Pete Baldwin 12/5/2012 | 4:36:35 PM
re: Wintegra Tries This IPO Thing Again

Among the network processor guys, I should note that EZchip also has an access processor, the NP-A line that was started after the higher-end NP family.

But that's one competitor among many, and by far not the biggest of Wintegra's worries, I would guess.  The prospectus points to LSI specifically -- not just for ASSPs but for their ASIC offerings -- and to the usual multicore kinds of companies - Cavium, Freescale, NetLogic. 

Intel isn't listed, which is amusing, but Broadcom, Marvell, Maxim, and Mindspeed are.

OSXman 12/5/2012 | 4:36:34 PM
re: Wintegra Tries This IPO Thing Again

Revenue pops big time in Q1:10, but gross margins take a hit.  What's going on here? 

Pete Baldwin 12/5/2012 | 4:36:33 PM
re: Wintegra Tries This IPO Thing Again

Looks like it's mostly product mix.  From the S-1 (emphasis and paragraph breaks are mine):

Our gross margin declined in the first quarter of 2010 primarily as a result of a decrease in average selling prices due to higher sales volumes and growth in sales of our WinPath2 products, which have relatively lower gross margins, and an increase in amortization costs due to our determination that we will use one of the sets of fabrication masks for a shorter period. We expect the impact of these factors on our gross margin to continue in future periods.

Gross margin in the first quarter of 2010 was also adversely impacted by increased personal costs due to an overlap between transitioning employees and payment of expediting fees to ensure timely delivery of products.

The "continue in future periods" part would be something to watch.

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