Elantec Semiconductor Inc. Announces Second Quarter 1998 Financial Results.MILPITAS, Calif.--(BUSINESS WIRE)--April 16, 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 second quarter ended March 31, 1998. Net revenues for the second quarter were $11.7 million representing an increase of 37% from the $8.5 million reported for the second quarter of fiscal 1997 and a 4% increase from the $11.2 million reported in the first quarter of fiscal 1998. Net income for the second quarter was $1.4 million, or $0.15 basic earnings per share and $0.14 diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of . This compares to a net income of $0.1 million, or $0.01 basic and diluted earnings per share reported for the second quarter of fiscal 1997, and compares to a net income of $1.1 million, or $0.13 basic earnings per share and $0.12 diluted earnings per share, reported for the first quarter of fiscal 1998. Financial Accounting Standards No. 128 "Earnings Per Share" (FAS 128) required the Company to change the method used to compute To perform mathematical operations or general computer processing. For an explanation of "The 3 C's," or how the computer processes data, see computer. earnings per share and to restate re·state tr.v. re·stat·ed, re·stat·ing, re·states To state again or in a new form. See Synonyms at repeat. re·state all prior periods. Under the new requirements for calculating basic earnings per share, the dilutive effect Dilutive effect Result of a transaction that decreases earnings per common share (EPS). of stock options is excluded. However, diluted earnings per share is analogous analogous /anal·o·gous/ (ah-nal´ah-gus) resembling or similar in some respects, as in function or appearance, but not in origin or development. a·nal·o·gous adj. to the methodology the Company used in past earnings per share reporting. The second quarter 1998 reported diluted earnings per share of $0.14 is comparable to the $0.12 per share reported for the first quarter of 1998, and the $0.01 per share reported for the similar quarter last year. David O'Brien
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, instrumentation 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, 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 Security and Exchange Commission. The Company's actual future results could differ materially from those discussed here. -0-
Elantec Semiconductor Inc.
Condensed Consolidated Financial Statements
(in thousands, except per share data)
CONDENSED CONSOLIDATED STATEMENT OF INCOME
Three Six
Months Ended Months Ended
March 31 Dec. 31 March 31 March 31 March 31
1998(a) 1997(a) 1997(b) 1998(a) 1997(b)
Net revenues $11,660 $11,234 $ 8,494 $22,894 $16,495
Cost of revenues 5,999 5,858 4,703 11,857 9,513
Gross profits 5,661 5,376 3,791 11,037 6,982
Operating expenses:
Research and
development 1,770 1,642 1,653 3,413 2,936
Marketing, sales,
general and
administrative 2,548 2,587 2,177 5,134 4,284
Total operating
expenses 4,318 4,229 3,830 8,547 7,220
Income (loss) from
operations 1,343 1,147 (39) 2,490 (238)
Interest and other
income, net 122 116 116 238 203
Income (loss) before
taxes 1,465 1,263 77 2,728 (35)
Provision (benefit)
for taxes on income 92 126 10 218 (4)
Net income (loss) $ 1,373 $ 1,137 $ 67 $ 2,510 $ (31)
Earnings per share:
Basic $0.15 $0.13 $0.01 $0.28 $0.00
Diluted $0.14 $0.12 $0.01 $0.26 $0.00
Shares used in
computing per
share amounts:
Basic 9,124 9,062 8,804 9,093 8,782
Diluted 9,805 9,623 9,281 9,714 8,782
CONDENSED CONSOLIDATED BALANCE SHEET March 31 Sept. 30
1998(a) 1997(b)
Assets:
Current assets:
Cash, cash equivalents and short-term
investments $13,650 $15,928
Trade receivables 6,352 3,315
Inventories 7,440 7,369
Prepaid expenses and other current assets 722 627
Total current assets 28,164 27,239
Property and equipment, net 15,439 9,230
Other assets 701 622
Total assets $44,304 $37,091
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable and accrued liabilities $ 7,752 $ 5,367
Deferred income 3,111 2,094
Current portion of long-term debt and capital
lease 2,850 1,491
Total current liabilities 13,713 8,952
Long-term debt and capital lease 3,118 3,336
Stockholders' equity 27,473 24,803
Total liabilities and stockholders' equity $44,304 $37,091
(a) Unaudited
(b) The information in this column was derived from the Company's
audited consolidated financial statements at Sept. 30, 1997.
CONTACT: Elantec Semiconductor Inc., Milpitas David O'Brien or Ephraim Kwok, 408/945-1323 |
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