results...
Semtech Announces Record Fourth Quarter and Fiscal Year
2000 Results
NEWBURY PARK, Calif.--(BUSINESS WIRE)--Feb. 24, 2000--
Fourth Quarter Net Income Up 157 Percent Year-Over-Year and 26
Percent Sequentially
Fourth Quarter Net Sales Up 79 Percent Year-Over-Year and 18
Percent Sequentially
Fiscal Year 2000 Net Sales up 52 percent and Net Income Up 103
percent
Semtech Corp. (Nasdaq:SMTC) today reported record net sales, gross
margin and net income for the fourth quarter and fiscal year ended
January 30, 2000.
Net sales for the fourth quarter of fiscal year 2000 were $55.4 million,
an increase of 79 percent over net sales of $30.9 million reported in
the fourth quarter of fiscal year 1999. Net income for the fourth
quarter of fiscal year 2000 was $10.5 million, or $0.29 per diluted
share, an increase of 157 percent over net income of $4.1 million, or
$0.12 per diluted share, for the fourth quarter of fiscal year 1999. Net
income for the fourth quarter of fiscal year 2000 excludes a one-time
charge of $531,000 for costs incurred in acquiring USAR Systems.
Net sales for all of fiscal year 2000 were $173.8 million, an increase of
52 percent, compared to net sales of $114.5 million for fiscal year
1999. Net income, prior to one-time charges, for fiscal year 2000 was
$29.9 million, or $0.85 per diluted share, an increase of 103 percent
over net income, prior to one-time charges, of $14.7 million, or $0.46
per diluted share, for fiscal year 1999.
Sequentially, net sales for the fourth quarter of fiscal year 2000
increased 18 percent and net income, prior to one-time charges,
increased 26 percent over the previous quarter. Gross margin reached
53.8 percent of net sales in the fourth quarter of fiscal year 2000, an
increase of approximately 70 basis points over the previous quarter.
Jack Poe, chairman and chief executive officer, commented on the
record results: "Semtech's financial results for the year were
outstanding, net sales increased 52 percent and net income more
than doubled. The performance was driven by our relentless
investment in new products and technologies for the communications
and computing markets."
Poe commented further: "We were extremely successful this year at
increasing our engineering base. In particular, our acquisitions of
Practical Sciences and USAR Systems are forecasted to dramatically
increase our available content in communications infrastructure and
portable systems. With the addition of USAR Systems, Semtech has
one of the most comprehensive analog and mixed-signal product
offerings in our industry for portable devices, including laptop
computers, cellular phones and PDAs."
Twenty-two new product families were introduced in the fourth quarter
and a total of 88 for all of fiscal year 2000, including 19 through the
acquisition of USAR Systems. More than 270 new design wins were
recorded in the fourth quarter and more than 925 new design wins
achieved for all of fiscal year 2000.
"Our outlook for continued growth in the first quarter of fiscal year
2001 and beyond is based on Semtech's relentless focus on new
products, fast-growing markets and a broad customer base,"
concluded Poe.
Semtech Corp. is a leading provider of high-quality analog and
mixed-signal circuits for complex power management, overvoltage and
transient protection, high performance, intelligent input/out and
communications solutions. Publicly traded since 1967, Semtech is
listed on the NASDAQ National Market under the symbol SMTC.
Forward-looking statements and projections in this news release
involve risk and uncertainty. Important factors include overall
economic conditions, risks associated with Y2K, the timing and
duration of the semiconductor market upturn, demand for personal
computers, cellular phones and automated test equipment, demand
for the company's products in particular, demand for semiconductor
devices in general, competitors' actions, relations with large strategic
customers, risks associated with the businesses of major customers
and other risk factors. Refer to the company's Form 10-K for the year
ended January 31, 1999, as filed with the Securities and Exchange
Commission for further information. Actual results could differ
materially from expected events as discussed in this news release. |
