22 cents, call at 5 I believe. tim
biz.yahoo.com
Thursday November 16, 4:31 pm Eastern Time
Press Release
Semtech Reports Record Third-Quarter Results
Third-Quarter Net Sales Up 14 Percent and Net Income Up 23 Percent, Sequentially
Third Quarter Net Sales Up 47 Percent and Net Income Up 101 Percent, Year-Over-Year
NEWBURY PARK, Calif.--(BUSINESS WIRE)--Nov. 16, 2000-- Semtech Corp. (Nasdaq:SMTC - news), a leading supplier of analog and mixed-signal
semiconductors for communications, computers and industrial systems, today announced record net sales, gross margin and net income for the third quarter
ended Oct. 29, 2000.
Net sales for the third quarter of fiscal year 2001 were $69.0 million, an increase of 47 percent over the comparable period last year. Net income for the
third quarter of fiscal year 2001 was $16.8 million, or $0.22 per diluted share, an increase of 101 percent over net income of $8.4 million, or $0.12 per
diluted share in the third quarter of last fiscal year.
Sequentially, net sales for the third quarter of fiscal year 2001 increased 14 percent and net income grew 23 percent over the previous quarter.
For the first nine months of fiscal year 2001, net sales were $187.1 million and net income was $42.6 million, or $0.56 per diluted share. The record results
represented an increase of 58 percent for net sales and 120 percent for net income over the comparable prior year nine-month period.
Jack Poe, chairman and chief executive officer, commented: ``This was another record quarter for Semtech, highlighted by the formal introduction of the
Systems Equipment Timing and Synchronization (SETS) product. SETS is our proprietary, highly integrated timing and synchronization device for
SONET/SDH applications.
``New products, such as SETS, have significantly expanded the worldwide customer base for all of our products. This trend was evident in our 385
reported design wins for the quarter, which were worth approximately $90 million in future annual revenues and included more than 100 new customers.''
Incremental Growth Drivers
The company has focused much of its technical resources on developing proprietary solutions for the communication and portable equipment markets. New
products that have already been introduced to the marketplace are driving growth in these key markets. Out of the total number of design wins recorded in
the third quarter, 56 percent were for communication and portable equipment applications.
Poe added: ``Shipments of proprietary products reached 75 percent of sales and we introduced 36 new product families in the quarter. Gross margin
improved 170 basis points as compared to the prior quarter and 410 basis points from the prior year's third quarter. New, proprietary products introduced by
Semtech are forecasted to drive continued gross margin improvement.''
Current Outlook
Based on current backlog and forecasts from customers, for the year ending Jan. 28, 2001, the company expects to achieve at least 50 percent revenue
growth for the second straight year. The company's sequential revenue growth forecast is 7-9 percent for the fourth quarter.
Conference Call
Semtech will host a conference call to discuss third-quarter results at 2 p.m. PT on Thursday, Nov. 16, 2000. Investors and the interested public will have
the opportunity to listen to the conference call live over the Internet through Investor Broadcast Networks' Vcall Web site (www.vcall.com).
To listen to the live call, it is recommended that listeners go to the Vcall Web site at least 15 minutes early to register and download and install any
necessary audio software. For those who cannot listen to the live broadcast, the company has arranged for a replay of the call to be at the Vcall Web site
for 30 days.
About Semtech
Semtech Corp. is a leading supplier of power management, transient protection, system management, high-performance and advanced communications
semiconductor products for portable and high-speed communications applications. Publicly traded since 1967, Semtech is listed on the Nasdaq National
Market under the symbol SMTC.
Safe Harbor Provision
Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements, including projections and forecasts for revenue and gross margin, involve risk and uncertainty.
Important factors include worldwide economic conditions, the timing and duration of semiconductor market upturns or downturns, demand for personal
computers, cellular phones and automated test equipment, demand for semiconductor devices in general, competitors' actions, relations with large strategic
customers and suppliers, manufacturing costs and yields, demand for the company's products in particular, risks associated with the businesses of major
customers and other risk factors. Please refer to the company's Form 10-K for the year ended Jan. 30, 2000, as filed with the Securities and Exchange
Commission for further information. Actual results could differ materially from expected events as discussed in this press release. The company
undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or changed assumptions or circumstances.
SEMTECH CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands - except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
Oct. 29, Oct. 31, Oct. 29, Oct. 31,
2000 1999 2000 1999
Net sales $ 69,012 $ 47,072 $187,070 $118,369
Cost of sales 29,553 22,087 82,779 57,141
Gross profit 39,459 24,985 104,291 61,228
Operating costs and expenses:
Selling, general and
administrative 9,546 7,173 26,404 18,882
Product development and
engineering 8,615 5,532 23,381 14,176
Total operating costs
and expenses 18,161 12,705 49,785 33,058
Operating income 21,298 12,280 54,506 28,170
Interest and other
income, net 2,758 244 6,398 729
Income before taxes 24,056 12,524 60,904 28,899
Provision for taxes 7,216 4,133 18,271 9,537
Net income $ 16,840 $ 8,391 $ 42,633 $ 19,362
Earnings per share:
Basic $ 0.25 $ 0.14 $ 0.64 $ 0.32
Diluted $ 0.22 $ 0.12 $ 0.56 $ 0.28
Weighted average
number of shares:
Basic 66,923 61,866 66,120 60,972
Diluted 77,114 71,086 76,585 69,250
SEMTECH CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
Oct. 29, Jan. 30,
2000 2000
(Unaudited) (Audited)
ASSETS
Current assets:
Cash and cash equivalents $ 184,411 $ 45,225
Temporary investments 249,612 18,066
Receivables, less allowances 40,935 25,223
Income taxes refundable 519 --
Inventories 30,872 26,581
Other current assets 4,870 1,223
Deferred income taxes 20,498 4,106
Total current assets 531,717 120,424
Property, plant and equipment, net 28,560 24,397
Investments, maturities excess of 1 year 68,074 --
Other assets 11,834 1,482
Deferred income taxes 4,671 3,047
Total Assets $ 644,856 $ 149,350
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 10,281 $ 10,723
Accrued liabilities 14,409 8,869
Income taxes payable 2,467 1,389
Other current liabilities 987 2,756
Total current liabilities 28,144 23,737
Long-term debt 400,000 --
Other long-term liabilities 105 131
Total Stockholders' equity 216,607 125,482
Total Liabilities and Stockholders' Equity $ 644,856 $ 149,350
Contact:
Semtech Corp.
John Baumann, 805/480-2010 (investor relations) |
