Elantec Semiconductor Announces Second Quarter Fiscal 2002 Results.Business Editors 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 11, 2002 Elantec Semiconductor, Inc. (Nasdaq:ELNT), a leader in 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. , today reported financial results for the second quarter ended March 31, 2002. Net revenues for the second quarter were $25.4 million representing a decrease of 17% from the second quarter of fiscal 2001, and an 11% increase from the $22.9 million reported in the first quarter of 2002. Net revenues for the six months ended March 31, 2002 were $48.3 million representing a decrease of 32% from the $71.3 million reported in the same period of fiscal 2001. On March 10, 2002 the Company announced that it had agreed to be acquired by Intersil Intersil Corporation NASDAQ: ISIL produces integrated circuits and semiconductors. It is a spinoff of Harris Corporation, with headquarters in Milpitas, California, a fabrication plant at former Harris facilities in Palm Bay, Florida, and design offices in four U.S. Corporation (Nasdaq:ISIL ISIL International Society for Individual Liberty ISIL Interim Support Items List ISIL Intelligence Systems Integration Laboratory (Ft. Huachuca, Arizona; US Army facility for integrating intelligence systems) ). 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 second quarter of fiscal 2002, excluding merger-related expenses, was $3.0 million, or $0.12 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 $5.0 million, or $0.20 per diluted share reported for the second quarter of fiscal 2001 and pro forma net income for the first quarter of fiscal 2002, excluding severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when expenses associated with a restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. , of $2.4 million or $0.10 per diluted share. Pro forma net income for the six months ended March 31, 2002, excluding merger-related expenses and severance expenses associated with a restructuring of manufacturing operations, was $5.4 million, or $0.21 per diluted share. This compares to net income of $14.7 million or $0.57 per diluted share reported in the same period of fiscal 2001. Including merger-related expenses and severance expenses, net income was $0.9 million or $0.04 per diluted share for the quarter ended March 31, 2002 and $3.0 million or $0.12 per diluted share for the six months ended March 31, 2002. Cash, cash equivalents and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments at March 31, 2002 were $192.9 million, an increase of $4.7 million over December December: see month. 31, 2001. 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 stated, "Elantec grew its revenues and pro form earnings for the third consecutive quarter. This quarter we saw continued strong growth, particularly in our optical storage business. The market for our products for CD-R/W and DVD recordable DVD recordable and DVD rewritable refer to DVD optical disc formats that can be recorded (written, "burned"), either or rewritable (write multiple times) format written by laser, as compared to DVD-ROM, which is mass-produced by pressing. drives is booming." In looking to Elantec's third fiscal quarter 2002, Mr. Beyer commented, "We expect sequential One after the other in some consecutive order such as by name or number. revenue growth in the 6 to 8% range for the June June: see month. quarter. We expect pro forma net income per diluted share to be in the $0.13 to $0.14 range." Mr. Beyer continued, "As mentioned, on March 10, 2002, Intersil Corporation announced its intent to acquire Elantec Semiconductor. The approvals process is well underway, and it is currently anticipated that, pending the approval of both companies' shareholders, the transaction could be closed in mid-May n. 1. the middle part of May. Noun 1. mid-May - the middle part of May period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" ." Web Broadcast and Instant Replay Elantec will broadcast its first quarter earnings conference call today at 1:30 p.m. Pacific Time. 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 800/405-2236 and entering pass code 458661. 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 and the closing of the merger with Intersil, 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, 10-K and the Joint Proxy See proxy server. (networking) proxy - A process that accepts requests for some service and passes them on to the real server. A proxy may run on dedicated hardware or may be purely software. Statement/Prospectus relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Intersil merger. 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 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 . Where You Can Find Additional Information In connection with their proposed merger, Intersil and Elantec have filed a joint proxy statement/prospectus with the SEC. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS BECAUSE IT CONTAINS IMPORTANT INFORMATION. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus and other documents filed by Intersil and Elantec at the SEC's Web site at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . The joint proxy statement/prospectus and such other documents may also be obtained for free from Elantec or from Intersil by directing such request to Elantec Semiconductor, Inc., Attention: Corporate Secretary, 675 Trade Zone Boulevard boulevard Broad landscaped avenue that typically permits several lanes of vehicular traffic as well as pedestrian walkways. The earliest boulevards originally followed the city walls (the word originally meant “bulwark”) and were built in the ancient Middle , Milpitas, California Milpitas (IPA pronunciation: mɪlpitʌs; inhabitants are called 'Milpitans') is a city in Santa Clara County, California. It is located with San Jose to its south and Fremont to its north, at the eastern end of Highway 237 and generally between Interstate freeways 680 and 95035, telephone: 408/945-1323 ext. 507 or to Intersil Corporation, General Counsel, 7585 Irvine Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. Center Drive, Suite 100, Irvine, CA 92618, telephone: 949/341-7062.
Elantec Semiconductor, Inc.
