Stanford Microdevices Announces Second-Quarter 2000 Results
Exceeds Break-Even on 75% Revenue Growth
SUNNYVALE, Calif.--(BUSINESS WIRE)--July 24, 2000--Stanford Microdevices, Inc. (Nasdaq:SMDI - news) today announced its financial results for the second quarter of 2000. The company completed its initial public offering of 4.6 million shares of common stock on May 25, 2000.
Net revenues for the second quarter of 2000 were $7.9 million, up 75% from $4.5 million for the second quarter of 1999 and up 8% from $7.3 million for the first quarter of 2000. Excluding revenues from contract manufacturing services no longer provided by the company, second-quarter net revenues grew 84% year-over-year and 12% sequentially.
Net income for the second quarter of 2000 was $118,000, or $0.00 per share on a diluted basis, compared with $246,000, or $0.02 per share on a diluted basis, for the same quarter of 1999. Excluding the amortization of deferred stock compensation, pro forma net income for the second quarter of 2000 was $439,000, or $0.02 per share on a diluted basis. This compared with pro forma net income of $512,000, or $0.02 on a diluted basis, for the first quarter of 2000, excluding a non-recurring charge related to the accretion of preferred stock, in addition to the amortization of deferred stock compensation.
``We're pleased with the revenue growth and profitability of our first quarter as a public company,'' said Robert Van Buskirk, president and chief executive officer of Stanford Microdevices. ``Revenues for the first half of 2000 grew 105% from the same period of 1999, while gross profit increased by 178%. During the second quarter of 2000, we extended our focus on the rapidly growing infrastructure markets for wireless and wireline components, and we continued to expand our presence with key infrastructure equipment manufacturers in the U.S., Europe and Asia. We also continued to expand our portfolio of semiconductor wafer suppliers and to diversify our product lines through the ongoing execution of our fabless operating model and the expansion of our design centers. We continue to make strategic investments in people and infrastructure to support sustained growth. Overall, the transition of Stanford Microdevices to a broad-based supplier of standard and custom RF components for wireless and broadband wireline infrastructure equipment is proceeding on plan.''
For the six months of 2000, net revenues were $15.1 million, more than double the $7.4 million reported for the same period of 1999. Excluding the amortization of deferred stock compensation and the non-recurring charge for the accretion of preferred stock, pro forma net income for the first half of 2000 was $951,000, or $0.03 per share on a diluted basis, up from $360,000, or $0.02 per share on a diluted basis, for the year-earlier period.
Reflecting the company's changing product and channel mix, second-quarter gross margin was 57%, compared with 44% for the same quarter a year earlier and with 60% for the prior quarter.
At the end of the second quarter, total assets were $74.8 million, including cash and short-term investments of $58.0 million. |
