Wolfson Microelectronics is a global leader in the supply of high performance mixed-signal semiconductor solutions to the consumer electronics market.

In the home, in the office and on the move, our innovative technology can be found at the heart of many of the world's leading digital consumer goods, including mobile phones, tablet computers, premier hi-fi equipment, gaming devices, MP3 players, flat panel televisions, digital still cameras and portable navigation devices.

Wolfson is committed to the design and supply of ground-breaking audio products, including its architecture-defining audio hub solutions, silicon micro-electro-mechanical system (MEMS) microphones, power management integrated circuits and noise cancellation solutions, all of which come together to allow Wolfson to deliver industry-leading audio solutions to consumer electronics applications. This rich portfolio allows Wolfson's global customers to better differentiate their digital consumer products and create whole new end-user experiences.

Wolfson's headquarters are located in Edinburgh, UK, and we have over 420 employees working out of 12 locations worldwide. Our customers are located worldwide and so are our sales and engineering teams, with offices across Europe, the US, Australia and Asia.


http://www.wolfsonmicro.com/

A tip in SM today. Full year figures due out on 6 Feb . The market appears to be underestimating sound chip designer Wolfson Microelectronics (WLF). The results are likely to show a fourth quarter revenues of around £35m , in the middle of the £31.8m-£38.1m forecast range. The start of 2013 is likely to catch the attention of investors. Sales for Jan-March of close to £30m are anticipated, due to significant orders from Samsung Electronics. This would imply a 50% plus jump in revenues year-on-year which is the concerns weakest trading quarter. The £237m cap is a highly operationally gearedbusiness thanks to a fixed cost base of around £56m a year. Gross margins run at some 50% so half of any new revenue will pretty much drop through to the bottom line.
Analysts at broker Liberum Capital also point out that just a single new tier one audio technology design win could lead to earnings per share (EPS)upgrades of up to 50% for the 2013 full year to end Dec. The broker is currently forecasting 2013 EPS of 8p, with earnings predicted to double to 16.8p in the following 12 months. This year will see the company chalk up its first pre-tax profit since 2008. A PE of 25 looks punchy but rapid upgrades could bring it down to 17.

Q4 and Full Year Results 2012
RNS
RNS Number : 2063X
Wolfson Microelectronics PLC
06 February 2013



6 February 2013

Wolfson Microelectronics plc

Fourth Quarter and Full Year Results to 30 December 2012

Strong revenue momentum with fourth quarter sales up 52% year-on-year

Wolfson Microelectronics plc ("Wolfson" or "the Company"), a world leader in Audio Solutions for consumer electronic products, announces fourth quarter and audited full year results for 2012.

Fourth quarter 2012 summary:

· Revenue up 52% to $56.1m (Q4 2011: $36.9m)

· Gross margin of 43.9% (Q4 2011: 49.9%, before exceptional charges)

· Underlying* operating profit of $1.5m (Q4 2011: $2.9m loss)

· Operating profit of $0.5m** (Q4 2011: $7.2m loss)



Full year financial summary:

· Revenue up 15% to $179.7m (2011: $156.9m)

· Gross margin of 46.9% (2011: 48.5%, before exceptional charges)

· Underlying* operating loss of $2.9m (2011: $7.5m loss)

· Operating loss of $9.3m** (2011: $24.2m loss)

· Underlying* diluted loss per share of 1.0 cents (2011: 4.9 cents loss)

· Diluted loss per share of 5.2 cents (2011: 15.4 cents loss)

· Cash and short-term deposits at 30 December 2012 of $48.0m (1 Jan 2012: $53.4m), no debt



Full year 2012 operational summary:

· Built strong revenue momentum as 2012 progressed with year-on-year sales growing 52% in Q4 and 15% for the full year supporting a return to profitability in the second half of 2012



· Sales to mobile phones and tablet computer applications grew 60% year-on-year



· Strong performance from Audio Hubs and Micro-Electro-Mechanical Systems (MEMS) microphone product lines with Audio Hubs growing 27% overall, Mobile Audio Hubs growing by around 60% and MEMS microphones growing to 6% of Q4 2012 revenues



