results cont'd
SEMTECH CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands -- except per-share amounts)
Three Months Ended Twelve Months Ended
(Unaudited) (Unaudited) (Unaudited) (Audited)
January 30, January 31, January 30, January 31,
2000 1999 2000 1999
Net sales $ 55,399 $ 30,911 $ 173,768 $ 114,519
Cost of sales 25,590 15,552 82,731 60,241
Gross profit 29,809 15,359 91,037 54,278
Operating costs
and expenses --
Selling, general
and administrative 8,324 5,363 27,206 20,091
Product development
and engineering 6,166 4,072 20,342 14,026
One-time charges 531 -- 531 1,585
Total operating
costs and expenses 15,021 9,435 48,079 35,702
Operating income 14,788 5,924 42,958 18,576
Interest and other
income, net 417 234 1,146 786
Income before taxes 15,205 6,158 44,104 19,362
Provision for taxes 5,173 2,057 14,709 6,467
Net income $ 10,032 $ 4,101 $ 29,395 $ 12,895
Earnings per share:
Basic $ 0.31 $ 0.14 $ 0.95 $ 0.44
Diluted $ 0.27 $ 0.12 $ 0.83 $ 0.41
Weighted average
number of shares:
Basic 31,864 29,984 30,835 29,344
Diluted 36,854 33,424 35,315 31,784
Note: Earnings for the fourth quarter of fiscal 2000 are net of
$531,000 of costs associated with the acquisition of USAR Systems, and
an associated tax benefit for these costs of $20,000.
SEMTECH CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
January 30, January 31,
2000 1999
(Unaudited) (Audited)
ASSETS
Current assets:
Cash and cash equivalents $45,225 $41,035
Temporary investments 18,066 1,648
Receivables, less allowances 25,223 15,414
Income taxes refundable 711 258
Inventories 26,581 16,803
Other current assets 1,223 1,275
Deferred income taxes 4,891 2,139
Total current assets 121,920 78,572
Property, plant and equipment, net 24,397 13,417
Other assets 1,481 89
Deferred income taxes 162 478
TOTAL ASSETS $ 147,960 $92,556
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 10,723 $ 5,296
Accrued liabilities 8,868 5,102
Other current liabilities 2,756 2,330
Total current liabilities 22,347 12,728
Other long-term liabilities 131 57
Total shareholders' equity 125,482 79,771
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $147,960 $ 92,556
CONTACT: Semtech Corp. |
