From WSJ Interactive, sorry i didn't edit
Xicor Reports Second Quarter Results; Net Income Up Substantially
On Increased Sales
MILPITAS, Calif.--(BUSINESS WIRE)--July 18, 1996--Xicor, Inc. (Nasdaq-NMS: XICO) today reported results for the 13-week second quarter and the 26-week first half ended June 30, 1996.
Sales for the 13-week second quarter of 1996 were $31,306,000 compared to $25,683,000 for the 12-week second quarter of 1995. Net income for the second quarter of 1996 was $3,375,000 or $.17 per share, compared to $2,026,000, or $.11 per share, for the second quarter of 1995. For the 26-week first half of 1996 Xicor had sales of $59,948,000 and net
income of $6,254,000, or $.32 per share, compared to sales of $49,218,000 and net income of $3,259,000, or $.18 per share, for the 24-week period of 1995.
Mr. Raphael Klein, President, stated, "I am pleased to report that net income for the second quarter of 1996 rose substantially relative to the second quarter of 1995. As expected, the additional production and test equipment brought on line in the fourth quarter of 1995 and first half of 1996 resulted in increased sales from the first quarter to the second quarter of 1996.
"We are seeing strong demand for many of our proprietary products and continuing demand for our commodity products. Accordingly, we are proceeding with our plans to bring on line additional equipment during the balance of the year to support further sales growth. In addition, we are continuing to focus on the development of new, innovative products and technology to facilitate the Company's long term growth," concluded Mr. Klein. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the expectation of increased capacity and sales growth. Except for historical information, the matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected. Factors that could cause actual results to differ materially include the following: general economic conditions and conditions specific to the semiconductor industry, fluctuations in customer demand, competitive factors such as pricing pressures on existing products and the timing and market acceptance of new product introductions, Xicor's ability to have available an
appropriate amount of production capacity in a timely manner, improvements in manufacturing efficiencies, the timely development of new products and processes, and the risk factors listed from time to time in Xicor's SEC reports, including but not limited to the Annual Report on Form 10-K for the year ended December 31, 1995 (Management's Discussion and Analysis of Financial Condition and Results of Operations, Factors Affecting Future Results section). Xicor
assumes no obligation to update the information included in this press release. Corporate Information
Xicor develops and manufactures a broad line of in-the-system programmable semiconductor integrated circuits which retain information even when system power is lost or turned off. In-the-system programmability enables telecommunications, consumer, computer, industrial, automotive and military products to adapt to changing software and operating environments, and to be personalized by the user. Many of Xicor's products consume little power and operate well from a battery powered source, making them ideal for hand-held and portable applications.
Xicor products are used by manuacturers of electronic products throughout the world, with approximately half of Xicor's sales being exported. Xicor products are supported by regional technical sales offices located in the USA, Europe, Japan and South Korea, and by independent sales representatives and electronic component distributors.
Xicor emphasizes the development of proprietary products which incorporate its programmable technology, enabling customers to rapidly bring to market products with improved features, efficiency and maintainability. In 1995 Xicor introduced to the market the industry's first SerialFlash memory product family, operating from low voltage power sources. Xicor is a leading supplier of E2PROM memory products and E2POT digitally controlled potentiometers.
Xicor's headquarters and principal manufacturing facilities are located in Milpitas, California. Xicor has received the Underwriters Laboratories Certification of Compliance with the ISO 9001 quality
standard and the joint automotive QS 9000 quality standard.
Xicor's product, corporate and financial information is readily accessible on the World Wide Web
at xicor.com
XICOR, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Thirteen weeks(1) Twelve weeks(1)
ended ended
June 30, 1996 June 18, 1995
Net sales $31,306,000 $25,683,000
Cost of sales 18,947,000 15,696,000
Gross profit 12,359,000 9,987,000
Operating expenses:
Research and development 3,726,000 3,459,000
Selling, general and
administrative 5,252,000 4,592,000
8,978,000 8,051,000
Income from operations 3,381,000 1,936,000
Interest expense (348,000) (138,000)
Interest income 482,000 335,000
Income before income taxes 3,515,000 2,133,000
Provision for income taxes 140,000 107,000
Net income $ 3,375,000 $ 2,026,000
Net income per common share $ .17 $ .11
Average common shares and
equivalents 19,903,000 18,791,000
XICOR, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Twenty-six weeks(1) Twenty-four weeks(1)
ended ended
June 30, 1996 June 18, 1995
Net sales $59,948,000 $49,218,000
Cost of sales 36,718,000 30,258,000
Gross profit 23,230,000 18,960,000
Operating expenses:
Research and development 7,186,000 6,917,000
Selling, general and
administrative 9,903,000 8,934,000
17,089,000 15,851,000
Income from operations 6,141,000 3,109,000
Interest expense (582,000) (291,000)
Interest income 955,000 614,000
Income before income taxes 6,514,000 3,432,000
Provision for income taxes 260,000 173,000
Net income $ 6,254,000 $ 3,259,000
Net income per common share $ .32 .18
Average common shares and
equivalents 19,709,000 18,595,000
(1) Adoption of New Quarterly Accounting Calendar:
Since inception, Xicor's quarterly accounting periods have consisted
of three 12-week quarters and one 16-week fourth quarter. To make
comparative analysis easier for Xicor shareholders and other
potential investors, beginning in 1996 Xicor's quarterly accounting
periods were changed to four even 13-week quarters. Xicor's fiscal
year, which ends on the Sunday nearest December 31, did not change.
In 1996, Xicor's quarters end on March 31, June 30, September 29 and
December 29.
XICOR, INC.
CONSOLIDATED BALANCE SHEETS
ASSETS
June 30, December 31,
1996 1995
(Unaudited)
Current assets:
Cash and cash equivalents $ 19,441,000 $ 17,259,000
Short-term investments 19,018,000 18,136,000
Accounts receivable 13,244,000 13,430,000
Inventories 14,236,000 11,977,000
Prepaid expenses and other
current assets 1,801,000 902,000
Total current assets 67,740,000 61,704,000
Property, plant and equipment, at
cost less accumulated
depreciation 30,662,000 17,369,000
Other assets 419,000 366,000
$ 98,821,000 $ 79,439,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 7,520,000 $ 6,128,000
Accrued expenses 7,550,000 8,174,000
Deferred income on shipments
to distributors 14,345,000 13,394,000
Current portion of long-term
obligations 5,889,000 3,483,000
Total current liabilities 35,304,000 31,179,000
Long-term obligations 13,642,000 5,229,000
Shareholders' equity:
Preferred stock; 5,000,000 shares
authorized -- --
Common stock; 75,000,000 shares
authorized; 18,705,802 and
18,524,202 shares outstanding 123,021,000 122,431,000
Accumulated deficit (73,146,000) (79,400,000)
49,875,000 43,031,000
$ 98,821,000 $ 79,439,000
CONTACT: Xicor, Inc.
Julius Blank, 408/432-8888 x 3710 |
