BENCHMARQ Reports Earnings and Revenues Increase over Second Quarter 1996.DALLAS--(BUSINESS WIRE)--July 16, 1997--BENCHMARQ Microelectronics microelectronics, branch of electronic technology devoted to the design and development of extremely small electronic devices that consume very little electric power. , Inc. (Nasdaq:BMRQ), a Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. , Texas-based provider of 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. (ICs) and electronic modules for portable and power-sensitive electronic systems, reported net income of $1,725,000 for the second quarter of 1997, compared with $1,259,000 for the same period in 1996 and $1,643,000 for the first quarter of 1997. This represents an increase in net income of 37% and 5% compared to the same period in 1996 and the first quarter of 1997, respectively. The second quarter of 1997 was BENCHMARQ's fourteenth consecutive profitable quarter. Net income per share for the three-month period ended June June: see month. 30, 1997 was 22 cents compared with 17 cents for the same period in 1996 and 21 cents for the first quarter of 1997. This improvement of 29% over the second quarter of 1996 came despite the fact that the Company's tax rate in 1997 was not benefited materially from tax carryforwards Carryforwards Tax losses allowed to be applied to offset future income in some specified number of future years. . Total net revenues for the three-month period ended June 30, 1997 were $11.5 million compared with $9.1 million for the same period in 1996. This represents an increase in total net revenues of 26% over the second quarter of 1996. Al Schuele, the newly appointed president and chief executive officer of the Company, commented on the second quarter of 1997 by saying, "We are very pleased with the sequential and year-over-year growth of our battery management product revenues, which was instrumental in our achievement of a record gross margin percentage in the second quarter. As expected, an increase in portable personal computer ('PC') related battery management demand, served by our new battery capacity monitoring ('gas gauge') device targeted at SMBus applications, contributed to these positive results. Demand for our NVSRAM NVSRAM Non-Volatile Static Random Access Memory NVSRAM Non Volatile Storage Ram products remained relatively strong. PC Real-time Clock A real-time clock (RTC) is a computer clock (most often in the form of an integrated circuit) that keeps track of the current time. Although the term often refers to the devices in personal computers, servers and embedded systems, RTCs are present in almost any electronic ('RTC') product revenues declined in the second quarter, and the Company intends to continue to transition away from this increasingly commodity-like market. Design-in activity with our battery gas gauge solutions was strong, and we continue to receive positive customer acceptance. Our battery management business strengthened overall as evidenced by its robust growth in 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. of orders of more than 100% from the first quarter of 1997. It is our primary objective to realize sequential Company revenue growth in the second half of 1997." The Company reported that the backlog of orders for Battery Management Products at the end of the second quarter of 1997 was $6.9 million compared to $3.2 million at the end of the first quarter of 1997. Backlog for real-time clock and NVSRAM products was $3.3 million, compared with $5.5 million at the end of the first quarter of 1997. The Company includes in its reported backlog all released written purchase orders scheduled for shipment within the next six months. -0-
BENCHMARQ Microelectronics, Inc.
Condensed Consolidated Statements of Operations
All data is in thousands, except per-share data
Three-Months Six-Months
Ended June 30, Ended June 30,
1997 1996 1997 1996
---- ---- ---- ----
Revenues:
Battery Management Products $ 5,302 $ 4,125 $10,034 $ 7,188
RTC Products 2,072 2,181 4,771 4,825
NVSRAM Products 4,041 2,678 8,212 5,297
RTC Royalties/Other 42 84 153 233
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Total Net Revenue 11,457 9,068 23,170 17,543
Cost of Sales 5,190 5,080 11,004 10,134
Gross Margin 6,267 3,988 12,166 7,409
Operating Expenses:
Research & Development 817 700 1,632 1,290
Sales, General & Admin. 2,809 2,026 5,455 3,846
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Total Operating Expenses 3,626 2,726 7,087 5,136
Income from Operations 2,641 1,262 5,079 2,273
Other Income, Net 54 96 183 209
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Income Before Provision for Taxes 2,695 1,358 5,262 2,482
Income Tax Provision 970 99 1,894 166
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Net Income $ 1,725 $ 1,259 $ 3,368 $ 2,316
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Net Income Per Common and Common
Equivalent Share $ .22 $ .17 $ .44 $ .32
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Shares Used in Computing Net Income
Per Common and Common
Equivalent Share 7,667 7,359 7,673 7,292
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BENCHMARQ Microelectronics, Inc.
