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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (60585)	2/15/2002 2:54:36 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

WOW, Analog Devices 1st-Qtr Profit Falls 87%; Sales Drop (Update4) By John Stebbins quote.bloomberg.com Norwood, Massachusetts, Feb. 14 (Bloomberg) -- Analog Devices Inc., a maker of high-speed communications chips, said fiscal first-quarter profit fell 87 percent as customers bought fewer semiconductors amid a slowing economy. Net income in the quarter ended Feb. 2 fell to $24.7 million, or 6 cents a share, from $190.4 million, or 50 cents, in the year- earlier period, Analog Devices said in a statement. Sales fell 49 percent to $393 million from $772.3 million. Demand for the company's chips, which go into communications and computer-networking equipment and consumer electronic devices, slumped as customers such as Canada's Nortel Networks Corp., Sweden's Ericsson AB, Japan's Casio Computer Co. Ltd. and thousands of smaller companies reduced orders. ``They need the communications market to come back, but there's not a lot of strength there,'' Tore Svanberg, a Robertson Stephens analyst, said before the release of earnings. He rates the stock, which he doesn't own, ``market perform.'' Shares of Norwood, Massachusetts-based Analog Devices rose 46 cents to $40.40 in after-hours trading after rising as high as $41.50. They had fallen 66 cents to $39.96 in regular U.S. trading. They've declined 10 percent this year. The company gave results after regular trading ended. ``Orders are growing in every region of the world. We are now cautiously optimistic that we have seen the worst of the cycle and a recovery in our business has begun,'' Jerald Fishman, chief executive officer, said on a conference call after the report. Company Forecast Analog Devices expects $404.8 million to $412.7 million in sales this quarter, with profit of 12 cents or 13 cents a share, excluding some costs. The company was forecast to have sales of $418.5 million and profit of 14 cents, according to a survey by Thomson Financial/First Call.