Zoran 2Q loss grows ahead of CSR takeover

0
22

SUNNYVALE, Calif. (AP) ? Zoran Corp., a chipmaker that is being bought by British chipmaker CSR PLC, said Tuesday that its second-quarter net loss expanded and revenue fell.

The net loss in the three months through June 30 hit $25.4 million, or 51 cents per share, compared to a loss of $6.7 million, or 13 cents per share, a year earlier.

Excluding stock-based compensation, acquisition-related costs, restructuring and other items, the net loss was 36 cents per share, slightly better than the 43 cents per share loss expected by analysts polled by FactSet

Revenue fell 11 percent to $82.9 million from $93.4 million. It was slightly better than the $82.5 million expected by analysts.

In June, CSR announced it would buy Zoran for $484 million even though the purchase price is 29 percent lower than what the companies had agreed on in February.

Zoran’s outlook dampened after the earthquake and tsunami in Japan and Cisco Systems Inc.’s decision to shutter its Flip video camera business, which used Zoran chips.

Zoran shares closed down 2 cents at $8.44 in the regular session Tuesday prior to the release of the earnings results. They were unchanged in extended trading.