Burr-Brown Corp. Reports Second Quarter 1997 Results.TUCSON Tucson (t  `sŏn'), city (1990 pop. 405,390), seat of Pima co., SE Ariz.; inc. 1877. , Ariz--(BUSINESS WIRE)--July 14, 1997--Burr-Brown Earnings up 18 percent Sequentially on 14 percent Revenue Increase Burr-Brown 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 :BBRC BBRC Biochemical and Biophysical Research Communications BBRC Bellevue Breakfast Rotary Club (Washington state) BBRC Ball Brothers Research Corporation ) Monday Monday: see week. announced sales of $62.5 million and net income of $7.7 million or 31 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. for the second quarter ended June June: see month. 28, 1997. This reflects a 17.9 percent increase in earnings over the first quarter of 1997 on a 14.1 percent increase in revenue. As compared to the same quarter last year, revenue grew by 7.4 percent and earnings were up 17.3 percent. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. was $10.2 million or 16.4 percent of sales as compared to 15.7 percent in the prior quarter and 14.4 percent in the same quarter a year ago. Gross margin increased to $31.3 million from $27.4 million last quarter. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , at 33.6 percent of revenue, were reduced from 34.3 percent of sales in the first quarter of 1997 and were lower than the 36.7 percent of the second quarter of 1996. Research & Development (R&D) spending increased to $8.0 million from $7.2 million in the prior quarter and from $7.3 million in the year ago quarter. Sales, Marketing and General and Administrative (SMG&A) expenses declined to 20.9 percent of sales from 21.1 percent sequentially and from 24.2 percent in the same quarter last year. Net profit margin was 12.4 percent of sales, up from 12.0 percent last quarter and from 11.4 percent in the year ago quarter. In commenting on the quarter's financial performance, Syrus P. Madavi, president and chief executive officer, said, "We are quite pleased with the progress we are making toward achieving our long term financial model. We are now seeing strong year to year comparisons in all major aspects of our financial results. "R&D investments continue to approach our targeted level of 13 to 14 percent of sales. SMG&A expenses continue to decline as a percent of revenue toward our long term model of 18 percent. This performance reflects the success of our strategy to constrain con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. operating expenses to a growth rate lower than that of sales, thereby expanding profit margins with increases in revenue." New order bookings were up significantly as compared to both the year ago quarter and last quarter. Geographically, all regions exhibited sequential growth with the exception of Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). . Southeast
Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. showed the most strength. In all regions,
sales through the distribution channel exhibited the greatest expansion.
All product lines were up sequentially, with digital audio/video and
communications products increasing the most.Regarding the company's business outlook, Madavi noted, "Business conditions remain strong and we are particularly encouraged by the high level of design win activity for our new products. With this as a basis, we expect to maintain an annual revenue growth rate in the range of 15 to 20 percent for the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future." 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. included in this news release are subject to risks and uncertainties. Among these are economic and industry conditions generally, demand for the company's products, its ability to develop new products and manufacture all products 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. 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 world-wide leader in the development, manufacturing and marketing of electronic components including precision linear, data conversion and mixed signal 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. . These products address applications for both analog and digital signal processing See DSP. Digital Signal Processing - (DSP) Computer manipulation of analog signals (commonly sound or image) which have been converted to digital form (sampled). relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc communications, industrial and process control, test and measurement, medical instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. , digital audio, multimedia and personal computer systems. Product development and manufacturing facilities are located in Tucson, Livingston, Scotland and Atsugi, Japan. Direct sales and distribution locations are in the United States, Japan, Germany, France, Italy, England, Switzerland and the Netherlands. For additional information, please write to Burr-Brown Corp., Investor Relations Investor relations The process by which the corporation communicates with its investors. , P.O. Box 11400, Tucson, AZ 85734 or call 520/746-7365 or visit our home page at http://www.burr-brown.com/ . -0-
Burr-Brown Corp. and Subsidiaries
Consolidated Summary of Operations
(in thousands except per share amounts)
Three Months Ended:
June 28, March 29, June 29,
1997 1997 1996
Net Revenue $62,505 $54,772 $58,181
Gross margin 31,268 27,372 29,754
% of revenue 50.0% 50.0% 51.1%
Research & development 7,952 7,219 7,293
Sales, marketing, general
& administrative 13,071 11,546 14,061
Total operating expenses 21,023 18,765 21,354
% of revenue 33.6% 34.3% 36.7%
Income from operations 10,245 8,607 8,400
% of revenue 16.4% 15.7% 14.4%
Other (income)expense (823) (781) (777)
Income before income taxes 11,068 9,388 9,177
Provision for income taxes 3,321 2,816 2,570
Net income $7,747 $6,572 $6,607
% of revenue 12.4% 12.0% 11.4%
Shares outstanding for EPS 25,270(b) 25,235(b) 24,988(b)
Earnings per common share $0.31 $0.26 $0.26
Six Months Ended:
June 28, June 29,
1997 1996
Net Revenue $117,277 $119,355
Gross margin 58,640 60,431
% of revenue 50.0% 50.6%
Research & development 15,171 14,636
Sales, marketing, general
& administrative 24,617 28,890
Total operating expenses 39,788 43,526
Income from operations 18,852 16,905
% of revenue 16.1% 14.2%
Other (income)expense (1,604) (8,380)(a)
Income before income taxes 20,456 25,285
Provision for income taxes 6,137 7,080
Net income $14,319 $18,205(a)
% of revenue 12.2% 15.3%
Shares outstanding for EPS 25,138(b) 25,200(b)
Earnings per common share $0.57 $0.72
(a) Includes a gain from the sale of a subsidiary of $6,680 in Other
income and $4,810 in Net income.
(b) Reflects a 3 for 2 stock split effective April, 1997.
Burr-Brown Corp. and Subsidiaries
Consolidated Condensed Balance Sheets
(in thousands)
June 28, March 29, Dec. 31,
1997 1997 1996
Cash, equivalents
& investments $76,483 $79,372 $89,377
Trade receivables 52,743 44,225 39,546
Inventories 50,459 51,361 49,570
Land, buildings and
equipment, net 73,617 70,173 67,530
Other 19,848 17,768 15,565
Total assets $273,150 $262,899 $261,588
Total current liabilities $53,897 $52,178 $55,614
Total non-current liabilities 4,618 5,809 6,568
Stockholders' equity 214,635 204,912 199,406
Total liabilities
and equity $273,150 $262,899 $261,588
CONTACT: Burr-Brown Corp., Tucson Investor Relations, 520/746-7365 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion