Volterra Semiconductor Corp. (Fremont, CA), a provider of analog and mixed-signal power management semiconductors, reported financial results for its first quarter ended March 31, 2005. Net revenue for the first quarter of 2005 was $14.6 million compared to net revenue of $7.6 million for the first quarter of 2004 and level with net revenue of $14.6 million for the fourth quarter of 2004.
The operating margin improved to 16.9% up from 3.2% year ago. Net income was $2.3 million, or $0.09 per share (diluted), for the first quarter of 2005, compared with net income of $0.3 million, or $0.01 per share (diluted), for the first quarter of 2004. Volterra also reported non-GAAP net income of $2.4 million, or $0.09 per share (diluted), for the first quarter of 2005, compared to non-GAAP net income of $0.4 million, or $0.02 per share (diluted), for the first quarter of 2004.
Financial highlights for the first quarter include a net revenue increase of 92% year-over-year to $14.6 million; an achievement of 17th consecutive quarter of sequential revenue growth; an increase in gross margins to 56.3%, up from 52.0% year ago; non-GAAP operating margin improvement to 17.7%, up from 4.5% year ago; and a non-GAAP EPS increase of 350% year-over-year to $0.09.