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/

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.