Burr-Brown Corp. Makes Announcement.TUCSON, Ariz.--(BUSINESS WIRE)--Sept. 14, 1998--Burr-Brown Corp. (NASDAQ: BBRC BBRC - Ball Brothers Research Corporation BBRC - Bellevue Breakfast Rotary Club (Washington state)) Monday announced that earnings for the third quarter ending Oct. 3, 1998 may be $.03 to $.05 below earnings for the second quarter of 1998. The company expects that third quarter revenue may be 5% to 10% lower than the second quarter level and cited relative weakness in orders shippable within the quarter as the cause. In commenting on the announcement, Syrus P. Madavi, chairman, president and chief executive officer, stated, "As a result of the seasonally weak demand for the summer quarter and the economic slowdown in Asia, it does not appear at this time that we will receive a sufficient level of new orders shippable during the quarter to meet our financial objectives. "The current quarter notwithstanding, based on the level of design win successes, we fully expect to resume healthy revenue growth once the current industry demand situation stabilizes." Concurrently, the company announced plans to resume the repurchase of its stock. Madavi continued, "We believe that our stock is now significantly undervalued and it will be in the best interest of our shareholders to aggressively repurchase shares. We intend to repurchase up to 1 million shares already authorized by our Board of Directors and expect to expand the scope of this authorization in the near term." Forward-looking statements included in this news release are subject to risks and uncertainties. Among these are economic and industry conditions in general, demand for the company's products, its ability to develop new products and manufacture all products according to demand as well as the actions of its competitors. For a more complete discussion of the risks and uncertainties to which the company's performance is subject, please refer to its public filings with the Securities and Exchange Commission. Burr-Brown Corp. is a worldwide leader in the development, manufacturing and marketing of electronic components including precision linear, data conversion and mixed signal integrated circuits. These products address applications for both analog and digital signal processing relating to communications, industrial and process control, test and measurement, medical instrumentation, digital audio, multimedia and personal computer systems. Product development and manufacturing facilities are located in Tucson; Livingston, Scotland; and Atsugi Atsugi (ät's `gē), city (1990 pop. 197,292), Kanagawa prefecture, E central Honshu, Japan, on the Sagami River. It is an important communication, commercial, and agricultural center. It produces electric communications equipment and automobile parts. An air force base is nearby., Japan. Direct sales offices are located in the United States, Japan, Singapore, Germany, France, Italy, England, Switzerland and the Netherlands. For additional information, please write to Burr-Brown Corp., Investor Relations, P.O. Box 11400, Tucson, AZ 85734 or call 520/746-7365 or visit our home page at http://www.burr-brown.com/. CONTACT: Burr-Brown Corp., Tucson Investor Relations, 520/746-1111 Fax: 520/746-7401 |
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