Burr-Brown First Quarter Revenues Increase 48%, Earnings Increase 148%.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)--April 13, 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 ) today announced record sales of $90.6 million and record net income of $18.5 million or $0.31 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 first quarter ended April 1, 2000. This compares to revenue of $61 million and net income of $7.5 million or $0.13 per diluted share for the first quarter of 1999 and reflects a 148% increase in net income on a 48% increase in revenue. As compared to the preceding fourth quarter of 1999, revenue increased by 7.6% and net income was up 22.1%. "Bookings growth accelerated during the quarter, providing us with significantly improved visibility and a stronger 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. for the remainder of the year," said Syrus P. Madavi, Burr-Brown's chairman, president and chief executive officer. "We started the second quarter with approximately 75% of the quarter's revenue objective already in shippable backlog. This compares to 62% at the start of the first quarter. Consequently, we are much less dependent on turns business to meet our expected revenue for the second quarter and beyond. This strong demand has been broad-based broad-based Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased across all our served markets and geographic regions." Commenting on the quarter's financial performance, Madavi said, "During the first quarter we 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 150 basis points over the preceding quarter, 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 26.4% of revenue and net income exceeded 20% of revenue." Regarding the company's business outlook, Madavi noted, "All indications are that we will continue to operate in a very strong demand environment. Therefore, we are increasing our revenue growth projection for the year 2000 to a 35-40% range from our previous projection of 25-30%. "Commensurate com·men·su·rate adj. 1. Of the same size, extent, or duration as another. 2. Corresponding in size or degree; proportionate: a salary commensurate with my performance. 3. with this increase in projected revenue, we now expect earnings growth for the year to be in the 75-80% range, significantly higher than our previous forecast of 40-45%." 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 Corp., 6730 S. Tucson Blvd, Tucson, Ariz. 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:
Apr. 1, Dec. 31, Apr. 3,
2000 1999 1999
Net Revenue $ 90,554 $ 84,194 $ 61,007
Gross margin 49,794 45,042 30,779
% of revenue 55.0% 53.5% 50.5%
Research & development 13,071 12,895 10,063
Sales, marketing,
general & administrative 12,830 12,422 11,091
Total operating expenses 25,901 25,317 21,154
% of revenue 28.6% 30.1% 34.7%
Income from operations 23,893 19,725 9,625
% of revenue 26.4% 23.4% 15.8%
Other (income) expense (2,160) (1,032) (600)
Income before income taxes 26,053 20,757 10,225
Provision for income taxes 7,556 5,604 2,761
Net income $ 18,497 $ 15,153 $ 7,464
% of revenue 20.4% 18.0% 12.2%
Basic shares outstanding
for EPS 55,816 55,572 55,038(1)
(1)
Basic EPS $ 0.33 $ 0.27 $ 0.14
Diluted shares outstanding
for EPS 60,605 59,295 57,372(1)
(1)
EPS assuming dilution $ 0.31 $ 0.26 $ 0.13
(1) Reflects a 3 for 2 stock split effective December 1999
Burr-Brown Corp. and Subsidiaries
Consolidated Condensed Balance Sheets
(in thousands)
Apr 1, Dec.31, Apr 3,
2000 1999 1999
Cash, equivalents
& investments $431,119 $163,321 $121,042
Trade receivables 67,585 66,068 54,809
Inventories 53,051 49,761 50,910
Land, buildings and
equipment, net 98,629 98,252 91,847
Other 30,501 22,315 19,979
Total assets $680,885 $399,717 $338,587
Total current liabilities $ 74,925 $ 68,770 $ 55,418
Total non-current liabilities 257,468 7,729 6,914
Stockholders' equity 348,492 323,218 276,255
Total liabilities and equity $680,885 $399,717 $338,587
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