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OmniVision Reports Q2

SANTA CLARA, Calif. — OmniVision Technologies, Inc. (Nasdaq: OVTI), a leading developer of advanced digital imaging solutions, today reported financial results for the fiscal second quarter ended October 31, 2010.

Revenues for the second quarter of fiscal 2011 were $239.5 million, as compared to $193.1 million in the first quarter of fiscal 2011, and $183.3 million in the second quarter of fiscal 2010. GAAP net income attributable to OmniVision Technologies, Inc. in the second quarter of fiscal 2011 was $28.9 million, or $0.50 per diluted share, as compared to net income attributable to OmniVision Technologies, Inc. of $16.9 million, or $0.30 per diluted share in the first quarter of fiscal 2011, and net income attributable to OmniVision Technologies, Inc. of $8.1 million, or $0.16 per diluted share in the second quarter of fiscal 2010.

Non-GAAP net income attributable to OmniVision Technologies, Inc. in the second quarter of fiscal 2011 was $34.2 million, or $0.58 per diluted share. Non-GAAP net income attributable to OmniVision Technologies, Inc. in the first quarter of fiscal 2011 was $22.4 million, or $0.39 per diluted share. Non-GAAP net income attributable to OmniVision Technologies, Inc. in the second quarter of fiscal 2010 was $14.3 million, or $0.27 per diluted share. Non-GAAP net income attributable to OmniVision Technologies, Inc. excludes stock-based compensation expenses and the related tax effects. Please refer to the attached schedule for a reconciliation of GAAP net income (loss) attributable to OmniVision Technologies, Inc. to non-GAAP net income attributable to OmniVision Technologies, Inc. for the three and six months ended October 31, 2010 and 2009 and for the three months ended July 31, 2010.

Gross margin for the second quarter of fiscal 2011 was 28.2% as compared to 26.9% for the first quarter of fiscal 2011 and 24.0% for the second quarter of fiscal 2010. The sequential increase in second quarter gross margin reflected a continuing yield improvement in our back side illumination products. The Company ended the period with cash, cash equivalents and short-term investments totaling $396.7 million, an increase of $47.7 million from the previous quarter.

“We are extremely pleased with our achievement this quarter of record revenues, which represented the high point of our guidance,” stated Shaw Hong, chief executive officer of OmniVision Technologies, Inc. “The quarter's 24 percent sequential revenue growth resulted from our accelerating development of leading-edge imaging sensors and the execution of our operations worldwide, driven by our constant focus on the changing technological needs of the global marketplace.”

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