Montage Tech. Lifts Q3 Revenue Outlook - Quick Facts

(RTTNews) - Montage Technology Group Limited (MONT), global fabless provider of analog and mixed-signal semiconductor solutions addressing the home entertainment and cloud computing markets, said it expects third-quarter revenue of approximately $46 million, exceeding its previously announced guidance range of $41 million to $45 million.

Analysts now expect third quarter revenue of $43.10 million.

The company said the increased revenue expectations reflect higher sales of its memory interface solutions, which are expected to be approximately $14.0 million or 30 percent of revenue for the third quarter, primarily due to increased demand for its DDR4 RDIMM and LRDIMM solutions.

Separately, Montage announced that on October 4, 2014, the audit committee of the board of directors of the Company completed its review of allegations contained in reports issued by short sellers. On October 8, 2014, the audit committee presented the report on its review to the board of directors of the Company.

Following an extensive review conducted by the Company's audit committee with the assistance of the law firm of Jones Day as well as forensic accountants from FTI Consulting, the audit committee and the Company have concluded that no changes to the Company's previously reported unaudited financial results are required. This conclusion is based upon the additional investigative procedures that were performed following the audit committee's preliminary conclusions as reported on April 22, 2014.

Montage stated that the audit committee and its advisors presented the conclusions of the audit committee's review to the company's independent auditors on October 10, 2014, which included recommendations for further improvements in internal controls and other enhancements.