Exhibit 99.1

OMNIVISION REPORTS RECORD REVENUES AND EARNINGS

FOR THE THIRD QUARTER OF FISCAL 2005.

SUNNYVALE, Calif. – Feb. 28, 2005 – OmniVision Technologies, Inc. (Nasdaq: OVTI), one of the world’s leading suppliers of CMOS image sensors, today reported that in the three months ended January 31, 2005, it earned a record $21.1 million, or $0.33 per diluted share, on record revenues of $101.8 million. In the prior-year third quarter, the Company earned $17.9 million, or $0.29 per diluted share, on revenues of $93.6 million.

For the nine months ended January 31, 2005, OmniVision earned $58.7 million, or $0.94 per diluted share, on revenues of $285.1 million, compared to $37.9 million, or $0.64 per diluted share, on revenues of $218.5 million in the first nine months of fiscal 2004.

Gross profit for the third quarter of fiscal 2005 was $41.5 million, or 40.7 percent of revenues, compared to $36.9 million, or 39.5 percent of revenues, for the third quarter of fiscal 2004, and $38.2 million, or 45.3 percent of revenues, for the second quarter of fiscal 2005. As previously reported, second-quarter 2005 gross margin benefited from the favorable impact of certain non-recurring items.

“We are pleased to report both year-over-year and sequential improvements in top- and bottom-line performance,” said Shaw Hong, OmniVision’s president and chief executive officer. “The strength of our business is further reflected in the fact that we ended the quarter with cash and short-term investments totaling $315 million. Inventory at quarter-end rose to $66.9 million reflecting our determination to be in a position to meet expected customer demand, particularly for 1.3 mega-pixel products this quarter and next.”

“The transition of our entire product line to the new OmniPixel^™ technology platform, announced last summer, remains on schedule,” continued Hong. “We now offer products ranging from VGA to 5-megapixel on the new platform. Our 5-megapixel sensor — which, as announced last week, is now in volume production and has achieved eight design wins since its introduction last September — remains the only CMOS sensor able to compete head-to-head with comparable CCD sensors in applications such as high-resolution digital still cameras. Our SmartSensor^™ technology also shows great promise; aimed at the growing market for smart toys, it provides a low-cost solution for storing and subsequently identifying unique images, such as individuals’ faces.”

For the fourth quarter of fiscal 2005, ending April 30, 2005, the Company currently expects that diluted earnings per share will be in the range of $0.29 to $0.34 on revenues of between $93 million and $103 million.

Teleconference

At 1:30 p.m. PST (4:30 p.m. EST) today, February 28, 2005, the Company will hold a teleconference to discuss the financial results. To participate in the teleconference, please call (toll free) 877-569-7690 approximately 10 minutes prior to the start time. For international callers, the dial-in number is 706-758-0239. You may also listen live via the Internet at the Company’s web site, www.ovt.com, or at www.FullDisclosure.com.

These web sites will host an archive of the teleconference. Additionally, a playback of the call will be available for 48 hours beginning at 4:30 p.m. PST on February 28. You may access the playback by calling 800-642-1687, or for international callers 706-645-9291, and providing Conference ID number 3993350.

About OmniVision

OmniVision Technologies designs and markets high-performance semiconductor image sensors. Its OmniPixel^™ and CameraChip^™ products are highly integrated single-chip CMOS image sensors for mass-market consumer and commercial applications such as mobile phones, digital still cameras, security and surveillance systems, interactive video games, PCs and automotive imaging systems. Additional information is available at ww.ovt.com.

OmniVision, CameraChip, SmartSensor and OmniPixel are trademarks of OmniVision Technologies, Inc.

