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 NORWOOD, Mass., Aug. 18 /PRNewswire/ -- Analog Devices (NYSE: ADI) today announced sales of $173.1 million for the third fiscal quarter ended July 31, 1993, up 20 percent from the third quarter a year ago and 6 percent above the immediately prior quarter. Net income rose to $12.2 million, or $0.24 per share, a 145 percent increase compared to $5.0 million, or $0.10 per share, for the year-earlier period, and 20 percent above the second quarter's net income of $10.2 million or $0.20 per share.
 Bookings totaled $180 million, 21 percent above last year's third quarter and 3 percent above those for the immediately prior quarter.
 "Results for the third quarter of fiscal 1993 continued the progress we have been making over the past several quarters," said Ray Stata, chairman of the board and CEO. "Bookings and sales both rose sequentially for the sixth consecutive quarter, once again setting new all-time highs. And our operating profit and net income ratios both improved for the seventh consecutive quarter.
 "Third quarter orders for IC products, which accounted for 87 percent of total third quarter bookings, grew 24 percent compared to the third quarter last year," he continued. "We were also pleased with the $5 million sequential increase in bookings, given the normal tendency for a summer slowdown and this year's unusually robust second quarter.
 "Bookings for system-level ICs rose 52 percent compared to the third quarter last year, led by orders for ICs used in signal computing applications and high-performance hard disk drives. Bookings for standard-function linear ICs were 14 percent above those for the like period last year, as we continued to increase market penetration in the industrial distribution channel. Orders for our older assembled products were down modestly from the same quarter a year ago, in line with our expectations.
 "New product performance was also strong in the third quarter," said Stata. "Bookings for products introduced within the previous five quarters reached an all-time high of 19 percent of the quarter's total bookings. By the same measure, bookings for products introduced within the previous five years reached 45 percent, which is also an all-time high. Notable among the new products announced during the third quarter were our AD1890/91 sample rate converters for digital audio applications. These devices, which were recently featured as a cover story in "Electronic Design" magazine, provide a highly efficient, cost effective solution for combining digitized audio signals that were originally digitized using different sample rates. This capability will be required in many emerging digital audio and multimedia applications."
 Stata concluded by noting that during the third quarter Cardinal Technologies, Inc. began shipping its software-upgradeable Digital Sound Pro 16 add-in sound board for IBM-compatible PCs. This product uses an Analog Devices digital signal processing chipset. It is compatible with all major sound standards, including Business Audio and SoundBlaster, but retails for substantially less than sound boards with far less capability.
 President Jerald Fishman said, "We are particularly pleased that operating profit before tax doubled compared to the third quarter last year and was up 17 percent from the immediately preceding quarter.
 "Overall market demand for integrated circuits has remained strong right through the normally slow summer months, signaling that 1993 is going to be a good year for the semiconductor industry," continued Fishman. "We continue to share in this demand, both in our broad-based, distributor-oriented, standard-function IC business, and in our system- level IC business, which is serving high-growth markets such as hard disk drives, signal computing applications for PCs and GSM digital cellular phones. We believe that our third quarter bookings strength, which aided us in ending the quarter with a strong backlog, has placed us in a favorable position to generate sequentially improved quarterly sales and earnings again in the fourth quarter and help prepare us for an exciting and successful fiscal 1994."
 With fiscal 1992 revenues of $567 million, Analog Devices is a leading manufacturer of precision high-performance integrated circuits used in analog and digital signal processing applications. The company employs approximately 5,300 people worldwide and has manufacturing facilities in Massachusetts, California, North Carolina, Ireland, Japan, the Philippines and Taiwan.
 Analog Devices Supplemental Information
 Third Quarter, Fiscal 1993
 Sales/Earnings Summary
 Three Months Ended
 July 31, 1993 Aug. 1, 1992 May 1, 1993
 Bookings $179,980 $148,385 $174,911
 Net Sales 173,104 144,292 162,912
 Gross Margin 81,726 68,683 76,582
 Percent of Sales 47.2 pct. 47.6 pct. 47.0 pct.
 Operating Expenses
 R&D 24,307 21,703 23,094
 Selling, Mrktg. and G&A 40,184 38,661 38,745
 Total Oper. Exp. 64,491 60,364 61,839
 Operating Income 17,235 8,319 14,743
 Interest Exp. 2,005 1,517 1,766
 Other Expense (Income) (31) 181 (36)
 Income Before Tax 15,261 6,621 13,013
 Provision for Taxes 3,099 1,655 2,861
 Net Income $12,162 $4,966 $10,152
 Shares used for EPS 50,847 47,904 50,498
 Earnings per Share $0.24 $0.10 $0.20
 Nine Months Ended
 July 31,1993 Aug. 1,1992
 Bookings $514,846 $428,476
 Net Sales 487,319 418,496
 Gross Margin 230,633 194,261
 Percent of Sales 47.3 pct. 46.4 pct.
 Operating Expenses
 R&D 69,153 66,347
 Selling, Mrktg and G&A 117,600 112,088
 Total Oper. Exp. 186,753 178,435
 Operating Income 43,880 15,826
 Interest Expense 5,298 4,445
 Other Expense 148 862
 Income Before Tax 38,434 10,519
 Provision for Taxes 7,992 2,630
 Net Income $30,442 $7,889
 Shares used for EPS 50,328 47,825
 Earnings per Share $0.60 $0.16
 Selected Balance Sheet Information
 July 31, 1993 Aug. 1, 1992 May 1, 1993
 Cash & Cash Equiv. $61,231 $14,036 $54,938
 Accts Receivable, Net 126,229 108,602 124,672
 Inventories 152,416 129,425 151,205
 Other Current Assets 23,628 21,186 24,698
 Total Current Assets 363,504 273,249 355,513
 PP&E, Net 246,113 233,393 242,168
 Intangible Assets 21,819 23,911 22,341
 Other 5,286 4,799 5,218
 Total Assets $636,722 $535,352 $625,240
 Total Current Liabil. $101,324 $86,682 $108,401
 Long-term Debt 100,000 65,120 100,000
 Non-Curr. Lease Oblig. 383 712 468
 Other Non-Curr. Liab. 18,339 15,536 18,182
 Stockholders' Equity 416,676 367,302 398,189
 Total Liab. & Equity $636,722 $535,352 $625,240
 Depreciation and Capital Expenditures
 Three Months Ended
 July 31, 1993 Aug. 1, 1992 May 1, 1993
 Deprec. and Amort. $14,829 $13,985 $14,870
 Capital Expenditures $17,549 $13,403 $16,020
 Nine Months Ended
 July 31, 1993 Aug. 1, 1992
 Deprec. and Amort. $43,939 $40,793
 Capital Expenditures $49,007 $47,993
 NOTE: All amounts in thousands except gross margin percent and earnings per share
 -0- 8/18/93
 /CONTACT: James O. Fishbeck, director of corporate communications, 617-461-3282/

CO: Analog Devices; Cardinal Technologies, Inc. ST: Massachusetts IN: CPR SU: ERN

CM-DJ -- NE005 -- 3856 08/18/93 10:55 EDT
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Publication:PR Newswire
Date:Aug 18, 1993

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