Semiconductor producer Inphi, which has operations in Westlake Village, reported fourth quarter net income of $19.1 million, or 42 cents per diluted share, bringing the company to $26.5 million in net income for its fiscal year 2016.
Revenues from continuing operations rose 53 percent, from $52.9 million in the fourth quarter of 2015 to $80.9 million for the fourth quarter of 2016. Net income included a $16.6 million tax benefit. Full year revenues rose to $266.3 million for 2016, a 38.2 percent increase.
Revenue for the first quarter of 2017 is expected to rise to $92.5 million-$94.5 million, with a net loss of $10 million-$11.2 million, or 24-27 cents per diluted share, the company said in an earnings statement.
Research and development costs rose 37.7 percent to $4.94 million, while sales and marketing costs rose 74.8 percent to $1.38 million. As of Dec. 31, the company had cash and cash equivalents of $144.87 million, with outstanding liabilities of $520.7 million.
Inphi shares ended the day up 2.3 percent to $48.92 on Feb. 7.
• Contact Marissa Nall at [email protected]