Another record quarter for Semtech.NEWBURY Newbury, town (1991 pop. 31,488), West Berkshire, S central England. In a farming region, Newbury trades in wool, malt, and farm products. Paper, furniture, and metal products are also made. In the Middle Ages the town was an important textile manufacturing center. PARK, Calif.--(BUSINESS WIRE)--Aug. 15, 1995--Semtech Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SMTC SMTC Southern Maine Technical College SMTC Science/Mathematics/Technology Center (Central Michigan University) SMTC Saluda Mountain Telephone Company (Knoxville, Tennessee) SMTC Short-To-Medium Term Control ), a manufacturer of high-quality analog semiconductor products, Tuesday Tuesday: see week. announced that net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for its second quarter ended July July: see month. 30, 1995, were $10,601,000, an increase of 61 percent over net sales of $6,593,000 for the second quarter of the previous year. Semtech reported net income of $1,547,000 for the quarter, or 28 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , an increase of 467 percent over $273,000, or 5 cents per share, reported for the second quarter of last year. The company also reported record new orders of $12,196,000 for the second quarter, an increase of 137 percent over $5,156,000 reported for the second quarter of the previous year. The company's total backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. as of July 30, 1995, was $14.5 million compared with $12.9 million as of April 30, 1995. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. John D. Poe, president and chief executive officer: ``The company continues to perform well both operationally and financially. Sales of the company's linear integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. and transient voltage suppressors A transient voltage suppressor or TVS is a general classification of an array of devices that are designed to react to sudden or momentary overvoltage conditions. One such common device used for this purpose is known as the transient voltage suppression diode that is simply grew significantly during the first half of fiscal 1996. ``This growth has been propelled by Semtech's success in penetrating penetrating breaching the tissues of the body. the global market for components for personal computers.'' Poe added: ``The company continued to increase its R&D spending during the quarter. This investment is being made to develop new products which will support long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth.'' Semtech is a leading supplier of analog semiconductors for computers, communications, industrial and aerospace customers. -0-
SEMTECH CORP.
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per-share amounts)
(unaudited)
Three months ended Six months ended
July 30, July 31, July 30, July 31,
1995 1994 1995 1994
Net sales $10,601 $ 6,593 $19,916 $12,240 Cost of sales 6,125 4,581 11,874 8,463 Gross profit 4,476 2,012 8,042 3,777 Operating costs and expenses - Sales and marketing 1,253 790 2,267 1,624 General and administrative 734 625 1,456 1,154 Product development and engineering 338 185 599 377 Total operating costs and expenses 2,325 1,600 4,322 3,155 Operating income 2,151 412 3,720 622 Interest and other (income) expense (20) 15 (28) 22 Income before taxes 2,171 397 3,748 600 Provision for taxes 624 124 1,113 177 Net income $ 1,547 $ 273 $ 2,635 $ 423
Net income per share -
Primary 29 cents 6 cents 49 cents 9 cents
Fully diluted 28 cents 5 cents 47 cents 8 cents
-0-
SEMTECH CORP.
CONSOLIDATED STATEMENTS -- BALANCE SHEET
(Dollars in thousands)
July 30, Jan. 29,
1995 1995
(unaudited) (audited)
Assets
Current assets:
Cash and cash equivalents $ 4,018 $ 2,837
Temporary investments 412 821
Receivables, less allowances 6,336 4,501
Income taxes refundable 80 71
Inventories 7,005 6,662
Other current assets 396 181
Total current assets 18,247 15,073
Property, plant and equipment, net 4,348 3,446 Other assets 393 443 Deferred income taxes 214 39 Total assets $23,202 $19,001 Liabilities and Shareholders' Equity Current liabilities: Line of credit $ 0 $ 175 Current maturities of long-term debt 297 268 Accounts payable 2,383 1,721 Accrued liabilities 1,550 1,253 Income taxes payable 510 286 Total current liabilities 4,740 3,703 Long-term debt, less current maturities 547 799 Total shareholders' equity 17,915 14,499 Total liabilities and shareholders' equity $23,202 $19,001 CONTACT: Semtech Corp., Newbury Park David G. Franz Jr., 805/498-2111 |
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