Condensed Consolidated Balance Sheets
All data is in thousands
June 30, 1997 Dec. 31, 1996
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Assets:
Cash & Investments $15,987 $15,454
Accounts Receivable, net 5,502 4,410
Inventory, net 3,656 4,035
Prepaid Expenses 1,006 355
Deferred Tax Asset, net 467 660
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Total Current Assets 26,618 24,914
Net Plant, Property & Equipment 5,476 5,708
Prepayment for Product Purchases/Other 5,292 6,187
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Total Assets $37,386 $36,809
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Liabilities and Stockholders' Equity:
Current Liabilities $ 6,728 $ 9,220
Non-Current Liabilities 786 1,260
Stockholders' Equity 29,872 26,329
------- -------
Total Liabilities and
Stockholders' Equity $37,386 $36,809
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BENCHMARQ's product lines include battery management ICs and modules, RTC See real time clock. ICs and modules, and NVSRAM products which include NVSRAM modules and nonvolatile See non-volatile. controller ICs and modules. BENCHMARQ markets its products worldwide through a network of distributors and independent manufacturers' representatives Manufacturers representatives (reps), also known as sales agents, are independently owned and managed sales companies that are an alternative to hiring a direct sales force. . The Company's World Wide Web address is http://www.benchmarq.com . The statements contained in this press release relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc backlog, tax provisions, product demand, market conditions and opportunities constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and various factors may impact upon such statements, including, without limitation, (i) certain of the risks detailed from time-to-time in the Company's filings with the SEC, including, without limitation, its: prospectus, dated Dec. 1, 1995, as supplemented on Dec. 21, 1995; Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended Dec. 31, 1996; Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the three months ended March 31, 1997; (ii) inability of the Company to satisfy its production/delivery obligations due to disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. of production, (iii) inability to obtain raw materials, (iv) cancellation of orders by customers, (v) changes in the credit worthiness of customers, (vi) political and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. economic disruption in the markets for the Company's products, (vii) changes in demand for the Company's products, (viii) changes in pricing for the Company's products, (ix) obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. of the Company's products, (x) expenses related to legal disputes and adverse legal rulings in such disputes, (xi) inability of the Company to timely complete the development of certain of its products, and (xii) inability of the Company to manage its effective income tax rate. Statements contained herein are made as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" and the Company assumes no responsibility for updating such information. Please refer all financial inquiries to: Investor Relations Investor relations The process by which the corporation communicates with its investors. BENCHMARQ Microelectronics, Inc. c/o Shelton Shelton, city (1990 pop. 35,418), Fairfield co., SW Conn., on the Housatonic River opposite Derby; settled 1697, set off from Stratford 1789, inc. as a city 1915. Metal products, furniture, and electronic equipment are among the city's manufactures. Associates, Inc. Galleria Tower I 13355 Noel Rd., Ste. 1345, LB83 Dallas, TX 75240 USA FAX: 972/774-4577 Tel: 972/239-5119 -0- Note to Editors: BENCHMARQ is a registered trademark of BENCHMARQ Microelectronics, Inc. CONTACT: Benchmarq Microelectronics, Inc., Dallas Patricia H. Smith, 972/43709195 Ext. 1011 800/966-0011 Fax: 972/437-0581 Patty_Smith@benchmarq.com http://www.benchmarq.com |
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