Table follows:
SEMTECH CORP.
Consolidated Statements of Income
(In thousands, except per-share amounts)
(Unaudited)
Three months ended
May 2, May 3,
1999 1998
Net sales $33,044 $29,534
Cost of sales 16,445 15,060
Gross profit 16,599 14,474
Operating costs and expenses:
Selling, general and administrative 5,642 4,633
Product development and engineering 4,117 2,945
Acquisition costs -- 255
Total operating costs and expenses 9,759 7,833
Operating income 6,840 6,641
Interest and other income, net 254 171
Income before taxes 7,094 6,812
Provision for taxes 2,341 2,275
Net income $ 4,753 $ 4,537
Earnings per share:
Basic $ 0.32 $ 0.31
Diluted $ 0.29 $ 0.29
Weighted average number of shares:
Basic 15,029 14,446
Diluted 16,551 15,744
SEMTECH CORP.
Consolidated Balance Sheets
(Dollars in thousands)
May 2, Jan. 31,
1999 1999
(Unaudited) (Audited)
Assets:
Current assets:
Cash and cash equivalents $36,276 $41,035
Temporary investments 1,393 1,648
Receivables, less allowances 17,837 15,414
Income taxes refundable -- 258
Inventories 18,874 16,803
Other current assets 1,772 1,275
Deferred income taxes 2,155 2,139
Total current assets 78,307 78,572
Property, plant and equipment, net 13,571 13,417
Other assets 89 89
Deferred income taxes 441 478
Total assets $92,408 $92,556
Liabilities and shareholders' equity:
Current liabilities:
Accounts payable $ 6,267 $ 5,296
Accrued liabilities 3,590 5,102
Income taxes payable 1,344 --
Other current liabilities 1,986 2,330
Total current liabilities 13,187 12,728
Other long-term liabilities 61 57
Total shareholders' equity 79,160 79,771
Total liabilities and shareholders' equity $92,408 $92,556
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