Raymond Wu Re-Joins Omnivision

PR Newswire: Omnivision reported its quarterly results on the higher end of its guidance: $390.1M, as compared to $258.1M in the previous quarter, and $217.9M a year ago. GAAP net income $10.3M, as compared to $2.3M in the previous quarter, and $21.1M a year ago.

GAAP gross margin is 16.6%, as compared to 19.1% in the previous quarter and 30.6% a year ago. The sequential decrease was attributed to an increase in shipment mix of advanced products that carried high manufacturing costs.

"In addition, I am pleased to announce the addition of Raymond Wu to OmniVision's management team," said Shaw Hong, Omnivision's CEO. "Raymond, one of our co-founders, has agreed to re-join us as our President, effective December 1, 2012. During his previous tenure, Raymond's intellect, experience and influence extended to market development, engineering and sales. We are enthused by his return, and with his knowledge of our company and the industry, I expect Raymond to make significant contributions to OmniVision's continued growth in the years to come."

Raymond Wu used to be Omnivision's EVP and left the company in August 2006.

Update: SeekingAlpha published Omnivision's earnings call transcript with more details on its business.