Actel, Atmel, Genesis, IDT, Microchip post strong Q4 results
Silicon Strategies
01/22/2004, 4:46 PM ET
SAN JOSE--Demonstrating that the IC recovery is for real, a slew of chip makers today (January 22, 2004) reported positive results for the fourth quarter of 2003.
Actel, Atmel, Genesis, IDT, Microchip, Skyworks, and Vitesse all posted decent results. For example, Microchip Technology Inc., a provider of microcontroller and analog semiconductors, said sales for the third quarter of fiscal year 2004 were $178.0 million, up 5.6 percent sequentially from $168.5 million in the immediately preceding quarter, and up 6.3 percent from sales of $167.5 million in the prior year's third quarter.
GAAP net income of $40.8 million or 19 cents per diluted share in the third quarter of fiscal 2004 was up 13.1 percent sequentially from GAAP net income of $36.1 million or 17 cents per diluted share in the immediately preceding quarter and up 12.3 percent from GAAP net income of $36.4 million or 17 cents per diluted share in the same quarter a year ago.
"Our business continued to strengthen during the quarter, achieving 5.6 percent net sales growth in a period that seasonally slows at the end of December in both the Americas and Europe. This was the best December quarter sequential revenue growth the company achieved since December 1999," said Steve Sanghi, Microchip's president and CEO, in a statement. "Visibility in all sectors of our business improved. Our book-to-bill ratio was 1.26 overall, and was 1.10 in our direct business, resulting in the highest backlog we have seen since January 2001."
Net sales for the fourth fiscal quarter ending March 31, 2004 are currently anticipated to be between $180 and $185 million or up approximately 1% to 4% sequentially.
Meanwhile, Atmel Corp. said its revenues for the fourth quarter of 2003 totaled $380.5 million, versus $335.2 million in the third quarter of 2003 and $304.6 million in the fourth quarter of 2002.
Net income for the fourth quarter of 2003 totaled $10.99 million, or $0.02 per share. Included in this quarter's results is $37.9 million of other income received as a result of a legal award, partially offset by $27.6 million in asset impairment charges. These results compare to a net loss of $31.8 million, or minus $0.07 per share, for the third quarter of 2003, as well as a net loss of $16.2 million, or minus $0.03 per share for the fourth quarter of 2002.
Revenues for the full year 2003 totaled $1.3 billion versus $1.2 billion in 2002. Net loss for the full year 2003 totaled $117.99 million, or minus $0.25 per share, versus net loss of $641.8 million, or minus $1.37 per share on a fully diluted basis in 2002.
"The year of 2003 brought the return of the semiconductor up cycle, as well as the return of robust growth and improved financial results," stated George Perlegos, Atmel's president and CEO, in a statement. "We saw double digit year over year and sequential growth rates in every one of our businesses this quarter, and we feel that current demand levels will continue to fuel strong growth in 2004.
The San Jose-based chip maker anticipates that in the first quarter of 2004, revenues should be sequentially up 1-to-5 percent.
Meanwhile, Actel Corp. announced net revenues of $40.6 million for the fourth quarter of 2003, up 19 percent from the fourth quarter of 2002 and 6 percent from the third quarter of 2003. For the full fiscal year, net revenues were $149.9 million, up 12 percent from fiscal 2002.
Actel reported net income of $2.3 million, or $0.09 per diluted share, for the fourth quarter of 2003 compared with a net loss of $1.8 million, or minus $0.08 per share, for the fourth quarter of 2002 and $2.3 million, or $0.08 per diluted share, for the third quarter of 2003.
Net income in accordance with GAAP was $6.2 million, or $0.24 per share, for the full fiscal year compared with $0.1 million, or $0.00 per diluted share, for fiscal 2002.
The company believes that first quarter revenues will grow sequentially in the 2-to-5 percent range.
Even the communications-chip makers posted positive results. RF-chip maker Skyworks Solutions Inc. posted record revenues of $175.1 million for the first fiscal quarter ended Jan. 2, 2004, up 17 percent sequentially. Revenues were up 9 percent on a year-over-year basis from $160.2 million.
First quarter fiscal 2004 GAAP operating income was $10.4 million as compared to an operating loss of $37.9 million during the fourth quarter of 2003 and versus $6.4 million of operating income during the same period a year ago. GAAP earnings per share for the first quarter was $0.03.
On the wireline side, Integrated Device Technology Inc. said revenues for the third fiscal quarter were $87.1 million, an increase of 8 percent compared to the second quarter of fiscal 2004 and an increase of 10 percent from the quarter ended December 29, 2002.
On a non-GAAP basis, the net income for the third fiscal quarter was $4.0 million, or $0.04 per diluted share, compared to a net loss of $1.1 million, or minus $0.01 per diluted share, in the second quarter of fiscal 2004 and a net loss of $20.6 million, or minus $0.20 per diluted share, for the same quarter one year ago.
Including certain costs, charges and gains in accordance with GAAP, the company earned net income of $2.3 million, or $0.02 per diluted share, in the third quarter of fiscal 2004 compared to net income of $1.2 million, or $0.01 per diluted share, in the second quarter of fiscal 2004.
On a GAAP basis, IDT recorded a net loss of $26.3 million, or minus $0.25 per diluted share, for the third quarter of fiscal 2003.
Another supplier, Vitesse Semiconductor Corp., reported results for the first quarter of fiscal 2004 ended December 31, 2003. Revenues in the first quarter of fiscal 2004 were $50.3 million, compared to $35.7 million in the first quarter of fiscal 2003, and $42.8 million in the fourth quarter of fiscal 2003.
On a generally accepted accounting principles (GAAP) basis, net loss for the first quarter of fiscal 2004 was $8.0 million, or minus $0.04 loss per share compared to net loss of $11.0 million, or minus $0.06 loss per share, in the first quarter of fiscal 2003 and net loss of $36.0 million, or minus $0.17 loss per share in the fourth quarter of fiscal 2003.
In a statement, Vitesse's President and CEO, Lou Tomasetta, said, "We expect that revenues will increase sequentially by approximately 10% in the second quarter of fiscal 2004. We are also forecasting our GAAP loss to be between $0.03 to $0.05 per share and our pro-forma net income to increase to $0.01 per share in the second quarter of fiscal 2004."
On the consumer side, Genesis Microchip Inc. said its revenues for the quarter were a record $56.5 million, which is up 17 percent sequentially from revenues of $48.2 million in the September 2003 quarter. Measured in accordance with generally accepted accounting principles, or GAAP, net income for the quarter was $179,000, or $0.01 per share, compared to a net loss of $3.8 million, or minus $0.12 per share, in the September 2003 quarter; |
