Apple loss takes Wolfson deeper into the red

Date: Tuesday 09 Feb 2010

Chip maker Wolfson said fourth quarter losses widened after it lost business with Apple and as customers generally scaled back their orders.

The Edinburgh based firm said fourth quarter pre-tax losses widened to £5.8m from £0.5m the same quarter a year before. Revenue fell to £27.5m from £37.4m previously.

"The challenging and uncertain economic conditions in 2009 adversely affected consumer confidence and spending, resulting in Wolfson's customers scaling back their orders to well below the level seen in 2008," the company said in a statement.

Wolfson, which at one point supplied almost all iPod products with its audio chips, will be looking for increased demand for its AudioPlus products, which is already being used in Microsoft's Zune MP3 player.

Chairman Mike Ruettgers commented, "2009 was a difficult year across the consumer electronics industry. Wolfson battened down the hatches, achieved its objectives and successfully expanded the product base. Current traction from the portfolio refresh underscores our confidence of returning to significant growth in the second half of 2010."

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