Fabless semiconductor company Wintegra Inc. has completed another step en route to Nasdaq, following in the wake of last month's IPO by Vringo Inc. (AMEX: VRNG-U ), the filing of a revised prospectus by MediaMind Technologies Inc., and a pending offering by D Medical Industries Ltd. (TASE:DMDC). Wintegra yesterday published its financial results for the second quarter as part of its updated filing with the US Securities and Exchange Commission (SEC).
Wintegra has developed the WinPath processor for communications equipment vendors. The company plans to raise $115 million, including via a green shoe option for the underwriters and an offer to sell by shareholders, at a company value of $250-500 million.
Wintegra stated in the draft prospectus that it may go ahead with its original plan.
Wintegra posted $14.2 million revenue for the second quarter, 113% more than for the corresponding quarter of 2009 and 17% more than for the preceding quarter.
Net profit was $2.8 million for the second quarter, compared with a net loss of $445,000 for the corresponding quarter, and a net profit of $1.6 million for the preceding quarter. The second quarter net profit margin was 19% of sales.
Wintegra also said that the proportion of sales to Alcatel Lucent SA (NYSE; Euronext: ALU) increased to 30% of sales in the second quarter from 24% in the corresponding quarter. The proportion of sales to Cisco Systems Inc. (Nasdaq: CSCO) doubled to 12% from 6%. Wintegra has 160 employees.
Published by Globes [online], Israel business news - www.globes-online.com - on July 28, 2010
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