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Non-Tech : EARNINGS REPORTING - surprises, misses & more
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To: 2MAR$ who wrote (469)1/21/2001 10:23:26 PM
From: 2MAR$  Read Replies (1) of 762
 
ELNT ($53~double off boto run)says profits edge up, sees more growth

MILPITAS, Calif., Jan. 16 (Reuters) - Circuit maker Elantec Semiconductor Inc. (NasdaqNM:ELNT - news) on Tuesday reported slightly higher than expected fiscal first quarter earnings and said its second quarter results would be modestly higher amid a slowdown in the technology sector.

Elantec said it earned 37 cents a share on revenues of $40.7 million in the quarter ended December 31, 2000, up from 13 cents a share on revenues of $15.7 million in the year-earlier quarter. Wall Street analysts on average had expected the company to earn 35 cents a share, according to First Call/Thomson Financial.

Looking to the second quarter, the company forecast revenues to grow 1 percent to 2 percent from the first quarter and said it expected net income per diluted share of about 38 cents a share. Analysts estimated earnings for the quarter of 36 cents a share, according to First Call.

``In the second half of our fiscal year we expect a return to higher sequential quarterly growth and expect our revenues for the full year to grow approximately 70 percent over fiscal 2000. Net income per diluted share for the full fiscal year 2001 is expected to be in the $1.52 - $1.58 range,'' the company said in a statement.

Separately, Elantec announced the appointment of Brian McDonald as its new chief financial officer. McDonald, previously CFO at Mattson Technology, replaces Ephraim Kwok, who is taking a leave of absence.
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