OmniVision reports financial results for the fourth quarter of fiscal 2014 that ended on April 30, 2014. Revenues for the quarter were $331.0M, as compared to $352.0M in the previous quarter, and $336.2M a year ago. GAAP net income in the last quarter was $15.1 million, as compared to net income of $30.6M in the previous quarter, and $8.9M a year ago.
Revenues for the fiscal year ended April 30, 2014 were $1.5B, as compared to $1.4B in fiscal 2013. GAAP net income for fiscal 2014 was $95.0M, as compared to income of $42.9M a year ago.
GAAP gross margin for the last quarter was 20.1%, as compared to 19.6% in the previous quarter and 17.5%a year ago. The increase in gross margin was primarily attributable to the introduction of newer and lower cost products into our shipment mix.
The Company ended the period with cash, cash equivalents and short-term investments totaling $450.9M, an increase of $57.9M from the previous quarter.
"We are pleased to conclude our fiscal 2014 on a high note. Our financial metrics have continued to improve, with better gross margin, higher cash balance, and lower inventories. We have made meaningful progress on multiple fronts, including the diversification of our revenues into multiple geographies, especially in Asia, and the strong growth in our emerging automotive and security markets," said Shaw Hong, CEO of OmniVision. "We are also working on new technologies and applications in our core and emerging markets that have the potential to substantially enhance our market position over the longer term."
The company expects revenues for the next quarter will be in the range of $360M to $400M.