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Thursday, May 1, 2008

Photon Dynamics (PHTN) 2Q:2008 results

Q2 comes in at $45.1 mil, the high end of the 42-45 mil range they had out there. EPS come in substantially better at 23 cents a share non-gaap. They're guiding to 41-45mm for Q3 and EPS up a touch q/q. Bookings are $80mm -- so there's a lot more business to do. They're well above their break-even level and the flat panel display market is one of the few bright spots in cap equipment.

Gross margins exceeded models by quite a bit, coming in at 39.9% -- the model I'm looking at has 35%. The best kind of earnings upside.

Still like this, still thinking $15.

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