ELNT ($29--$33)third-quarter earnings drop, but beats 8c vs 6c
MILPITAS, Calif.--(BUSINESS WIRE)--July 18, 2001--Elantec Semiconductor, Inc. (Nasdaq:ELNT - news), a leader in high performance analog integrated circuits, today reported financial results for the third fiscal quarter ended June 30, 2001. Net revenues for the third fiscal quarter were $20.5 million representing a 28% decrease from the $28.6 million reported for the third fiscal quarter of 2000 and a 33% decrease from the $30.6 million reported in the second fiscal quarter of 2001. Net revenues for the nine months ended June 30, 2001 were $91.8 million representing an increase of 43% from the $64.4 million in the same period of fiscal 2000.
In the quarter, as previously announced, the Company took unusual pretax charges of $1.5 million to cost of revenues and $1.4 million to operating expenses for excess inventory, retired fixed assets, and a reduction in workforce associated with softening in its communications business.
Pro forma net income (excluding the above mentioned unusual charges) for the third fiscal quarter was $2.0 million, or $0.08 per diluted share. This compares to net income of $5.8 million, or $0.24 per diluted share reported for the third fiscal quarter of 2000 and net income of $5.0 million, or $0.20 per diluted share for the second fiscal quarter of 2001. Pro forma net income was $16.7 million, or $0.65 per diluted share for the nine months ended June 30, 2001, compared to net income of $11.9 million, or $0.51 per diluted share reported in the same period of fiscal 2000.
Including the effects of the unusual charges, loss from operations for the third fiscal quarter was $2.1 million compared to income from operations of $8.9 million in the same period last year. Net income for the third fiscal quarter 2001 was $0.1 million, or $0.00 per diluted share. Net income was $14.8 million, or $0.58 per diluted share for the nine months ended June 30, 2001.
Cash, cash equivalents and short-term investments at June 30, 2001, were $179.0 million, an increase of $4.5 million over March 31, 2001.
``Elantec has remained profitable and continues to improve its cash position, even during these turbulent times for the Company and our industry. And at the same time, we are continuing to invest in and drive new products and design wins to enable the Company to return to revenue and profit growth,'' said Rich Beyer, President and Chief Executive Officer.
In looking to Elantec's fourth fiscal quarter, Mr. Beyer commented, ``Though we feel our business has largely stabilized at this point, there continues to be poor visibility - particularly in our DSL business. We, therefore, are anticipating that revenues will remain flat to modestly down 5% from Q3 levels. However, as a result of the profit improvement actions we have taken, we anticipate a return to profit growth in the quarter. Consequently, we expect net income per diluted share to be in the $0.09 to $0.11 range.''
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