· Launched 21 new products, including the world's first quad core HD Audio System-on-a-Chip (SoC) and the world's first high performance integrated MEMS microphone

· Record estimated revenue value for new design-ins set in 2012 with Q4 2012 the best ever quarter for design-in value. The majority of the value of design-ins is for Audio Hubs with around 10% for MEMS microphones













Outlook:



In Q1 2013, given normal seasonality, the Company anticipates:



• Continuing revenue momentum with year-on-year revenue growth in the range of 40% - 60% ($42m to $48m) dependent on timing of customers' new product ramps

• Gross margin to be around 41% driven by near-term product mix



Looking further ahead:



• Gross margins are expected to improve strongly towards traditional levels as 2013 progresses primarily due to mix shifting to more value-added products and MEMS production reaching economic scale

• Strong end-markets in smartphones and tablet computers, the shift to higher added value products and design-in value at record levels in 2012, means the Company is well positioned for further strong growth in revenues and profitability during 2013





Commenting on the results, Mike Hickey, CEO of Wolfson Microelectronics, said:



"By penetrating the most dynamic and fast-growing segments of the consumer electronics market, we have established strong revenue momentum, growing more than 50% year-on-year in the fourth quarter and, as anticipated, returned to profit in the second half of the year.

"We are increasing our market presence in smartphones and tablet computers, and are now shipping to most of the world's brand-leading mobile phone and tablet computer manufacturers. This, combined with our class-leading portfolio of audio products delivering another record year for new design-ins, positions the Company well for further strong growth in 2013."



*Underlying full year results exclude: charges for the amortisation of acquired intangible assets (2012: $1.7m; 2011: $5.5m) and share-based compensation charges, including associated payroll taxes (2012: $3.3m; 2011: $3.6m). Also, in 2012, an exceptional charge of $1.4m is excluded (2011: net exceptional charges of $7.6m are excluded). The term "underlying" is not defined in IFRS and therefore may not be comparable with similarly titled measures reported by other companies. Underlying measures are not intended as a substitute for, or a superior measure to, IFRS measures.

** After exceptional charge for 2012 of $1.4m (2011: after net exceptional charges $7.6m) of which $1.4m was in Q4 2012 (Q4 2011: $2.4m charge).

Shares Mag says BUY WLF on 31/1/2013

,

Wolfson signs agreement with Samsung

RNS


RNS Number : 1423C

Wolfson Microelectronics PLC

11 April 2013






11 April 2013



Wolfson Microelectronics plc

("Wolfson" or "the Company")



Multi-Year IP License and Component Supply Agreement with Samsung establishes Wolfson as a primary audio partner for GALAXY range of smartphones and tablets



Wolfson Microelectronics plc, a global leader in the design and development of mixed-signal semiconductor audio solutions for the consumer electronics market, and Samsung Electronics Co., Ltd, a global leader in digital media and digital convergence technologies, have today agreed a multi-year IP License and a Component Supply Agreement which establishes Wolfson as a primary Samsung audio partner. As a result of this agreement, Wolfson expects to be a major audio component supplier for Samsung's GALAXY range of smartphones and tablets including the GALAXY S4 in 2013.



This announcement builds on Wolfson and Samsung's existing relationship, where Wolfson has provided outstanding audio performance for Samsung devices including its best-selling GALAXY S III, as well as its GALAXY Note II and GALAXY Note 10.1.



Mike Hickey, CEO of Wolfson, said: "This is a significant milestone for Wolfson, and we are delighted to be making this announcement. Having worked closely with Samsung over recent years on their GALAXY range of tablets and smartphones, this agreement is a testament to our strong IP portfolio and our growing partnership, and we very much look forward to working closely together to continue to deliver exceptional audio in Samsung's smartphones and tablets."

Good to see a broker upgrade today.Wolfson Microelectronics: Numis increases target price from 210p to 230p and upgrades to buy

The Directors of Wolfson Microelectronics plc (LSE: WLF) will be announcing the Company's first quarter results for the period to 31 March 2013 on Tuesday 30 April 2013.

A buy in this weeks share mag - The pre-tax losses of between $1m and $6m recorded in 2012 could turn into profits of $20m by 2014, according to some market estimates.

