Elantec Semiconductor Inc. announces financial results for fourth quarter and year.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, 1995--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 year ending Sept. 30, 1995. Net revenues for the fourth quarter of 1995 totaled $7.9 million, an increase of 32 percent from the $6.0 million reported in the previous year's fiscal fourth quarter and an increase of 6 percent from $7.5 million in the immediately preceding quarter. Net income rose to $897,000, an increase of 169 percent from the $333,000 reported during the fourth quarter of fiscal 1994, and an increase of 7 percent from the $837,000 reported in the immediately preceding quarter. Earnings per share were $0.11, an increase of 175 percent from $0.04 in the fourth quarter of fiscal 1994 and equal to $0.11 reported for the third quarter of 1995. For fiscal 1995 Elantec reported net revenues of $26.9 million, an increase of 17 percent over the $22.9 million reported for fiscal 1994. Net income for fiscal 1995 was $2.7 million, an increase of 141 percent over the $1.1 million reported in fiscal 1994. Earnings per share for fiscal 1995 were $0.35, an increase of 133 percent over the earnings per share of $0.15 reported in fiscal 1994. On Oct. 11, 1995, Elantec completed its initial public offering of 2,100,000 shares of common stock at a price of $7 per share. Of the total number of shares, 1,400,000 shares were sold by the company and 700,000 by existing stockholders. In addition, the underwriters exercised their over-allotment option to purchase an additional 315,000 shares from the selling stockholders. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the company from the offering were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $8.3 million. Elantec's business and results of operations are subject to a variety of risks. The risk factors are set forth in detail in the company's prospectus A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security. dated Oct. 11, 1995. 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 Income
Three Twelve
Months Ended Months Ended
Sept. 30 Jun. 30 Sept. 30 Sept. 30 Sept. 30
1995(1) 1995(1) 1994(1) 1995(1) 1994(2)
Net revenues $7,892 $7,471 $5,983 $26,884 $22,937 Cost of revenues 3,908 3,567 3,122 12,956 12,118 Gross profit 3,984 3,904 2,861 13,928 10,819 Operating expenses: Research and development 1,245 1,272 1,075 4,806 3,928 Marketing, sales, general and administrative 1,793 1,740 1,207 6,235 5,032 Total operating expenses 3,038 3,012 2,282 11,041 8,960 Income from operations 946 892 579 2,887 1,859 Interest and other income (expense), net 24 15 (128) 64 (291) Income before taxes 970 907 451 2,951 1,568 Provision for taxes on income 73 70 118 238 443 Net income $ 897 $ 837 $333 $ 2,713 $ 1,125 Net income per share $ 0.11 $ 0.11 $ 0.04 $ 0.35 $ 0.15 Shares used in computing per share amounts 7,927 7,854 7,844 7,848 7,736
Condensed Consolidated Balance Sheets
Assets: Sept. 30 Sept. 30 Current assets: 1995(1) 1994(2) Cash, cash equivalents and short-term investments $ 6,009 $ 5,717 Trade receivables 4,125 2,154 Inventories 4,590 3,825 Prepaid expenses and other current assets 585 406 Total current assets 15,309 12,102 Property and equipment, net 4,721 2,461 Other assets 880 356 Total assets $20,910 $14,919 Liabilities and stockholders' equity: Current liabilities: Accounts payable and accrued liabilities $ 4,118 $ 2,461 Deferred income 3,416 3,209 Current portion of long-term and capital lease obligations 921 414 Total current liabilities 8,455 6,084 Long-term debt and capital lease obligations 1,313 517 Stockholders' equity 11,142 8,318 Total liabilities and stockholders' equity $20,910 $14,919
(1) Unaudited
(2) These amounts were derived from the company's audited
consolidated financial statements for fiscal year ended 1994.
CONTACT: Elantec Semiconductor, Milpitas David O'Brien
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