OmniVision Technologies Slumps On Disappointing Earnings (OVTI, RLD, VRA)

OmniVision Technologies Slumps On Disappointing Earnings (OVTI, RLD, VRA)

OmniVision Technologies, Inc. (NASDAQ:OVTI) shares slumped on Friday after the company reported lower than estimated fourth quarter profit due to lower margins and decreased sales, but sales came ahead of estimates. Moreover, the company projected lower than estimated first quarter earnings.

The company reported net income of $2.7 million or 5 cents a share, down sharply from a year ago profit of $34 million or 56 cents a share. Excluding certain costs, the company would have earned 20 cents, missing analysts’ target by 2 cents.

Revenue fell $218.5 million, compared to $258 million last year, versus analysts’ estimates of $205.39 million. Gross slumped to 22.50% from 30.70% e year ago.

For the current quarter, the company projects to earn $0.00 to $0.11 a share on revenue of $235 million and $255 million, compared to analysts’ estimate of $0.29 per share on revenue of $219.20 million.

Shares of OVTI slumped 12% to $14.24.

RealD (NYSE:RLD) gapped down by 8.30% despite the company reported better than estimated fourth quarter earnings. The company said that it earned $5.5 million or 10 cents a share, up from a year ago profit of $4.5 million or 8 cents a share. Revenue during the quarter slid 14.50% year over year $50 million. Analysts were projecting the company to earn 8 cents per share on revenue of $47 million.

Vera Bradley, Inc. (NASDAQ:VRA) slumped 7.73% to $20.18 as the company projected lower than estimated second quarter earnings.

For the first quarter, the company earned $12.6 million or $0.31 a share on revenue of $117.20 million, compared to a year ago profit of $11.2 million or $0.28 a share on revenue of $101.39 million. Analysts were forecasting 29 cents a share on revenue of $116.86 million.

Looking forward to the second quarter, the company forecasts net revenues of $121 million to $123 million and earnings of $0.34 to $0.36 per share. Analysts currently expect the company to earn $0.38 per share on revenue of $122.72 million for the second quarter.

For the fiscal year 2013, the company now forecasts net revenues of $535 million to $540 million, compared to its prior forecast of $540 million to $545 million.