Elantec Semiconductor, Inc. Announces Fourth Quarter and Fiscal 1998 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)--Oct. 26, 1998--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 fourth quarter and fiscal year ended September September: see month. 30, 1998. Net revenues for the fourth quarter were $11.5 million representing an increase of 19% from the $9.7 million reported for the fourth quarter of fiscal 1997. Net revenues for fiscal year 1998 were a record $46.2 million representing an increase of 31% from the $35.4 million reported for fiscal 1997. Net income was $3.5 million or $0.38 per basic and 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 fourth quarter of fiscal 1998. This compared with net income of $0.5 million, or $0.05 per basic and $0.06 per diluted share, for the fourth quarter of fiscal 1997. Net income was $7.2 million or $0.79 per basic share and $0.75 per diluted share for the fiscal year ended September 30, 1998. This compared to net income of $0.6 million or $0.06 per basic and diluted share reported for fiscal 1997. Results for the current quarter included a $3.1 million favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. tax adjustment resulting primarily from the reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of substantially all the Company's valuation allowance for certain deferred tax assets at September 30, 1998. This reversal was made in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Statement of Financial Accounting Standards 109, "Accounting for Income Taxes." Excluding the fourth quarter tax adjustment, pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income for the fiscal fourth quarter was $0.5 million or $0.05 per pro forma basic and diluted share, respectively. This compared to net income of $0.5 million or $0.06 and $0.05 per basic and diluted share, respectively, for the fourth quarter of fiscal 1997. Excluding the tax adjustment, pro forma net income for fiscal 1998 was $4.1 million or $0.45 and $0.43 per pro forma basic and diluted share, respectively, compared to net income of $0.6 million or $0.06 per basic and diluted share for the prior year. The Company will hold a conference call today, October October: see month. 26, 1998 at 1:30 p.m. Pacific time to review the financial results. The conference call number is (913) 981-5509. A replay will be available for forty-eight hours by calling (719) 457-0820. 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 . Certain matters discussed in the press release with respect to the strength of the Company's sales and the overall analog market are 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. that involve risks and uncertainties. These risks and uncertainties include the timing of or delays in new product and process technology introductions by the Company or its competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. , competitive pricing pressures, fluctuations in manufacturing yield, changes in the mix or markets in which products are sold, availability and cost of raw materials and other risks discussed in the section entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Business" in the Company's 1997 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. , filed with the Securities and Exchange Commission. The Company's actual future results could differ materially from those discussed herein. -0-
Elantec Semiconductor, Inc.
CONDENSED Consolidated Financial Statements
(in thousands, except per share data)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three
Months Ended
-----------------------------------------
Sept. 30 June 30 Sept. 30
1998(1) 1998(1) 1997(2)
---------- ------------ -----------
Net revenues $ 11,501 $ 11,815 $ 9,698
Cost of revenues 6,851 6, 123 5,375
Gross profit 4,650 5,692 4,323
Operating expenses:
Research and
development 1,819 1,997 1,511
Marketing, sales,
general and
administrative 2,315 2,440 2,387
Total operating expenses 4,134 4,437 3,898
Income from operations 516 1,255 425
Interest and other income, net 9 14 144
Income before taxes 525 1,269 569
Provision (benefit)
for taxes on income (3,002) 101 71
Net income $ 3,527 $ 1,168 $ 498
Earnings per share:
Basic $ 0.38 $ 0.13 $ 0.06
Diluted $ 0.38 $ 0.12 $ 0.05
Shares used in computing
per share amounts:
Basic 9,183 9,170 8,999
Diluted 9,347 9,769 9,318
Twelve
Months Ended
------------------------
Sept. 30 Sept. 30
1998(2) 1997(2)
---------- ----------
Net revenues $ 46,210 $ 35,388
Cost of revenues 24,831 20,111
Gross profit 21,379 15,277
Operating expenses:
Research and
development 7,228 6,234
Marketing, sales,
general and
administrative 9,890 8,866
Total operating expenses 17,118 15,100
Income from operations 4,261 177
Interest and other income, net 261 470
Income before taxes 4,522 647
Provision (benefit)
for taxes on income (2,683) 81
Net income $ 7,205 $ 566
Earnings per share: $ 0.79 $ 0.06
Basic $ 0.75 $ 0.06
Diluted
Shares used in computing
Basic 9,636 9,323
Diluted
CONDENSED CONSOLIDATED BALANCE SHEETS
Sept. 30 Sept. 30
1998(2) 1997(2)
-------- ----------
Assets:
Current assets:
Cash, cash equivalents
and short-term investments $ 9,466 $ 15,928
Trade receivables 5,207 3,315
Inventories 9,059 7,369
Deferred income taxes 3,367 0
Prepaid expenses and other
current assets 600 627
Total current assets 27,699 27,239
Property and equipment, net 18,625 9,230
Other assets 657 622
Non-current deferred income
taxes 563 0
Total assets $ 47,544 $ 37,091
Liabilities and stockholders'
equity:
Current liabilities:
Accounts payable and accrued
liabilities $ 6,808 $ 5,367
Deferred income 2,626 2,094
Current portion of long-term
debt and capital
lease obligations 1,480 1,491
Total current liabilities 10,914 8,952
Long-term debt and capital lease
obligations 4,354 3,336
Stockholders' equity 32,276 24,803
Total liabilities and
stockholders' equity $47,544 $37,091
(1) Unaudited
(2) The information in this column was derived from the Company's
audited consolidated financial statements.
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