09 Jun 11. Semiconductor maker Texas Instruments Inc. reduced its expectations for the second quarter because of weaker demand from wireless customer Nokia Corp. TI’s lowered guidance, announced at the company’s midquarter update Wednesday, comes after Nokia last week sharply lowered its sales forecast. The Finnish handset maker, a big customer of TI chips, has been struggling to keep up in a smartphone market increasingly dominated by rivals like Google Inc. and Apple
Inc. Ron Slaymaker, TI’s vice president of investor relations, called it an understatement to say the bulk of the company’s guidance cut was due to Nokia.
“All of the change in the middle range of the update, versus where we were previously, was associated with that customer,” he said on a conference call Wednesday. (Source: WSJ)
13 Jun 11. Aerosonic Corporation (NYSE Amex: AIM), a leading supplier of precision flight products for commercial, business and military aircraft, announced that today it filed its Quarterly Report on Form 10-Q for the three-months ended April 29, 2011, with the United States Securities and Exchange Commission. Net sales for the first quarter of fiscal year 2012 decreased $222,000, or 3%, to $6,709,000 when compared to $6,931,000 for the first quarter of fiscal year 2011. During the first quarter of fiscal year 2012, the sales volume decreased from the prior year by approximately $674,000 on reduced demand for mechanical instruments, transmitter products, and sensor products, offset by approximately $445,000 of increased sales volume of repairs, contributing to the net decrease of $222,000. For the quarter ended April 29, 2011, net loss was approximately ($317,000) or ($0.08) basic and diluted loss per share, versus net income of approximately $259,000, or $0.07 basic and $0.06 diluted earnings per share for the quarter ended April 30, 2010. (Source: Yahoo!/BUSINESS WIRE)
13 Jun 11. EMS Technologies (NASDAQ:ELMG – News), a leading provider of wireless connectivity solutions for aviation, aerospace and global resource management, today announced a definitive agreement under which Honeywell (NYSE:HON – News), a diversified technology and manufacturing leader, will acquire EMS in an all-cash transaction valued at approximately $491m, net of cash acquired. Under the terms of the agreement, which has been unanimously approved by both companies’ Boards of Directors, a wholly-owned subsidiary of Honeywell will commence a tender offer within ten business days to purchase all of EMS’s outstanding shares for $33.00 per share in cash. The transaction represents a 33% premium to EMS’s closing stock price on June 10, 2011, and a 59% premium to EMS’s closing price on April 18, 2011, one day prior to the Company’s announcement that it was reviewing strategic alternatives. The Board of Directors of EMS will recommend that EMS shareholders tender their shares in the tender offer. The transaction, which is subject to successful completion of the tender offer, regulatory approval and customary closing terms and conditions, is expected to be completed in the third quarter of 2011. EMS reported revenue for the full year 2010 of $355.2m. EMS’s businesses enable mobile connectivity virtually anywhere in the world using a wide range of connectivity technologies, including Satellite, GSM, Bluetooth, Wi-Fi and GPS mapping. (Source: Yahoo!/BUSINESS WIRE)
09 Jun 11. Hoku Corporation (NASDAQ:HOKU – News), a clean energy products and services company, today announced its financial results for the fourth quarter and fiscal year ended March 31, 2011, and provided a general update on its business. Revenue for the quarters ended March 31, 2011 and 2010 were $290,000 and $776,000, respectively. Revenue for the fiscal year ended March 31, 2011 was $3.6m compared to $2.6m for fiscal 2010. Revenue in fiscal 2011 and 2010 was derived primarily from photovoltaic, or PV, system installations and related services, the sale of electricity, and the resale of solar in