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Technology Stocks : ADI: The SHARCs are circling! -- Ignore unavailable to you. Want to Upgrade?

To: Jim Oravetz who wrote (2843)	5/17/2004 12:53:13 PM
From: Jim Oravetz	Read Replies (1) \| Respond to of 2882

Analog Devices Doubles Net Income Online staff -- 5/14/2004 Electronic News Analog Devices reported higher revenue and doubled net income for its Q2, on growth in consumer electronics and the industrial market. The maker of signal processing devices posted net income of $152.6 million or 39 cents per diluted share, more than double the $71.3 million or 19 cents per diluted share from the same period a year ago and a 31 percent increase from the previous sequential quarter. The company saw revenue of $678.5 million for Q2, 35 percent higher than the same period a year ago and 12 percent more than the previous sequential quarter. "We had an excellent quarter with revenue, margins, and EPS all well above our expectations when the quarter began," said Jerald Fishman, president and CEO, in a statement. "Demand continued to accelerate during the second quarter, driven by the widespread adoption of our high-performance analog and DSP core technology. In the second quarter we saw growth across each of the major end markets we serve." Those included consumer electronics, industrial, communications and computers. Geographically the strongest revenue growth came from North America, but Europe, Japan and the rest of Asia also showed good growth for the quarter, the Norwood, Mass.-based company said in a statement. And the outlook continues to look strong. "The 13-week backlog continues to grow, reaching $571 million at the close of the second quarter, a 20 percent sequential increase," Fishman said. "We are planning for revenue to grow sequentially by approximately 7 percent to 10 percent during the third quarter of fiscal 2004 to approximately $725 million to $745 million." The company expects earnings per share in the range of 43 to 45 cents.