201 dreamcatcher ,are we talking BC or AD :)

Jimmy b, 201 is near enough to 2014. lol . Thanks for that.

Q1 Results 2013

RNS


RNS Number : 5572D

Wolfson Microelectronics PLC

30 April 2013






30 April 2013

Wolfson Microelectronics plc

First quarter results to 31 March 2013



Strong momentum continues with revenue up 59% year-on-year



Wolfson Microelectronics plc ("Wolfson" or "the Company"), a leading supplier of mixed-signal semiconductors and audio solutions for consumer electronic products, announces its financial results for the first quarter ended 31 March 2013.



Financial summary:

· Revenues up 59% year-on-year to $48.1m (Q1 2012: $30.3m)

· Gross margin reduced to 40.3% due to product mix as previously guided (Q1 2012: 49.0%), and is anticipated to improve during 2013 as product mix moves towards higher margin products

· Underlying* operating loss of $2.8m excluding restructuring and exceptional charges of $2.1m (Q1 2012: $6.4m loss)

· Operating loss of $6.3m (Q1 2012: $8.4m loss)



Operational summary:

· On 11 April 2013, Samsung and Wolfson signed a multi-year IP License and a Component Supply Agreement, which establishes Wolfson as a primary Samsung audio partner. As a result of this agreement, Wolfson expects to be a major audio component supplier for Samsung's GALAXY smartphones and tablets, including the Samsung GALAXY S4, in 2013

· Revenues from Mobile Audio Hubs grew over 100% year-on-year to 85% of Q1 2013 sales

· Micro-electro-mechanical systems (MEMS) microphones grew year-on-year, with further strong growth expected as 2013 progresses

· An existing North American smartphone customer has included Wolfson's Audio Hub in one of its recently announced flagship products

· Lenovo selected Wolfson audio products with integrated transmit path (Tx) and receive-path (Rx) noise reduction, and Ambient Noise Cancelling (ANC) technology, alongside an Intel® Atom Clover Trail+ processor, for its flagship IdeaPhone K900

· Continued expansion in China, shipping to three new smartphone customers, including Lenovo who were number two in smartphone share in China in 2012

· Two leading-brand manufacturers included Wolfson's audio solutions in their new gaming products



Outlook:

· Q2 2013 revenue is dependent on multiple customer new product launches and associated product ramps. Given normal variability in the timing of these, and some pre-shipments in Q1 2013 to support Q2 launches, Q2 2013 revenue is expected to be in the range of $44m - $54m, supporting strong year-on-year first half sales growth of between 33% and 44%

· Gross margin in Q2 2013 is expected to increase to around 43%, in line with a more favourable product mix, and is anticipated to improve further in the second half of 2013

· Based on continuing revenue and customer momentum, the Company remains well-positioned for a further step up in revenues in the second half of 2013 and strong full year revenue growth



Commenting on the results, Mike Hickey, CEO of Wolfson, said: "The growth momentum we built up last year has continued into the first quarter, with record first quarter sales up close to 60% year-on-year. This growth is being driven by our class-leading HD Audio solutions for smart mobile devices. We continue to build closer relationships with market leaders in smartphone and tablet applications and, encouragingly, we are also expanding our position in the fast-growing smartphone market in China and other emerging markets.



"With lots of exciting product launches by our customers, continued strong customer adoption and design-ins transitioning to revenue in line with our expectations, the Company remains well-positioned for another year of strong revenue growth in 2013."



*Underlying results exclude: charges for the amortisation of acquired intangible assets (Q1 2013: $0.4m; Q1 2012: $0.7m); share-based compensation charges, including associated payroll taxes (Q1 2013: $1.0m; Q1 2012: $1.3m); and, in Q1 2013, severance costs of $1.5m (Q1 2012: $nil) and an exceptional charge of $0.6m (Q1 2012: $nil). The term "underlying" is not defined in IFRS and therefore may not be comparable with similarly titled measures reported by other companies. Underlying measures are not intended as a substitute for, or a superior measure to, IFRS measures.

1

Gone long here this morning chart looks like its in BULL mode and plenty of broker upgrades recently. Looking at the previous SP top here first up.......

