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Conexant Shares Rise as Loss Shrinks Fivefold

January 26, 2006|From Reuters

Newport Beach-based Conexant Systems Inc. shrank its quarterly loss fivefold as the maker of communications and networking chips beat its own expectations and said it speeded its overall recovery, sending its shares up 9%.

Conexant said the net loss for its first fiscal quarter ended Dec. 31 was $24.3 million, or 5 cents a share, compared with a loss of $120.7 million, or 26 cents a share, a year earlier.

The company also said it was boosted by a $49-million gain on the sale of stock it held in San Jose-based SiRF Technology Holdings Inc. and a $22-million unrealized gain on the carrying value of warrants to buy stock of Mindspeed Technologies Inc.

Revenue jumped 64% to $230.7 million as Conexant said results beat its expectations on all major financial metrics.

For the second quarter, Conexant said it expected revenue to increase 3% to 5% on a sequential basis and the core net income to be 2 cents a share.

Shares rose 6% to $3.53 in late trading after closing at $3.27.

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