ELNT ($104) Semiconductor Announces Record Fourth Quarter and Fiscal Year-End 2000 Financial Results
MILPITAS, Calif.--(BUSINESS WIRE)--Oct. 19, 2000--Elantec Semiconductor, Inc., a leader in high performance analog integrated circuits, (NASDAQ: ELNT - news) today reported financial results for the fourth quarter and fiscal year ended September 30, 2000. Net revenues for the fourth quarter were $36.9 million representing an increase of 158% from the $14.3 million reported for the fourth quarter of fiscal 1999. Net revenues for fiscal 2000 were $101.2 million representing an increase of 100% from the $50.7 million reported for fiscal 1999.
Net income was $8.1 million or $0.33 per diluted share for the fourth quarter of fiscal 2000. This compared with net income of $1.7 million, or $0.08 per diluted share, for the fourth quarter of fiscal 1999. Net income was $20.0 million or $0.85 per diluted share for the fiscal year ended September 30, 2000, compared to a net loss of $3.9 million or $0.21 per diluted share reported for fiscal 1999. Results for fiscal 1999 included unusual pretax charges of $13.0 million. Excluding the unusual charges, pro forma net income for fiscal 1999 was $4.2 million or $0.21 per diluted share.
``Elantec continued to experience significant revenue and profit growth in the fourth quarter,'' said Rich Beyer, President and Chief Executive Officer. ``We are very proud about growing the Company 100% over fiscal year 1999.''
During the quarter, Elantec completed a stock offering of 1.76 million shares that raised approximately $135 million in cash for the Company.
Web Broadcast and Instant Replay
Elantec will broadcast its fourth quarter earnings conference call today at 1:30 p.m. PDT. This event is available through Investor Broadcast Network's Vcall website located at vcall.com. Listeners should go to the website at least ten minutes before the event to download and install any necessary audio software. For those unable to attend the live broadcast, a replay will be available shortly after the event. There is no charge to access the broadcast. Elantec is also making available a 5-day telephone playback of the conference call which can be accessed by dialing 1-800-405-2236 and entering pass code number 766780.
Safe Harbor Statement
Certain matters discussed in the press release are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include the timing of or delays in new product and process technology introductions by the Company or its competitors, competitive pricing pressures, fluctuations in manufacturing yield, changes in the mix or markets in which products are sold, availability and cost of raw materials, business and economic conditions in various geographic regions, change in customer order patterns, litigation involving intellectual property and other issues, and other risk factors discussed from time to time in the Company's reports filed with the Security and Exchange Commission, including but not limited to Form 10-K and Form 10-Q. The Company's actual future results could differ materially from those discussed here.
About Elantec Semiconductor
Elantec designs, manufactures and markets high performance analog integrated circuits primarily for the video, optical storage, power management, and communication markets. The Company targets high growth commercial markets in which advances in digital integrated circuit technology are driving increasing demand for high speed, high performance and low power consumption analog circuits. |
