Phoenix Technologies raises Q1 guidance
Phoenix Technologies Ltd. (Nasdaq: PTEC) said this morning that it expects its first-quarter revenues and cash balances to exceed analyst expectations.
The Milpitas, Calif. provider of core systems firmware said it expects to report revenue for the quarter ended Dec. 31, 2007 of between $16.8 million and $17.2 million, above the $16.6 million an analyst polled by Thomson Financial was projecting.
The company said it expects to book end-of-quarter cash and cash-equivalent balances in excess of $70 million, up more than $7.3 million from the level in the same quarter last year.
Phoenix attributed the raised guidance to new long-term volume purchase agreements with key customers such as Samsung, Quanta, Compal, Wistron and Inventec. As a result, the company expects its total backlog at the end of calendar 2007 to exceed $52 million — representing an increase of more than $30 million from 2006.
The company further stated that it anticipates that approximately half of its total backlog will be reflected as revenue during the remainder of fiscal year 2008 and therefore now expects full fiscal year 2008 revenue will be approximately $70 million, or almost 50% above fiscal year 2007.
Shares of Phoenix Technologies (PTEC) were halted in pre-market.
About the Author
Reporter Jennifer Schonberger is based in SmallCapInvestor.com's Washington, D.C. bureau.
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