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M-Systems beats analysts with $0.19 Q2 earnings

Flash memory technology company M-Systems Flash Disk Pioneers (Nasdaq: FLSH) has reported revenue of $105.7 million for the second quarter of 2005, representing an increase of 25.5% compared with revenue of $84.2 million for the second quarter of 2004, and an increase of 10.2% compared with revenue of $95.9 million for the first quarter of 2005.

Gross margins for the second quarter of 2005 were 24.8%, a slight improvement on the 24.6% in the first quarter of 2005 and 24.3% in the second quarter of 2004.

M-Systems made a net profit in the second quarter of $7.6 million, or $0.19 per share, compared with $6.1 million, or $0.16 per share, in the first quarter of 2005, and $5.4 million, or $0.14 per share, in the second quarter of 2004.

The consensus analysts' estimate was for earnings per share of $0.17 on revenue of $98.2 million in the second quarter.

M-Systems president and CEO Dov Moran said, "I am very pleased with our second quarter results, as we posted solid top and bottom line growth, both sequentially and on a year-over-year basis.

"During the quarter we further strengthened the foundation for M-Systems' future growth. U3 is gaining momentum, as more third party software application developers express their support for the U3 platform. We are scheduled to begin shipping U3 smart devices toward the end of the third quarter. We believe the potential for this initiative is tremendous.

"In the mobile market, we continue to make progress toward our stated goal of penetrating the high-volume high-end feature phone segment of the market, as handset manufacturers recognize the value of Mobile DiskOnChip as the embedded flash drive (EFD) of choice for an increasing variety of handsets"
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