ELNT ($43-$39)..p/e 59....Announced Q1 EPS of $0.10, $0.01 better than consensus; revs were $22.9 mln, ahead of consensus of $21.72 mln.
Tuesday January 15, 5:05 pm Eastern Time
Elantec reports 1st-quarter profits fall 78 pct
MILPITAS, Calif., Jan 15 (Reuters) - Semiconductor maker Elantec Semiconductor Inc. (NasdaqNM:ELNT - news) posted a 78 percent decline in fiscal first-quarter profits on Tuesday, but pointed to revenue growth as evidence that demand was recovering.
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Milpitas, California-based Elantec reported net earnings of $2.1 million, or 8 cents per share, for the quarter ended Dec. 30, compared with net earnings of $9.7 million, or 37 cents per share, in the year-earlier period.
Before restructuring charges, Elantec posted earnings of $2.4 million, or 10 cents per share. The average estimate of five analysts surveyed by Thomson Financial/First Call had been for earnings of 9 cents per share.
The restructuring charge was primarily related to $550,000 in employee severance, Elantec said.
``While the current economic situation around the world remains challenging, we believe we have regained momentum and are optimistic about Elantec's prospects for 2002,'' Elantec Chief Executive Rich Beyer said on a conference call.
The company, which makes analog integrated circuits for use in video, optical storage and power management products, reported revenues of $22.9 million, down 44 percent from $40.7 million in the same period last year, but up 10.6 percent from $20.7 million in the prior quarter.
Elantec had said it expected revenue growth of 3 percent to 5 percent in the December quarter.
In a statement, Beyer said the company saw growth in the last quarter in its three major markets -- optical storage, flat-panel displays and digital subscriber line (DSL) high-speed Internet systems.
For the current quarter, the company said it sees revenue growth in the range of 3 percent to 5 percent, with earnings per share of 10 cents to 11 cents.
The First Call consensus for the current quarter had been for earnings of 10 cents, with a range of 9 cents to 11 cents.
Shares in Elantec fell 59 cents in after-hours trade on Instinet to $42.15 after closing at $42.74 on Nasdaq. The stock's 52-week high is $58.50 and its 52-week low is $17.50. |
