**SLAB ($44~$51.50) beats 12c Earnings/Outlook: Street Sees 1Q Rev $92M
Monday January 26, 5:20 pm ET
AUSTIN, Texas (Dow Jones)--Silicon Laboratories Inc. (NasdaqNM:SLAB - News)'s fourth-quarter earnings more than doubled as core products drove revenue, prompting the company to see first-quarter revenue levels topping Wall Street estimates.
In a press release Monday, the provider of mixed-signal integrated circuit products said its fourth-quarter earnings increased to $20.9 million, or 39 cents a share, from $9.8 million, or 19 cents a share, a year earlier.
Excluding noncash charges for amortization of deferred stock compensation and write off of in-process research and development, adjusted earnings in the latest quarter were $23.8 million, or 44 cents a share.
Analysts, on average, expected the company to earn 32 cents a share in the fourth quarter.
Revenue in the quarter rose 82% to $109.6 million from $60.2 million.
For the first quarter, Silicon Laboratories expects revenue of $104 million to $108 million, which is above analysts' mean forecast of $92 million and year-ago levels of $63.8 million.
Silicon Laboratories Inc. - Austin, Texas
4th Quar Jan. 3:
2004 a 2002
Revenue $109,559,000 $60,196,000
Net income b 20,923,000 c 9,824,000
Avg shrs (diluted) 53,969,000 50,542,000
Shr earns
Net income b .39 c .19
a. Reflects period ended Dec. 28, 2002.
b. Includes a $1.6 million write off of in-process research and development and a charge of $1.3 million for amortization of deferred stock compensation. Excluding charges, earnings were $23.8 million, or 44 cents a share.
c. Includes a $37,000 impairment of goodwill and a charge of $1.3 million for amortization of deferred stock compensation. Excluding the charges, earnings were $11.1 million, or 22 cents a share.
Year Jan. 3:
2004 a 2002
Revenue $325,305,000 $ 182,016,000
Net income d 44,716,000 e 20,717,000
Avg shrs (diluted) 52,288,000 50,811,000
Shr earns
Net income d .86 e .41
a. Reflects period ended Dec. 28, 2002.
d. Includes a $10.4 million settlement of patent infringement lawsuit; a $1.6 million write off of in-process research and development; and a charge of $5 million for amortization of deferred stock compensation. Excluding charges, earnings were $61.7 million, or $1.18 a share.
e. Includes a $37,000 impairment of goodwill and a charge of $5.2 million for amortization of deferred stock compensation. Excluding charges, earnings were $ 25.9 million, or 51 cents a share.
Shares of Silicon Laboratories traded recently at $50.35 after hours according to INET, after closing the regular session at $44, down 91 cents, or 2%.
Company Web site: slabs.com |