Safe-Harbor Statement

Certain statements in this press release, including statements relating to the Company’s expectations regarding revenue and earnings per share for the quarter ending April 30, 2005, the anticipated ability of OmniVision’s CMOS sensors to compete with comparable CCD sensors, the promise of our SmartSensor^™ Technology, including its performance on market acceptance; and the expectation that the market for smart toys will continue to grow, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations, and as a result of certain risks and uncertainties actual results may differ materially from those projected. These risks and uncertainties include, without limitation, the following: the degree to which intense competition might affect the Company’s ability to compete successfully in current and emerging markets for image sensor products; risks associated with the Company’s ability to obtain design wins from camera, mobile phone and other image sensor device manufacturers, which could inhibit the Company’s ability to sustain and grow its business; risks associated with wafer manufacturing yields and other manufacturing processes, which could materially and adversely affect the Company’s revenue and earnings and its ability to satisfy customer demand; risks associated with the development of current and emerging markets for CMOS image sensor products, generally, and the Company’s products, specifically, which could result in lower revenue and earnings and adversely affect the Company’s business and prospects; risks associated with the Company’s ability to accurately forecast customer demand for its products, which could impair the Company’s ability to meet customer demand for its image sensor products and could also result in excess inventory; risks associated with the development, production, introduction and marketing of new products and technology, including the 5-megapixel CameraChip product and the Company’s new OmniPixel technology, which would adversely affect the Company’s ability to compete successfully in the CMOS image sensor

market; the Company’s dependence upon a few key customers, the loss of one or more of which could materially and adversely affect the Company’s business and results of operations; uncertainties associated with the Company’s decision to restate certain of its fiscal 2004 quarterly results of operations; the Company’s ability to strengthen its internal controls over financial reporting and maintain an adequate level of financial processes and controls; a decline in the average selling price of the Company’s products, which could result in a decline in the Company’s revenue and gross margins; and the other risks detailed from time to time in the Company’s Securities and Exchange Commission filings and reports, including, but not limited to, the Company’s most recent annual report filed on Form 10-K, as amended, and in the Company’s most recent quarterly report filed on Form 10-Q. The Company expressly disclaims any obligation to update information contained in any forward-looking statement.

Contact:

OmniVision Technologies, Inc.

Peter V. Leigh, CFO

408-542-3000

Silverman Heller Associates

Philip Bourdillon/Gene Heller

310-208-2550

(financial tables follow)

OMNIVISION TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

	January 31, 2005			April 30, 2004
ASSETS
Current assets:
Cash and cash equivalents	$	214,761		$	124,653
Short-term investments		99,803			90,558
Restricted cash		—			1,072
Accounts receivable, net		52,744			53,513
Inventories		66,864			38,802
Refundable and deferred income taxes		6,385			6,518
Prepaid expenses and other assets		2,852			2,626
Total current assets		443,409			317,742
Property, plant and equipment, net		19,747			20,622
Long-term investments		8,433			7,110
Other non-current assets		2,623			362
Total assets	$	474,212		$	345,836
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	68,986		$	25,923
Accrued expenses and other liabilities		11,110			9,805
Accrued income taxes payable		22,827			1,295
Deferred revenue		7,332			8,800
Total current liabilities		110,255			45,823
Stockholders’ equity:
Common stock, $0.001 par value; 100,000 shares authorized; 56,788 and 56,212 shares issued and outstanding		57			56
Additional paid-in capital		254,610			249,405
Deferred compensation related to stock options		—			(20	)
Accumulated other comprehensive loss		(15	)		(4	)
Retained earnings/accumulated		109,305			50,576
Total stockholders’ equity		363,957			300,013
Total liabilities and stockholders’ equity	$	474,212		$	345,836

Certain prior-period amounts have been reclassified to conform with current-period presentations.

OMNIVISION TECHNOLOGIES, INC.

CONDENSED INCOME STATEMENTS

(in thousands, except per share amounts)

(Unaudited)

	Three Months Ended				Nine Months Ended
	January 31, 2005		January 31, 2004		January 31, 2005		January 31, 2004
Revenues	$	101,833	$	93,613	$	285,076	$	218,450
Cost of revenues		60,370		56,668		165,651		134,553
Gross profit		41,463		36,945		119,425		83,897
Operating expenses:
Research and development		6,316		4,065		18,160		10,818
Selling, general and administrative		6,779		5,509		20,953		15,903
Stock compensation charge		321		810		876		1,006
Total operating expenses		13,416		10,384		39,989		27,727
Income from operations		28,047		26,561		79,436		56,170
Interest income (expense), net		1,234		511		2,132		1,281
Income before income taxes		29,281		27,072		81,568		57,451
Provision for income taxes		8,198		9,204		22,839		19,533
Net income	$	21,083	$	17,868	$	58,729	$	37,918
Net income per share:
Basic	$	0.37	$	0.33	$	1.04	$	0.73
Diluted	$	0.33	$	0.29	$	0.94	$	0.64
Shares used in computing net income per share:
Basic		56,710		54,652		56,501		51,877
Diluted		63,457		60,850		62,556		58,835

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