Elantec Semiconductor, Inc. Announces First Quarter 1997 Financial Results.MILPITAS Milpitas (mĭl'pē`təs), city (1990 pop. 50,686), Santa Clara co., W Calif., a suburb of San Jose, southeast of San Francisco; inc. 1954. Manufactures include computers and paint. , Calif.--(BUSINESS WIRE)--Jan. 23, 1997--Elantec Semiconductor, Inc. (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 :ELNT) today reported financial results for the first quarter ended December December: see month. 31, 1996. During the first fiscal quarter of 1997, Elantec generated net revenues of $8,001,000, a decrease of 7% from the $8,567,000 reported in the previous year's first quarter and a decrease of 10% from the $8,860,000 reported in the immediately preceding quarter. Elantec experienced a $97,000 net loss in its first quarter of fiscal 1997 versus net income of $1,121,000 in the first quarter of fiscal 1996 and $732,000 in the fourth quarter of 1996. The net loss per share was $0.01 for the first quarter of 1997 compared to profits of $0.12 and $0.08 per share in the first and fourth quarters of 1996, respectively. Gross margins decreased to 40% from 53% and 46% in the first and fourth quarters of 1996, respectively. Gross margins were adversely effected primarily by manufacturing variances caused by lower production volumes, and lower average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. due to a more competitive market environment. Elantec's quarterly and annual results of operations are subject to fluctuations due to a variety of risk factors including, but not limited to, business conditions and growth in markets the Company serves, ability to meet new product introduction schedules, competitive pricing pressures, seasonal customer demand, and market acceptance of new or enhanced versions of the Company's products. Risk factors are set forth in the Company's 1996 Annual Report and 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. . Elantec designs, manufactures and markets high performance analog 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. primarily for the video/multimedia, data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a , instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. and communications markets. The Company targets high growth commercial markets in which advances in digital integrated circuit integrated circuit (IC), electronic circuit built on a semiconductor substrate, usually one of single-crystal silicon. The circuit, often called a chip, is packaged in a hermetically sealed case or a nonhermetic plastic capsule, with leads extending from it for technology are driving increasing demand for high speed, high performance and low power consumption analog circuits analog circuit, electronic circuit that operates with currents and voltages that vary continuously with time and have no abrupt transitions between levels. Generally speaking, analog circuits are contrasted with digital circuits, which function as though currents or . -0-
ELANTEC SEMICONDUCTOR, INC.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except per share data)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three
Months Ended
Dec. 31 Sept. 30 Dec. 31
1996(1) 1996(1) 1995(1)
Net revenues $ 8,001 $ 8,860 $ 8,567
Cost of revenues 4,810 4,762 4,062
Gross profit 3,191 4,098 4,505
Operating expenses:
Research and development 1,283 1,672 1,544
Marketing, sales, general and
administrative 2,106 1,761 1,850
Total operating expenses 3,389 3,433 3,394
Income from operations (198) 666 1,111
Interest and other income, net 87 128 105
Income before taxes (111) 794 1,216
Provision for taxes on income (14) 62 95
Net income $ (97) $ 732 $ 1,121
Net income per share $(0.01) $0.08 $0.12
Shares used in computing per share
amounts 8,759 9,318 9,174
CONDENSED CONSOLIDATED BALANCE SHEETS
Dec. 31 Sept. 30
1996(1) 1996(2)
Assets:
Current assets:
Cash, cash equivalents and short-
term investments $ 14,107 $ 16,040
Trade receivables 4,555 4,175
Inventories 6,722 6,475
Prepaid expenses and other
current assets 706 554
Total current assets 26,090 27,244
Property and equipment, net 8,329 7,360
Other assets 636 642
Total assets $ 35,055 $ 35,246
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable and accrued
liabilities $ 4,532 $ 5,335
Deferred income 3,200 3,143
Current portion of long-term debt
and capital lease obligations 1,288 1,128
Total current liabilities 9,020 9,606
Long-term debt and capital lease
obligations 2,033 1,566
Stockholders' equity 24,002 24,074
Total liabilities and stockholders'
equity $ 35,055 $ 35,246
(1) Unaudited.
(2) These amounts were derived from the Company's audited
consolidated financial statements.
CONTACT: Elantec Semiconductor, Inc. Terrence Plette or Debbie Debbie (or Deb) is a fairly common given name, usually feminine, short for Deborah (or Debra) (which means "bee" in Hebrew) and is popular in most English-speaking countries. It reached its height of popularity in the United States in the 1970s. Ceraolo-Brown, 408/945-1323 |
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