17 May 2013 | 17:55pm

StockMarketWire.com - Ross Graham, Non Executive Director, bought 22,446 shares in the company on the 17th May 2013 at a price of 222.75p. The Director now holds 171,775 shares.

A buy in this weeks shares mag.

The audio chip designer is rebuilding its reputation in the existing smartphone and tablet space after intense product investment. This is leading to a run of new in-build agreements with major handset manufacturers. Analysts see a 50% increase in revenues by 2014.

sp 178p taking a pasting this morning?

anyone in the know why it is getting hammered? (weird as Ross Graham bot an additional 22000 shares on 17/5)

Plop!

robinhood, see post 5 here.

Cazenove's stance on WLF:
"Due to indications of slowing demand momentum for the Galaxy S4 smartphone and order cuts through supply chain for both Galaxy S4 and Galaxy S3, we are lowering our estimates for Wolfson. We lower our FY13/FY14 sales estimates by 7.2%10% to $212m$246m and underlying EPS estimates by 61%/29% to 2.85 cents/17.9 cents. We downgrade the stock from Overweight to Neutral. Due to substantially lower estimates, we lower our Dec ’13 PT to 200p (260p) based on ~18x our lower ‘14E EPS.
Wolfson is the most exposed company in our coverage to Samsung and in particular the Galaxy S3 and S4: Wolfson has substantial Samsung exposure and is the main supplier of the audio chips in both phones in the non Qualcomm version. Wolfson had 32% of its revenue from Samsung in 2012 and the percentage rose through the year to 36% in 4Q12 and 62% in 1Q13. With such a high exposure to Samsung, Wolfson will be unlikely in our view to escape the impact of the order cuts being implemented by Samsung. Our Asian analysts also believe that the cuts in the supply chain implemented by Samsung are a function of weak demand in the European and domestic markets and not the US market. The Qualcomm solution is the high volume runner in the US market and with Wolfson mainly exposed to the non US market, they will potentially bear the brunt of the cuts."

thx guys

RNS results on 30th july, sp has taken a hammering, worth a look?

Notification of Interest

http://www.moneyam.com/action/news/showArticle?id=4626357

up 11% today

Interims on the 30th.

Fair way to go then. Should muve up nicely from here if market in general behaves.

sp under 150p not looking at all promising

Interims tomorrow - long or short?

Alexandra Jarvis, an analyst at Peel Hunt, said: “We expect the second-quarter results to be towards the lower end of the guidance range, with June impacted by the slowdown at Samsung. This is also likely to impact the third quarter, but the fourth quarter less so, because of minimum volume contracts.”

But Jarvis added: “It is the wrong time to give up on Wolfson in our view. It is only in the next couple of years that Wolfson really starts to benefit, as it takes audio slots from Qualcomm and as it diversifies into lower tiers of phones.”

Amit Harchandani, an analyst at joint house broker Citigroup, agreed: “We expect Wolfson to report second-quarter revenues close to the bottom of guidance range. ­Given growth in smartphones is likely to be driven at the low-end, we look forward to management’s thoughts on design wins with Asian or white-box vendors.”

Maybe a buy the - unless figures are exceptionally bad.

Second quarter and interim results to 30 June 2013

RNS


RNS Number : 4140K

Wolfson Microelectronics PLC

30 July 2013






30 July 2013

WOLFSON MICROELECTRONICS plc

Second quarter and interim results to 30 June 2013



Wolfson Microelectronics plc ("Wolfson" or "the Company"), a leading supplier of mixed-signal semiconductor devices and audio solutions for consumer electronic products, announces its financial results for the second quarter and half year ended 30 June 2013.