CONDENSED Consolidated Financial Statements
(Unaudited; in thousands, except per share data)
CONDENSED CONSOLIDATED STATEMENT OF INCOME - PRO FORMA
Three Six
Months Ended Months Ended
------------------------------------------------
Mar. 31 Dec. 31 Mar. 31 Mar. 31 Mar. 31
2002(1) 2001(1) 2001 2002(1) 2001
-------- ------- -------- ------- -------
Net revenues $25,360 $22,943 $30,553 $48,303 $71,265
Cost of revenues 11,925 10,940 14,026 22,865 30,228
-------- ------- -------- ------- -------
Gross profit 13,435 12,003 16,527 25,438 41,037
Operating expenses:
Research and
development 5,076 4,988 6,178 10,064 11,785
Marketing, sales,
general and
administrative 4,962 4,545 4,970 9,507 11,342
-------- ------- -------- ------- -------
Total operating
expenses 10,038 9,533 11,148 19,571 23,127
-------- ------- -------- ------- -------
Income from
operations 3,397 2,470 5,379 5,867 17,910
Interest and other
income, net 884 1,016 2,278 1,900 4,739
-------- ------- -------- ------- -------
Income before taxes 4,281 3,486 7,657 7,767 22,649
Provision for taxes
on income 1,284 1,046 2,680 2,330 7,927
-------- ------- -------- ------- -------
Net income $ 2,997 $ 2,440 $ 4,977 $ 5,437 $14,722
======== ======= ======== ======= =======
Earnings per share:
Basic $ 0.13 $ 0.11 $ 0.22 $ 0.24 $ 0.66
Diluted $ 0.12 $ 0.10 $ 0.20 $ 0.21 $ 0.57
Shares used in computing
per share amounts:
Basic 23,090 22,790 22,294 22,940 22,160
Diluted 25,636 25,420 25,403 25,528 25,719
CONDENSED CONSOLIDATED STATEMENT OF INCOME
Three Six
Months Ended Months Ended
------------------------------------------------
Mar. 31 Dec. 31 Mar. 31 Mar. 31 Mar. 31
2002 2001 2001 2002 2001
-------- ------- -------- ------- -------
Net revenues $25,360 $22,943 $30,553 $48,303 $71,265
Cost of revenues 11,925 10,940 14,026 22,865 30,228
-------- ------- -------- ------- -------
Gross profit 13,435 12,003 16,527 25,438 41,037
Operating expenses:
Research and
development 5,076 4,988 6,178 10,064 11,785
Marketing, sales,
general and
administrative 4,962 4,545 4,970 9,507 11,342
Merger related
expenses 2,423 -- -- 2,423 --
Restructuring
expenses -- 550 -- 550 --
-------- ------- -------- ------- -------
Total operating
expenses 12,461 10,083 11,148 22,544 23,127
-------- ------- -------- ------- -------
Income from
operations 974 1,920 5,379 2,894 17,910
Interest and other
income, net 884 1,016 2,278 1,900 4,739
-------- ------- -------- ------- -------
Income before taxes 1,858 2,936 7,657 4,794 22,649
Provision for taxes
on income 928 881 2,680 1,809 7,927
-------- ------- -------- ------- -------
Net income $ 930 $ 2,055 $ 4,977 $ 2,985 $14,722
======== ======= ======= ======= =======
Earnings per share:
Basic $ 0.04 $ 0.09 $ 0.22 $ 0.13 $ 0.66
Diluted $ 0.04 $ 0.08 $ 0.20 $ 0.12 $ 0.57
Shares used in
computing per share
amounts:
Basic 23,090 22,790 22,294 22,940 22,160
Diluted 25,636 25,420 25,403 25,528 25,719
(1) Excludes merger-related expenses and restructuring charges
relating to reduction of workforce.
Elantec Semiconductor, Inc.
CONDENSED Consolidated Financial Statements
(In thousands, except per share data)
CONDENSED CONSOLIDATED BALANCE SHEET Mar. 31 Sept. 30
2002(1) 2001(2)
-------- --------
Assets:
Current assets:
Cash, cash equivalents and
short-term investments $192,869 $184,065
Accounts receivable 9,641 7,258
Inventories 12,734 13,327
Deferred income taxes 3,190 3,130
Prepaid expenses and other
current assets 4,065 3,868
-------- --------
Total current assets 222,499 211,648
Property and equipment, net 10,757 12,600
Other assets, net 1,833 1,270
Noncurrent deferred income taxes 12,604 14,541
-------- --------
Total assets $247,693 $240,059
======== ========
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable and accrued
liabilities $ 15,604 $ 14,798
Deferred revenue 2,258 2,765
Current portion of capital lease
obligations 677 917
-------- --------
Total current liabilities 18,539 18,480
Long-term capital lease obligations 168 459
Other long-term liabilities 1,710 1,738
Stockholders' equity 227,276 219,382
-------- --------
Total liabilities and stockholders'
equity $247,693 $240,059
======== ========
(1) Unaudited
(2) Derived from the Company's audited consolidated financial
statements as of September 30, 2001.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion