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Zoran Corporation Updates Its Forecast for the Fourth Quarter 2008
SUNNYVALE, CA - December 23, 2008 - Zoran Corporation, a leading provider of digital solutions for applications in the digital entertainment and digital imaging markets, today announced that it expects revenues for the fourth quarter of 2008 to be below previously announced expectations.
Based on current information, Zoran now expects revenues in the fourth quarter to be in the range between $68 and $73 million, compared to previously announced expectations of $85 to $90 million.
“The worsening economic environment has severely impacted consumer spending worldwide, resulting in major cancellations and delays in orders from our customers,” said Dr. Levy Gerzberg, Zoran’s president and chief executive officer. “The downturn is being experienced across all of our markets, with some being impacted more than others, and we expect further deterioration in the near term. As a result, we currently expect first quarter 2009 revenues to decline from the fourth quarter. However, we are working aggressively to manage our resources and control expenses in order to emerge from the recession in a strong financial position. In addition, we expect to introduce several new products in 2009 and we continue to see solid design activity with existing products for production throughout the year, positioning us well for our future.”
Company Profile
Zoran Corporation, based in Sunnyvale, California, is a leading provider of digital solutions for applications in the digital entertainment and digital imaging markets. With two decades of expertise developing and delivering digital signal processing technologies, Zoran has pioneered high-performance digital audio and video, imaging applications, and Connect Share Entertain™ technologies for the digital home. Zoran’s proficiency in integration delivers major benefits for OEM customers, including greater capabilities within each product generation, reduced system costs, and shorter time to market. Zoran-based DVD, digital camera, DTV, multimedia mobile phone, and multifunction printer products have received recognition for excellence and are now in hundreds of millions of homes and offices worldwide. With headquarters in the U.S. and additional operations in Canada, China, England, France, Germany, India, Israel, Japan, Korea and Taiwan, Zoran may be contacted on the World Wide Web at www.zoran.com or at 408-523-6500.
Based on current information, Zoran now expects revenues in the fourth quarter to be in the range between $68 and $73 million, compared to previously announced expectations of $85 to $90 million.
“The worsening economic environment has severely impacted consumer spending worldwide, resulting in major cancellations and delays in orders from our customers,” said Dr. Levy Gerzberg, Zoran’s president and chief executive officer. “The downturn is being experienced across all of our markets, with some being impacted more than others, and we expect further deterioration in the near term. As a result, we currently expect first quarter 2009 revenues to decline from the fourth quarter. However, we are working aggressively to manage our resources and control expenses in order to emerge from the recession in a strong financial position. In addition, we expect to introduce several new products in 2009 and we continue to see solid design activity with existing products for production throughout the year, positioning us well for our future.”
Company Profile
Zoran Corporation, based in Sunnyvale, California, is a leading provider of digital solutions for applications in the digital entertainment and digital imaging markets. With two decades of expertise developing and delivering digital signal processing technologies, Zoran has pioneered high-performance digital audio and video, imaging applications, and Connect Share Entertain™ technologies for the digital home. Zoran’s proficiency in integration delivers major benefits for OEM customers, including greater capabilities within each product generation, reduced system costs, and shorter time to market. Zoran-based DVD, digital camera, DTV, multimedia mobile phone, and multifunction printer products have received recognition for excellence and are now in hundreds of millions of homes and offices worldwide. With headquarters in the U.S. and additional operations in Canada, China, England, France, Germany, India, Israel, Japan, Korea and Taiwan, Zoran may be contacted on the World Wide Web at www.zoran.com or at 408-523-6500.
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