Further strong growth: first half sales up 32% year-on-year



Key financials for the second quarter 2013:

· Revenue of $45.4m, up 13% year-on-year (Q1 2013: $48.1m; Q2 2012: $40.3m)

· Gross profit broadly flat at $19.7m, gross margin of 43.3% (Q1 2013: 40.3%; Q2 2012: 48.5%)

· Underlying* operating loss of $2.3m (Q1 2013: $2.8m loss; Q2 2012: $1.3m loss)

· Operating loss of $2.5m (Q1 2013: $6.3m loss; Q2 2012: $3.0m loss)



Key financials for the first half 2013:

· Revenue of $93.5m, up 32% year-on-year (H1 2012: $70.6m)

· Gross profit $39.0m, up 13% year-on-year (H1 2012: $34.4m), gross margin 41.7% (H1 2012: 48.7%)

· Underlying* operating loss improved to $5.1m (H1 2012: $7.7m loss)

· Operating loss improved to $8.8m (H1 2012: $11.4m loss)

· Cash and short-term deposits of $29.8m, with no debt



Operational highlights for the first half 2013:

· Samsung and Wolfson signed a multi-year IP License and a Component Supply Agreement that establishes Wolfson as a primary Samsung audio partner and a major audio component supplier for Samsung's GALAXY range of smartphones and tablets, including Samsung's 3G GALAXY S4

· Sales to mobile phone applications grew almost 80% year-on-year, driven in particular by smartphones, with Mobile Audio Hubs growing over 55% year-on-year to 82% of H1 2013 sales

· Micro-electro-mechanical systems (MEMS) microphones revenue grew 49% year-on-year albeit from a small base, and is expected to become material to overall revenue with further strong growth in H2 2013

· Sharp adopted a Wolfson Audio Hub with transmit-path and receive-path noise reduction alongside a Qualcomm applications processor for its latest range of flagship smartphone and tablet devices

· Lenovo selected Wolfson audio solutions with transmit-path and receive-path noise reduction and ambient noise cancelling (ANC) technology, alongside an Intel® Atom applications processor, for its latest flagship smartphone

· Continued expansion into China, the largest and fastest growing smartphone market, with four new smartphone customers added during the first half of 2013



Outlook:

· Q3 2013 sales expectations are moderated by inventory at major customers due to lower-than-expected end product sell-through in the first half. The Company expects to return to strong revenue growth within the subsequent couple of quarters as customer inventory normalises, customer new products launch and revenues from higher value Audio Hubs and MEMS microphones both become material

· Q3 2013 revenue is expected to be in the range of $40m to $50m, depending on customer new product ramps and product sell-through

· Q3 2013 gross margin is expected to improve further to approximately 44%, depending on product mix and MEMS microphone ramp





Commenting on the results, Mike Hickey, CEO of Wolfson, said: "Sales grew strongly year-on-year in the first half of 2013. Revenue growth moderated in the second quarter due to widely reported lower-than-expected end product sell-through at some key customers. We expect this to continue to impact revenue over the next few months, as customer inventory is run down, before growth resumes.



"Our Audio Hub products continue to grow strongly driven by smartphones, tablets and other smart device applications. As our Audio Hubs provide more features to our customers' products, selling prices are increasing and this is accelerating our growth prospects in a very large market. This, coupled with increased participation in fast-growing markets such as China, and our MEMS microphones becoming material to revenue, gives us increased confidence in the underlying strength of our business."



*Underlying results exclude: charges for the amortisation of acquired intangible assets (H1 2013: $0.8m; H1 2012: $1.0m); share-based compensation charges, including associated payroll taxes (H1 2013: $0.8m; H1 2012: $2.7m); and, in H1 2013, severance costs of $1.5m (H1 2012: $nil) and an exceptional pension past service charge of $0.6m (H1 2012: $nil). The term "underlying" is not defined in IFRS and therefore may not be comparable with similarly titled measures reported by other companies. Underlying measures are not intended as a substitute for, or a superior measure to, IFRS measures.

In line with Analysts expectations.

http://www.investegate.co.uk/wolfson-microelectro--wlf-/rns/second-quarter-and-interim-results-to-30-june-2013/201307300700454140K/

Liberum Capital Buy 149.00 149.00 - - Reiterates

Beat me to it, skinny.

Flogged mine at a 4% loss.

Was a technical buy not going to hold long term, so taken a quick loss.

