RECORD PROFITS BY DS (DALLAS SEMICONDUCTOR)
Here's the earnings report...
I found it on Yahoo: biz.yahoo.com
Now this will drive the stock up I think..
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Thursday July 10 4:18 PM EDT
Company Press Release
Source: Dallas Semiconductor Corporation
Dallas Semiconductor Corporation Reports Record Sales and
Earnings for the Second Quarter of 1997
DALLAS, July 10 /PRNewswire/ -- Dallas Semiconductor Corporation (NYSE:DS) today reported record
net sales of $91.0 million for the quarter ended June 29, 1997, up 29% compared to $70.4 million for the
same period last year. Net income for the second quarter of 1997 was also a record $15.3 million, or $0.52
per share, up 52% (44% per share) compared to $10.1 million and $0.36 per share for the same period last
year.
``Record sales were broadly supported with strong growth in our Telecommunications, System Extension,
Automatic Information, Commercial Timekeeping and Nonvolatile SRAM businesses. As expected, sales
of our low margin PC Timekeeping products continue to decline. Record sales plus a sales mix shift to
higher margin products and improved factory efficiency helped produce record earnings during the
quarter,'' said Vin Prothro, Chairman and Chief Executive Officer.
``Overall, we're pleased with the Company's performance and consistent sales growth. We continue to
focus on our strategy of maintaining product and market diversity by investing heavily in new product
development,'' Mr. Prothro concluded.
Dallas Semiconductor Corporation develops, manufactures and markets high performance Complementary
Metal Oxide Semiconductor (CMOS) integrated circuits and semiconductor-based systems that provide
innovative and cost-effective solutions to electronic design problems in a wide range of existing and
emerging markets.
``Safe Harbor'' statement under the Private Securities Litigation Reform Act of 1995: With the exception
of historical information, the matters discussed in this news release are forward-looking statements that
involve risks and uncertainties including, but not limited to, economic conditions, competition,
manufacturing performance, new product development, market acceptance of the Company's new
products and other risks indicated in filings with the Securities and Exchange Commission.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Dollars in thousands, except per share amounts
Unaudited
Three Months Ended Six Months Ended
June 29, March 30, June 30, June 29, June 30,
1997 1997 1996 1997 1996
Net sales $ 91,040 $ 88,704 $ 70,362 $ 179,744 $ 135,946
Cost of sales 44,627 44,767 37,263 89,394 70,960
Research and
development 11,471 10,902 8,409 22,373 16,284
Selling,
general, and
admin. 13,451 12,733 10,427 26,184 20,221
Total
costs and
expenses 69,549 68,402 56,099 137,951 107,465
Operating
income 21,491 20,302 14,263 41,793 28,481
Interest
income, net 1,125 914 748 2,039 1,548
Income before
income taxes 22,616 21,216 15,011 43,832 30,029
Provision for
income taxes 7,294 6,842 4,954 14,136 9,910
Net income $15,322 $14,374 $10,057 $29,696 $20,119
Net income
per share $0.52 $0.50 $0.36 $1.02 $0.72
Weighted average
common and
common
equivalent
shares
outstanding 29,482 28,758 27,951 29,120 27,955
Dividends
declared per
share $0.035 $0.035 $0.03 $0.07 $0.06
Effective tax
rate 32.3% 32.2% 33.0% 32.3% 33.0%
Percentage
of sales
Gross margin 51.0% 49.5% 47.0% 50.3% 47.8%
Research &
development 12.6% 12.3% 12.0% 12.4% 12.0%
Selling,
general
& admin. 14.8% 14.4% 14.8% 14.6% 14.9%
Operating
income 23.6% 22.9% 20.3% 23.3% 21.0%
Net income 16.8% 16.2% 14.3% 16.5% 14.8%
CONDENSED CONSOLIDATED BALANCE SHEETS
Dollars in thousands
Unaudited
June 29, 1997 December 29, 1996
Assets
Current assets:
Cash and cash investments $98,027 $70,274
Accounts receivable 47,658 42,812
Inventories 55,098 49,629
Other current assets 9,189 7,248
Total current assets 209,972 169,963
Property, plant and
equipment, net 140,025 138,899
Other assets 5,438 5,001
$355,435 $313,863
Liabilities and stockholders'
equity
Current liabilities 42,511 41,125
Stockholders' equity 312,924 272,738
$355,435 $313,863
Additional quarterly Q297 Q496
information:
Annualized return on equity 20.3% 15.6%
Depreciation expense $8,618 $7,919
Capital expenditures $8,858 $13,824
Dividends paid $955 $797 |
