recently launched BlackBerry PlayBook tablet PC
o A major global consumer electronics brand has selected Wolfson's Audio Hubs for its recently introduced range of smartphones and tablet PCs
o ZTE has selected Wolfson's Audio Hubs, with the first product being its new tablet PC
o A Japanese mobile phone manufacturer has selected Wolfson's fully programmable standalone audio Digital Signal Processor (DSP) for a selection of its new mobile phone platforms
o A major mobile phone manufacturer has selected Wolfson's MEMS microphones
· Wolfson's Ambient Noise Cancellation (ANC) headset is now available for sale in shops and online. In addition, the headset has been certified by Skype and will be available in Skype's online store in Q2 2011
· Product development performance has been maintained with the launch of seven new products
· As anticipated, cash reduced in Q1 2011 as working capital increased. Cash expected to return to towards 2011 opening position by year end