September 21, 2011 / 9:09 PM / 7 years ago

UPDATE 1-Gennum's Q3 beats view, to buy back 10 pct shares

* Q3 rev up 6.7 pct to $36.7 mln

* To buy back about 2.7 mln of its shares (Follows alerts)

Sept 21 (Reuters) - Canadian semiconductor company Gennum Corp posted market-topping quarterly results and said its current order book was similar to orders levels seen earlier this year.

Third-quarter net income fell to $3.3 million, or 10 cents per share, compared with $5.3 million, or 15 cents per share, a year ago.

Adjusted earnings per share was 14 cents per share, down 1 cent from last year.

Revenue rose 6.7 percent to $36.7 million.

Analysts on average were expecting the company to earn 12 cents per share on revenue of $34.4 million, according to Thomson Reuters I/B/E/S.

Gennum booked a $1.5 million restructuring charge related to its plan to outsource testing and logistics. It expects $2.5 to $3 million in charges for the whole plan, which is expected to be completed over the next year.

Gennum also said it plans to buy back about 10 percent, or about 2.7 million, of its shares through a normal course issuer bid over the next year.

Shares of the Burlington, Ontario-based Gennum, which have fallen about 10 percent so far this year, closed at C$6.30 on Wednesday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Saumyadeb Chakrabarty)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below