OmniVision Technologies reported financial results for fiscal 2015 and the fourth quarter that ended on April 30, 2015. Revenues for the fiscal year ended April 30, 2015 were $1.4 billion, as compared to $1.5 billion in fiscal 2014.
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GAAP net income for fiscal 2015 was $93.4 million, or $1.57 per diluted share, as compared to GAAP net income for fiscal 2014 of $95.0 million, or $1.70 per diluted share. Revenues for the fourth quarter of fiscal 2015 were $285.9 million, as compared to $292.3 million in the third quarter of fiscal 2015, and $331.0 million in the fourth quarter of fiscal 2014.
GAAP net income in the fourth quarter of fiscal 2015 was $6.0 million, or $0.10 per diluted share, as compared to net income of $14.0 million, or $0.23 per diluted share in the third quarter of fiscal 2015, and $15.1 million, or $0.26 per diluted share in the fourth quarter of fiscal 2014.
Non-GAAP net income for fiscal 2015 was $128.5 million, or $2.09 per diluted share. Non- GAAP net income for fiscal 2014 was $131.0 million, or $2.24 per diluted share. Non-GAAP net income in the fourth quarter of fiscal 2015 was $13.9 million, or $0.22 per diluted share.
Non-GAAP net income in the third quarter of fiscal 2015 was $23.3 million, or $0.38 per diluted share. Non-GAAP net income in the fourth quarter of fiscal 2014 was $23.9 million, or $0.40 per diluted share.
Non-GAAP net income excludes stock-based compensation expenses and the related tax effects. Please refer to the attached schedule for a reconciliation of GAAP net income to non-GAAP net income for the three months and fiscal year ended April 30, 2015 and 2014 and for the three months ended January 31, 2015.
GAAP gross margin for the fourth quarter of fiscal 2015 was 22.4%, as compared to 22.1% for the third quarter of fiscal 2015 and 20.1% for the fourth quarter of fiscal 2014.
The sequential increase in fourth quarter gross margin was primarily attributable to a reduction in overall production costs and a favorable mix shift, partially offset by a decrease in revenues recorded on the sale of previously written-down inventory and an increase in allowance for excess and obsolete inventories. ■