Nordic Reports Record Results
Ultra low power (ULP) RF specialist Nordic Semiconductor ASA has announced that despite the continued weakness in the global semiconductor industry, it has for the second consecutive quarter achieved record financial results during Q3 2009. The company reported its highest ever quarterly revenue performance – NOK 133.1 million – up 29 percent from Q3 2008, highest ever operating profit – NOK 28.5 million – up 45 percent from Q3 2008 and the company’s highest ever order inflows – NOK 161 million, up 68 percent from Q3 2008.
The company’s results were due to extremely strong, continued demand for its 2.4 GHz transceivers in the wireless PC peripherals segment. This segment grew by 75 percent compared to Q3 last year and accounted for 60 percent of the company's overall revenues for the quarter. In addition, sales were strong across several other product categories, which all contributed to the company achieving its highest ever quarterly revenues.
"The wireless PC peripherals market has held up better than expected across all key vendors and geographies," said Svenn-Tore Larsen, Nordic's CEO. "Although this has primarily been driven by the trend towards 2.4 GHz replacing older 27 MHz technology, it does include the impact of leading PC peripherals manufacturers re-building their inventories in expectation of increased demand during the second half of 2009.”
“With a cash balance of NOK 141 million and no debt, Nordic Semiconductor has a very strong financial basis for further sustained growth even in what remains a difficult and still uncertain global financial climate," said the company’s CFO, Robert Giori.
The ULP wireless market is expected to be further propelled with the release of the forthcoming Bluetooth low energy standard due later this year which will add ULP wireless connectivity as standard to almost all next generation, Bluetooth-enabled mobile phones. Nordic Semiconductor has taken an active role in developing the Bluetooth low energy standard within the Bluetooth SIG and expects to be first-to-market in the first half of 2010 with single-mode Bluetooth low energy chipsets based on its existing 2.4 GHz ULP wireless technology platform.