Numis Add 144.25 149.00 255.00 170.00 Retains

Finncap Hold 146.00 149.00 - 150.00 Reiterates

Wolfson is Samsung blue as sales growth slows
By John Harrington July 30 2013, 9:05am Third quarter revenue is expected to be in the range of US$40m to US$50m, depending on customer new product ramps and product sell-through.Third quarter revenue is expected to be in the range of US$40m to US$50m, depending on customer new product ramps and product sell-through.

Loss-making audio chip specialist Wolfson Microelectronics (LON:WLF) hit a bum note as it said third quarter sales are likely to be depressed by inventory build-up at key customers.

Customers that use its products, which include most of the giants of the mobile devices market (except Apple), sold fewer devices than expected in the first half of 2013, which has led to a stock overhang. This is likely to suppress Wolfson’s orders in the third quarter but the company expects revenue to pick up thereafter.

The champion of the Scottish technology sector reduced its losses in the first half of 2013 to US$8.8mln from US$11.1mln the year before.

Encouragingly, revenues surged 32% to US$93.5mln in the first half of 2013 from US$70.6mln in the first half of 2012. Unfortunately, that top line growth slowed to 13% in the second quarter, with revenues rising to US$45.4mln from US$40.3mln a year earlier.

“Revenue growth moderated in the second quarter due to widely reported lower-than-expected end product sell-through at some key customers. We expect this to continue to impact revenue over the next few months, as customer inventory is run down, before growth resumes,” said Mike Hickey, Wolfson’s chief executive.

Wolfson’s biggest customer is Samsung, and market observers believe that a slow-down in the growth of Samsung smartphones is having a knock-on effect on Wolfson.

The group exited the half-year period with cash and short-term deposits of US$29.8mln, and no debt.

Hickey remained upbeat about the long term picture, as well he might, given the explosive growth in demand for hand-held communications devices and the increasing use of noise-cancellation technology that can save us from listening to shouted mobile phone conversations on the train.

“Our Audio Hub products continue to grow strongly driven by smartphones, tablets and other smart device applications. As our Audio Hubs provide more features to our customers' products, selling prices are increasing and this is accelerating our growth prospects in a very large market. This, coupled with increased participation in fast-growing markets such as China, and our MEMS microphones becoming material to revenue, gives us increased confidence in the underlying strength of our business," Hickey said.

The market remained unconvinced. Shares were down 4.9% at 141.75p after an hour of trading, having fallen as low as 135.5p at one point. The shares have lost more than a quarter of their value over the last three months.

A hold in IC . While underlying trends are mildly positive -losses are narrowing and Wolfson recently signed contracts with Samsung. Lenovo and Sharp - we don't have much confidence that the company has turned the corner once and for all.

RNS Number : 4825P

Wolfson Microelectronics PLC

02 October 2013

2 October 2013

Wolfson Microelectronics plc

("Wolfson" or "the Company")

Trading Update

Wolfson Microelectronics plc, a leading supplier of mixed-signal semiconductor devices and audio solutions for consumer electronic products, provides the following update on trading ahead of its third quarter results to be announced on Tuesday, 29 October 2013.

Revenues for the quarter ended 29 September 2013 are anticipated to be c. $44m, with Wolfson's largest customer accounting for 35% of revenues.

As noted above, Wolfson's Q3 FY13 performance is expected to be broadly in line with expectations. However the cancellation of product programmes at a major customer following a strategic review of its business, coupled with delays from Q4 FY13 into H1 FY14 of some key programmes with other customers, means that the Company now expects revenues for Q4 FY13 to be in the range of $40m - $50m.

The Company anticipates that the overall impact of these developments on Wolfson's revenue will be mitigated in 2014 as other customer projects ramp.

Wolfson continues to see strong widespread traction at all other major customers, especially for its new Audio Hub and MEMS microphone products where design-in activities are progressing well.

N+1 Singer Buy 152.50 174.50 170.00 - Under Review

Numis Add 152.50 174.50 170.00 170.00 Retains

Prime Markets Sell 149.13 174.50 135.00 135.00 Retains

Acquisition of Wolfson Microelectronics Plc

http://www.moneyam.com/action/news/showArticle?id=4799895

1st Quarter Results

RNS


RNS Number : 7387F

Wolfson Microelectronics PLC

29 April 2014






29 April 2014



Wolfson Microelectronics plc

First quarter results to 30 March 2014



Improved margins and costs offset lower revenues; strong second half expected



Wolfson Microelectronics plc ("Wolfson" or "the Company"), a leading supplier of audio solutions for consumer electronic products, announces its financial results for the first quarter ended 30 March 2014.



