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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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From: j-at-home	2/10/2005 4:56:37 PM
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Analog Devices earnings fall in Q1 [hmm, weren't they upgraded today or yesterday?] Chip firm hurt by handset sales; Q2 forecast below target By Dan Gallagher, MarketWatch Last Update: 4:40 PM ET Feb. 10, 2005 SAN FRANCISCO (MarketWatch) -- Analog Devices Inc. posted first quarter earnings Thursday that were down 8 percent from the same period last year because of a decline in semiconductor test equipment and wireless handset products. The earnings drop was slightly deeper than Wall Street's estimates for the period. The Norwood, Mass-based chipmaker (ADI: news, chart, profile) also issued forecasts for the current quarter that came below analysts' estimates. Earnings for the period were $107.4 million, or 28 cents per share, compared to earnings of $116.8 million, or 30 cents per share, for the same period last year. Revenue was $580.5 million compared to revenue of $605.4 million for last year's first quarter. Analysts were expecting earnings of 29 cents per share on revenue of $586.8 million, according to consensus estimates from Thomson First Call. In a statement, the company said declines in its automated semiconductor test business matched the cyclical decline in the rest of the industry. The company also said excess inventory of wireless handsets by Chinese carriers led to excess inventory in that segment. For the second quarter, the company said it expects earnings between 29-31 cents per share, a penny lower than analysts' forecasts of 32 cents per share in earnings. Revenue is expected to grow between 2-6 percent from the first period. This would put revenue in the range of $592 million to $615 million. Analysts were expecting revenue of $612.8 million for the period. The company added that the second quarter is expected to represent the "trough" for quarterly revenue. The company's shares edged down 18 cents in Thursday's after-hours trading after closing the regular session down 35 cents at $36.83.

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