Entropic Communications (ENTR) Tops Q3 EPS by 22c; CEO Henry Resigns
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Entropic Communications (NASDAQ: ENTR) reported Q3 EPS of ($0.11), $0.22 better than the analyst estimate of ($0.33). Revenue for the quarter came in at $43.2 million versus the consensus estimate of $3.81 million.
The company also announced that its Board of Directors has appointed board member Dr. Ted Tewksbury as interim President and Chief Executive Officer, effective immediately. Dr. Tewksbury succeeds Patrick Henry, who is leaving the Company and stepping down from Entropic's Board of Directors.
"On behalf of the Board of Directors, I want to thank Patrick for his many contributions to Entropic over the past decade," said Umesh Padval, Entropic's chairman of the Board. "Under Patrick's leadership, the Company completed its initial public offering and developed a number of market leading technologies. With the change in strategy and business restructuring that Entropic is also announcing today, the Board believes it is the right time for a leadership transition." Mr. Padval continued, "We are fortunate to have Ted available to serve as interim President and CEO. Ted has successfully led and developed executive management teams and possesses a proven track record as a semiconductor industry executive. We are confident that he will provide strong leadership for the Company."
Dr. Tewksbury joined Entropic's Board of Directors in September 2010. He is the former President and CEO of Integrated Device Technology, Inc., where he directed IDT's transformation into a premier analog and mixed signal semiconductor provider, delivering system level solutions. More recently, he served as an independent consultant to various private equity firms and technology companies. Dr. Tewksbury brings thirty years of broad-based semiconductor industry leadership and significant boardroom experience to the role. As interim President and CEO, Dr. Tewksbury will work closely with Entropic's executive team and Board of Directors to oversee the Company's ongoing operations and strategic initiatives, including the ongoing review of strategic alternatives. "I look forward to working alongside Entropic's talented team and contributing to the Company's future success," said Dr. Tewksbury. "With our refocused strategy and restructuring plan, we are targeting to reach non-GAAP profitability next quarter. We are continuing to explore strategic alternatives, and remain focused on product innovation, operational excellence, and enhancing shareholder value."
Dr. Tewksbury will remain on Entropic's Board, but will no longer serve on its Compensation Committee.
In a separate release issued today, Entropic reported its third quarter results for the period ended September 30, 2014, as well as its strategy to refocus growth on its core Connectivity businesses and an associated restructuring initiative. The Company is also continuing its ongoing exploration of strategic alternatives to enhance shareholder value.
For earnings history and earnings-related data on Entropic Communications (ENTR) click here.
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