Entropic Reports Q2

Entropic Communications Reports Second Quarter Results

August 3, 2011

1 Min Read

SAN DIEGO -- Entropic Communications, Inc. (Nasdaq: ENTR - News), a leading provider of silicon and software solutions to enable connected home entertainment, today reported its second quarter results for the period ended June 30, 2011. Entropic reported second quarter net revenues of $61.5 million, a decrease of 14 percent compared with $71.5 million in the first quarter of 2011 and an increase of 51 percent compared to $40.7 million in the second quarter of 2010.

In accordance with U.S. generally accepted accounting principles (GAAP), the Company's second quarter net income was $7.8 million, or $0.09 per share (diluted). This compares with GAAP net income of $11.9 million, or $0.13 per share (diluted) in the first quarter of 2011.

"Our second quarter results came in below our expectations as we were impacted by lower demand associated with a change in inventory management by one of our large end customers," said Patrick Henry, president and CEO of Entropic Communications. "From a long-term outlook, we are operating from a position of strength, as we believe our core connected home entertainment technology -- MoCA 2.0 -- will be a key enabling technology for many U.S. and International pay-TV service provider networks. As the MoCA market moves from early adopters to mass market, we are seeing increased interest and demand by OEMs to deliver IP-based video solutions that will enable service providers to distribute the highest quality video and advanced Web services into and throughout the home, based on our MoCA-compliant solutions."

Entropic Communications Inc. (Nasdaq: ENTR)

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