CSR ready for big investor payout

Wireless technology firm CSR said revenues were up in the third quarter and that it had successfully completed a deal with Samsung, paving the way for a big investor pay out.

Third quarter revenue came in at $282.7m, up from $243.3m the previous year.

Underlying operating profit was $32.2m, with earnings per share coming in at 13c.

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However, on a statutory basis the firm dropped into the red to the tune of $1.9m after being hit by one-off charges.

In July the company announced the sale of its handset connectivity technology business to Korean technology giant Samsung, saying it would return of a pile of cash to shareholders in the process.

The company said the deal had gone through successfully and a $285m payout would go ahead in the fourth quarter.

"The Samsung transaction accelerates our strategy of focusing on platforms where we have leadership positions, strong gross margins and attractive growth opportunities," said Chief Executive Joep van Beurden.

"We are now focussed on our core business, where we expect good market growth to be reflected in our core business revenues in 2013."

The firm said it expects fourth quarter revenues to be in the range of $235m to $255m.