In its first earnings release following its listing on Nasdaq
, Saifun Semiconductors said on Thursday that it made a third-quarter net profit of $10.8m. after making a loss of $4.4m. a year earlier.
In the three months ending on September 25, pro forma earnings per diluted share were 43 cents compared with a net loss of 21 cents and revenue jumped to $17.9m. from $9.1m., boosted by a 124% rise in licensing revenue and a 15% increase in service revenue.
Nine-month net profit was $35.9m. compared with a loss of $13.5m., pro forma diluted EPS was $1.41 after a loss 63 cents, and revenue soared to $61.9m. from $21.1m.
Saifun, which made its Nasdaq debut last week, raised net proceeds of $121m. in its initial public offering after selling 5.75 million shares at $23.50 a share. In morning trading on Nasdaq, shares rose 3.3% to $32.76, reflecting a gain of almost 40% from its IPO price.
The company develops a technology called nitride-read-only memory, or NROM, for the non-volatile semiconductor memory market. Non-volatile semiconductor memory devices retain stored information without a power source and are used in a variety of consumer electronic products.