Burr-Brown Corp. Reports Second Quarter 2000 Results; Burr-Brown Second Quarter Revenues Increase 52 Percent, Earnings Increase 126 Percent.Business Editors/High-Tech Writers TUCSON Tucson (t  `sŏn'), city (1990 pop. 405,390), seat of Pima co., SE Ariz.; inc. 1877. , Ariz.--(BUSINESS WIRE)--July 12, 2000
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 ) Wednesday announced record sales of $103.5 million and record net income of $23.3 million or $0.38 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for the second quarter ended July 1, 2000. As compared to the second quarter of 1999, this reflects 126.2 percent increase in net income on a 51.8 percent increase in revenue. Sequentially, revenue increased by 14.3 percent from $90.6 million and net income was up 26 percent from $18.5 million. Bookings continued to accelerate for the sixth consecutive quarter. Revenue increased sequentially in all regions and revenue growth was particularly strong in communications applications. Gross margin improved to 57 percent of sales reflecting higher output levels and a richer product mix. 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. declined as a percent of sales to 27.4 percent from 28.6 percent. "The rate of orders and design wins was extremely brisk Brisk as a proper name may refer to:
The technology industry's demand-to-supply ratio for orders on a "firm's book" to number of orders filled. Notes: This ratio tells whether the company has more orders than it can deliver (if greater than 1), has the same amount of orders that it can exceeded unity by a very wide margin for the quarter leading to a 31 percent increase in 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 we started the third quarter, we had about 89 percent of our quarterly revenue goal already in backlog scheduled for shipment during the quarter. Based on the level of demand we are seeing in all of our end markets, we expect sequential revenue growth of about 10% in each of the next two quarters and the earnings to increase by more than 100 percent for the full year." Commenting on the quarter's financial performance, Madavi said, "During the second quarter we again set Company records for revenue, gross margin, 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. and net income. Gross margin improved 200 basis points over the preceding quarter to 57 percent of revenue, operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was 29.6 percent of revenue and net income was 22.5 percent of revenue. "The second quarter was the fifth consecutive quarter of record financial results." On June 21, 2000 Burr-Brown and Texas Instruments See TI. (company) Texas Instruments - (TI) A US electronics company. A TI engineer, Jack Kilby invented the integrated circuit in 1958. Three TI employees left the company in 1982 to start Compaq. entered into a merger agreement by which 1.3 shares of Texas Instruments stock will be exchanged for each share of Burr-Brown stock. The merger is currently undergoing required regulatory review and is expected to close late in the third quarter of this year. 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 in general, 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 worldwide leader in the development, manufacturing and marketing of analog 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 the communications, computing computing - computer , consumer and industrial markets. For additional information, please contact J. Scott Blouin, CFO See Chief Financial Officer. at Burr-Brown Corporation The Burr-Brown Corporation was a United States technology company which designed, manufactured, and marketed a broad line of proprietary, standard, high-performance, analog and mixed-signal integrated circuits (ICs) used in electronic signal processing. , 6730 S. Tucson Blvd, Tucson, Arizona Tucson (pronounced /ˈtusɑn/, Spanish: Tucsón [tuk'son] 85734, 520/746-7365 or visit our web site at http://www.burr-brown.com/.
Burr-Brown Corp. and Subsidiaries
Consolidated Summary of Operations
(in thousands except per share amounts)
Three Months Ended:
Jul. 1, Apr. 1, Jul. 3,
2000 2000 1999
Net Revenue $ 103,515 $ 90,554 $ 68,210
Gross margin 58,990 49,794 35,567
% of revenue 57.0% 55.0% 52.1%
Research & development 14,798 13,071 10,426
Sales, marketing,
general & administrative 13,545 12,830 11,671
Total operating expenses 28,343 25,901 22,097
% of revenue 27.4% 28.6% 32.4%
Income from operations 30,647 23,893 13,470
% of revenue 29.6% 26.4% 19.7%
Other (income) expense (2,182) (2,160) (646)
Income before income
taxes 32,829 26,053 14,116
Provision for income
taxes 9,521 7,556 3,811
Net income $ 23,308 $ 18,497 $ 10,305
% of revenue 22.5% 20.4% 15.1%
Basic shares
outstanding for EPS 56,255 55,816 55,160(1)
Basic EPS $ 0.41 $ 0.33 $ 0.19
Diluted shares
outstanding for EPS 61,496 60,605 58,321(1)
EPS assuming dilution $ 0.38 $ 0.31 $ 0.18
Six Months Ended:
Jul. 1, Jul. 3,
2000 1999
Net Revenue $ 194,069 $ 129,217
Gross margin 108,784 66,346
% of revenue 56.1% 51.3%
Research & development 27,869 20,489
Sales, marketing,
general & administrative 26,375 22,762
Total operating expenses 54,244 43,251
% of revenue 28.0% 33.5%
Income from operations 54,540 23,095
% of revenue 28.1% 17.9%
Other (income) expense (4,342) (1,246)
Income before income
taxes 58,882 24,341
Provision for income
taxes 17,077 6,572
Net income $ 41,805 $ 17,769
% of revenue 21.5% 13.8%
Basic shares
outstanding for EPS 56,036 55,100(1)
Basic EPS $ 0.75 $ 0.32
Diluted shares
outstanding for EPS 61,072 57,869(1)
EPS assuming dilution $ 0.68 $ 0.31
(1) Reflects a 3 for 2 stock split effective December 1999
Burr-Brown Corp. and Subsidiaries
Consolidated Condensed Balance Sheets
(in thousands)
Jul. 1, Apr. 1, Dec.31, Jul. 3,
2000 2000 1999 1999
Cash, equivalents &
investments $448,659 $431,119 $163,321 $131,528
Trade receivables 74,663 67,585 66,068 60,634
Inventories 54,950 53,051 49,761 51,455
Land, buildings and
equipment, net 97,222 98,629 98,252 92,157
Other 41,136 30,501 22,315 19,276
Total assets $716,630 $680,885 $399,717 $355,050
Total current liabilities $ 75,958 $ 74,925 $ 68,770 $ 57,952
Total non-current
liabilities 255,596 257,468 7,729 6,630
Stockholders' equity 385,076 348,492 323,218 290,468
Total liabilities and
equity $716,630 $680,885 $399,717 $355,050
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