Elantec Semiconductor Announces Second Quarter 2001 Financial Results.Business Editors/High Tech Writers 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)--April 12, 2001 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 second quarter ended March 31, 2001. Net revenues for the second fiscal quarter were $30.6 million representing an increase of 53% from the $20.0 million reported for the second fiscal quarter of 2000 and a 25% decrease from the $40.7 million reported in the first fiscal quarter of 2001. Net revenues for the six months ended March 31, 2001 were $71.3 million representing an increase of 99% from the $35.7 million reported in the same period of fiscal 2000. Net income for the second fiscal quarter of 2001 was $5.0 million, or $0.20 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. This compares to net income of $3.4 million, or $0.14 per diluted share reported for the second fiscal quarter of 2000 and net income of $9.7 million or $0.37 per diluted share for the first fiscal quarter of 2001. Net income was $14.7 million or $0.57 per diluted share for the six months ended March 31, 2001, compared to a net income of $6.1 million or $0.27 per diluted share reported in the same period of fiscal 2000. "The slowing demand in several of Elantec's end markets, as well as industry-wide inventory issues, had a significant impact on our business in our second quarter," said Rich Beyer
Beyer is mostly a German family name. Most inventions and institutions listed here with the name Beyer were named after an inventor or founder or supporter with the name Beyer. , President and Chief Executive Officer. "The drop in sales and income relative to our December December: see month. quarter was in line with the industry downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. . We believe we are continuing to execute on the critical activities to enable the Company to regain its sales and profit growth when economic conditions improve and our target markets resume growth." In looking to Elantec's third quarter, Mr. Beyer commented, "We expect the negative impacts from lower demand and from inventory build-ups to continue to affect us in our third quarter. As a result, we expect revenues to decline sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 20% from second quarter levels. We are continuing to take comprehensive cost reduction actions and anticipate further reductions in 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. from second quarter levels. Consequently, we expect net income per diluted share to be in the $0.10 to $0.12 range." "While visibility beyond the June June: see month. quarter is very poor, we do expect a return to sequential One after the other in some consecutive order such as by name or number. revenue and profit growth in the September September: see month. quarter. And the number of new product introductions and new design wins experienced in our second quarter give us confidence that Elantec remains well positioned for fiscal year 2002 and beyond." Web Broadcast and Instant Replay Elantec will broadcast its second quarter earnings conference call today at 1:30 p.m. PST PST Paroxysmal supraventricular tachycardia, see there . This event is available through the Company's website located at http://www.elantec.com. For those unable to attend the live broadcast, a 5-day broadcast replay will be available shortly after the event. Elantec is also making available a 5-day telephone replay of the conference call which can be accessed by dialing 1-800-405-2236 and entering pass code number 316901. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain matters discussed in this press release, such as revenue and earnings expectations, 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, business and economic conditions in various geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. regions, change in customer order patterns, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. involving intellectual property and other issues, and other risk factors discussed from time to time in the Company's reports filed with the Securities and Exchange Commission, including but not limited to the Company's most recent Forms 10-Q and 10-K. The Company's actual future results could differ materially from those discussed here. About Elantec Semiconductor 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, optical storage, communication, and power management 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 .
Elantec Semiconductor, Inc.
CONDENSED Consolidated Financial Statements
(In thousands, except per share data)
CONDENSED CONSOLIDATED STATEMENT OF INCOME
Three Six
Months Ended Months Ended
Mar. 31 Dec. 31 Mar. 31 Mar. 31 Mar. 31
2001(1) 2000(1) 2000(1) 2001(1) 2000(1)
------- ------- ------- ------- -------
Net revenues $30,553 $40,712 $20,020 $71,265 $35,732
Cost of
revenues 14,026 16,202 7,694 30,228 13,835
------- ------- ------- ------- -------
Gross profit 16,527 24,510 12,326 41,037 21,897
Operating
expenses:
Research and
development 6,178 5,607 3,347 11,785 5,754
Marketing,
sales, general
and
administrative 4,970 6,372 3,748 11,342 6,803
------- ------- ------- ------- -------
Total operating
expenses 11,148 11,979 7,095 23,127 12,557
------- ------- ------- ------- -------
Income from
operations 5,379 12,531 5,231 17,910 9,340
Interest and
other income,
net 2,278 2,461 233 4,739 363
------- ------- ------- ------- -------
Income before
taxes 7,657 14,992 5,464 22,649 9,703
Provision for
taxes on income 2,680 5,247 2,111 7,927 3,590
------- ------- ------- ------- -------
Net income $ 4,977 $ 9,745 $ 3,353 $14,722 $ 6,113
======= ======= ======= ======= =======
Earnings
per share:
Basic $ 0.22 $ 0.44 $ 0.18 $ 0.66 $ 0.32
Diluted $ 0.20 $ 0.37 $ 0.14 $ 0.57 $ 0.27
Shares used in
computing per
share amounts:
Basic 22,294 22,027 19,144 22,160 19,004
Diluted 25,403 26,036 23,386 25,719 22,874
CONDENSED CONSOLIDATED BALANCE SHEET Mar. 31 Sept. 30
2001(1) 2000(2)
------------ -----------
Assets:
Current assets:
Cash, cash equivalents and
short-term investments $174,536 $ 160,554
Accounts receivable 14,226 20,301
Inventories 16,015 9,552
Deferred income taxes 4,000 4,038
Prepaid expenses and other current assets 1,689 7,056
------------ -----------
Total current assets 210,466 201,501
Property and equipment, net 29,179 21,435
Other assets, net 790 820
Noncurrent deferred income taxes 5,170 5,170
------------ -----------
Total assets $245,605 $ 228,926
============ ===========
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable and accrued liabilities $ 23,653 $ 19,605
Deferred revenue 3,579 3,977
Current portion of capital lease obligations 1,315 1,355
------------ -----------
Total current liabilities 28,547 24,937
Long-term capital lease obligations 880 1,572
Other long-term liabilities 1,759 1,767
Stockholders' equity 214,419 200,650
------------ -----------
Total liabilities and stockholders' equity $245,605 $ 228,926
============ ===========
(1) Unaudited
(2) Derived from the Company's audited consolidated financial
statements as of September 30, 2000.
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