Dialog Semiconductor reports fourth quarter and 2001 full year results
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-- PR Newswire European, 2/20/2002
Q4 revenues increased from Q3 by 15% to EUR 23.8 million, full year revenues were EUR 100.5 millionQ4 gross margin up 3% from Q3Net cash up to EUR 32.6 million from EUR 13.5Positive EBITDA of EUR 3.5 million for full year 2001
Kirchheim/Teck-Nabern - Dialog Semiconductor Plc (Nasdaq & Nasdaq Europe: DLGS, Neuer Markt: DLG), today reported sales of EUR 23.8 million in the fourth quarter of 2001. This is an increase of 15 percent compared to the previous quarter (EUR 20.7 million in Q3). Dialog's operating cash flow benefited from the tight control of expenditure, further inventory reduction, and the repayment of an advance of EUR 11.4 million from a silicon supplier. Cash of EUR 32.6 million at December 31, 2001 reflects an increase of EUR 19.1 million compared to end Q3.
Roland Pudelko, Dialog's CEO & President, commenting on the results: "The increase in our net cash position in the fourth quarter and the positive cash flow for the full year is the impressive result of our program to control working capital and expenditure levels."
Revenues by business sector - wireless communication, industrial, automotive and wireline applications - accounted for EUR 77.8, 14.2, 5.9 and 2.6 million in 2001, respectively. Gross margin increased during the fourth quarter by almost 3% compared to the third quarter. Excluding the provision for excess inventory made in the second quarter, the gross margin was 31.4% of revenues for the year ended December 31, 2001. The company achieved a positive EBITDA (earnings before financial income, taxes, depreciation and amortisation) of EUR 3.5 million for the full year 2001 as a result of high depreciation and amortisation expenses primarily due to significant investments in test systems during 2000. As previously announced Dialog recorded a write-down of its investment in the silicon supplier ESM in the fourth quarter when ESM was placed in receivership (a reorganisation under UK law). Including such write-down, Dialog recorded a loss per share of EUR 0.95 in 2001 compared to earnings per share of EUR 0.62 in 2000. Excluding the provision for excess inventory and the write-down of its investments in ESM, the loss per share would have been EUR 0.17. |
