Sales, profits up at Analog Devices, firm eyes better Q3
By Peter Clarke
Semiconductor Business News
(05/14/03 04:15 p.m. EST)
NORWOOD, Mass. -- DSP and analog chip specialist Analog Devices Inc. reported increased sales and profits in the second quarter of its fiscal year, ended May 3, 2003. The company made a net income of $71.3 million on sales revenue of $502 million for the quarter and forecast revenues to grow at between 3 percent and 5 percent sequentially during the third quarter.
Revenues increased 21 percent from the second quarter of fiscal 2002 and 7 percent on a sequential basis, the company reported. Net income increased 19 percent from the first quarter of fiscal 2003.
In the second quarter of fiscal 2003, cash balances increased by $102 million after spending $14 million on capital equipment. Cash and short-term investment balances at the end of the second quarter of fiscal 2003 totaled $3.1 billion.
“Both revenue and earnings were above the high end of estimates we provided on February 13, 2003, primarily as a result of stronger sales of analog products and continued strength in sales of DSP products," said Jerald Fishman, president and chief executive officer of Analog Devices, in a statement.
He said that revenues from analog product revenues grew 7 percent sequentially and accounted for approximately 78 percent of the company's business and that DSP products grew 8 percent sequentially and accounted for approximately 22 percent.
"Growth this quarter was broad based with sales increasing across virtually all applications, across OEM and distributor channel customers and across all geographic regions," continued Fishman. |
