Graphics chip and card maker ATI Technologies Inc. announced its financial results for the first quarter of its fiscal 2004, which ended November 30, 2003. The company recorded revenues of US$467.9 million, a 40 percent year-over-year increase and a new record for the company. ATI’s net income of US$0.19 per share beat Wall Street expectations by a penny.
ATI attributed its results to strong performance in desktop discrete products, thanks to increased demand of add-in board and system integrators. ATI’s products are used in several Mac models, including PowerBooks and some Power Mac G5 configurations.
ATI anticipates second quarter results to be “stronger than typical seasonality,” in the range of $430 – $470 million. The company expects gross margins to be “in the upper half of its target range of 32 – 35 percent.” The company also expects to keep operating expenses in line.