Wolfson Microelectronics, which makes components for mobile phones and tablet computers made an underlying operating loss in 2011 of $7.5m.
In every key metric the firm was weaker than during 2010. Revenues were down from $157.3m to $156.9m.
After taking account of exceptional items the operating loss was $24.2m, compared to an $11.3m loss in 2010.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Total cash at the beginning of January was $53.4m with no debt.
The quarterly figures are not much better. Revenues in the final three months of last year were $36.9m versus $45.8m in the comparable period of 2010.
Wolfson made an operating loss of $1m in the final quarter of 2010, by 2011 that had grown to $7.2m.
Today's report descibes 2011 as "challenging" , but the Chief Executive, Mike Hickey, chose to look on the bright side: "We delivered a record year for design-ins driven in part by establishing technology leadership over our competitors in the fast growing smartphone and tablet markets."
Despite the board saying it is "comfortable" with market expectations for 2012, the stock had dropped 4.5% by 10:27. Over the last 12 months Wolfson shares have fallen 47.5%.
BS
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