Financial summary:

· Revenue of $28.8m (Q1 2013: $48.1m)

· Gross margin 47.1% (Q1 2013: 40.3%)

· Underlying* overheads reduced by 18% sequentially and year-on-year to $18.1m (Q1 2013: $22.1m)

· Net cash inflow from operating activities of $1.6m (Q1 2013: $11.6m outflow)

· Underlying* operating loss of $4.5m (Q1 2013: $2.8m loss)

· Operating loss of $5.7m (Q1 2013: $6.3m loss after exceptional charge)

· Cash and short-term deposits of $25.2m at 30 March 2014 (29 December 2013: $25.9m), no debt ($25m working capital facility undrawn)



Operational summary:

· Revenue continued to be impacted, as expected, by customer inventory overhangs caused by last year's faster-than-anticipated transition from 3G to 4G (LTE) smartphones

· Higher value-added Audio Hubs starting to come to market resulted in gross margin recovering strongly, up 680 basis points year-on-year

· Firm spending control and the benefit of recent re-structuring reduced overheads by 18% sequentially

· Wolfson and MediaTek announced a collaboration that will result in Wolfson's High Definition (HD) Audio solutions being a pre-integrated option on MediaTek's mobile LTE reference platform

· Wolfson continues to strengthen its relationship with Samsung with a number of design wins across a widening range of products including its GALAXY range of smartphones (including LTE models), tablet computers, digital still cameras, televisions and personal computers

· Outside of mobile phones and tablet computers, Wolfson's audio solutions are being adopted for a wide range of consumer electronics applications including the Internet of Things (IoT)



Outlook:

· Q2 2014 revenue is expected to be in the range of $28m - $36m depending on customer new product introduction timing and sell-through

· Gross margin in Q2 2014 is expected to be between 45% and 47%, depending on product mix

· LTE platforms that include Wolfson products are expected to come to market and be deployed as the year progresses



Recommended Cash Acquisition:

· As announced today, the Board of Wolfson has recommended a cash acquisition of Wolfson by Cirrus Logic Inc for the entire issued and to be issued ordinary share capital of Wolfson

· Under the terms of the acquisition, Wolfson shareholders will be entitled to receive 235 pence in cash per Wolfson share. The acquisition price per Wolfson share represents a premium of approximately 75.4 per cent. to the closing price per Wolfson share of 134.00 on 28 April 2014 (being the last Dealing Day prior to the date of this announcement)









Commenting on the results, Mike Hickey, CEO of Wolfson, said: "As expected, revenue continued to be impacted by customer inventory overhangs caused by last year's faster-than-anticipated flagship smartphone transition from 3G to LTE. However, these near-term revenue headwinds are being offset by strong improvements in gross margin as new higher value-added products start to contribute, and we realise the benefits of cost base reductions resulting from last year's restructuring activities.



"We are on track for a strong recovery in revenue as LTE smartphone platforms that do include Wolfson products are expected to come to market in the second half. Our position as audio partner of choice for most LTE silicon platform vendors has been further strengthened by our collaboration with MediaTek for its LTE solutions, which should also improve our position in the fast-growing Chinese smartphone and tablet market where MediaTek has strong market share."





*Underlying results exclude: charges for the amortisation of acquired intangible assets (Q1 2014: $0.3m; Q1 2013: $0.4m); share-based compensation charges, including associated payroll taxes (Q1 2014: $0.9m; Q1 2013: $1.0m). Also, in Q1 2013, severance costs of $1.5m (Q1 2014: $nil) and an exceptional charge of $0.6m (Q1 2014: $nil). The term "underlying" is not defined in IFRS and therefore may not be comparable with similarly titled measures reported by other companies. Underlying measures are not intended as a substitute for, or a superior measure to, IFRS measures.

Closed up 75%

Yes.


A nice littler earner!

Not for me Fred. :-(