CSR Plc Posts Loss In Q4, Ups Dividend; Sees Sequentially Lower Revenues In Q1

(RTTNews) - CSR plc (CSRE, CSRXF.PK, CSR.L), a provider of multifunction connectivity, audio, and location platforms, reported Wednesday that its fourth-quarter pre-tax loss, on IFRS basis, was $96.74 million, compared to a profit of $113.46 million a year ago. Loss per share was $0.47, compared to prior year's earnings per share of $0.32.

The latest quarterly results were hurt by Cameras impairment of $76.9 million due to its decision to cease development of future camera-on-a-chip or COACH platform products, in order to focus investment on higher growth markets.

Underlying earnings per share increased to $0.06 from $0.05 last year.

Revenue for the quarter declined 16 percent to $208.24 million from $249.19 million in the prior year, reflecting a 46 percent decline in Legacy revenues.

Further, the company propose final dividend of $0.09 per ordinary share, higher than last year's $0.08 per share. This represents a dividend of $0.136 per ordinary share for the financial year, an increase of 15 percent on 2012.

Looking ahead, the company said it expects first quarter 2014 revenues to be in the range of $170 million to $190 million. Legacy Products revenue in 2014 are projected to decline by around 65 percent compared to 2013 revenue.