Printer Friendly

ANALOG DEVICES' SALES UP 14 PERCENT; NET INCOME RISES 160 PERCENT

 NORWOOD, Mass., May 19 /PRNewswire/ -- Analog Devices (NYSE: ADI) today announced sales of $162.9 million for the second fiscal quarter ended May 1, 1993, up 14 percent from the second quarter a year ago and 8 percent above the immediately prior quarter. Net income rose to $10.2 million, or $0.20 per share, a 160 percent increase compared to $3.9 million, or $0.08 per share, for the year-earlier period and 25 percent above the first quarter's net income of $8.1 million or $0.16 per share.
 Bookings totaled $175 million, 19 percent above last year's second quarter and 9 percent above those for the immediately prior quarter.
 "While second quarter bookings typically are seasonally strong, business during this year's second quarter was unusually robust," said Ray Stata, chairman of the board and CEO. "Orders for standard function linear ICs, or SLICs, were up 17 percent from the first quarter, aided by the many new high-performance SLIC products we have introduced over the past several quarters and by increasing penetration in the distribution sales channel, especially in North America.
 "Orders for system-level ICs also continued strong during the second quarter," continued Stata. "They were up over 11 percent sequentially and more than 75 percent compared to the same period a year ago. Growth in these products continues to be fueled by production ramp-ups in major computer and communications applications where we are well positioned. Bookings for assembled products decreased 4 percent from the first quarter and were down 11 percent from the second quarter last year. This rate of decline is significantly below the 15-to-20 percent annual declines we suffered in previous years."
 "Our increased sales, combined with continuing improvement in our operating expense ratios, allowed us to post an operating profit of 9.0 percent of sales for the second quarter," said Jerry Fishman, president and chief operating officer. "This was the sixth consecutive quarter that we have improved our operating profit ratio. In fact, this is the highest level we have achieved for this ratio since the third quarter of fiscal 1989."
 In discussing operating expenses, Fishman said, "The ratios of both R&D and S,M,G&A expenses to sales declined from the the first to the second quarter, continuing the steady progress we have made in improving these ratios since the third quarter of fiscal 1991. Since that time, our R&D expense ratio has declined from 17.4 percent of sales to 14.2 percent. During that same period, the S,M,G&A ratio has fallen from 29.3 percent of sales to 23.8 percent. We plan to continue improving our operating expense ratio, particularly the S,M,G&A ratio, through a combination of continuing sales growth and aggressive expense control.
 "The positive feedback we are receiving from the marketplace, as demonstrated by our strong order rate during the first half of fiscal 1993, has reaffirmed our optimism that we will achieve significant revenue and profit growth over 1992. We currently anticipate that the third quarter will result in another sequential increase in revenues and profits, despite the possibility of a typical summer slowdown."
 Fishman concluded, "We believe 1993 will turn out to be a very good year for Analog Devices and its shareholders, not only in terms of sales and profit growth, but equally important, in establishing a firm foundation for 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
 Second Quarter, Fiscal 1993
 Sales/Earnings Summary
 Three Months Ended
 May 1, 1993 May 2, 1992 Jan 30, 1993
 Bookings $174,911 $146,916 $159,955
 Net Sales 162,912 142,898 151,303
 Gross Margin 76,582 67,128 72,325
 Percent of Sales 47.0 pct 47.0 pct 47.8 pct
 Operating Expenses
 R&D 23,094 22,419 21,752
 Selling, Mrktg and G&A 38,745 37,607 38,671
 Total Oper. Exp. 61,839 60,026 60,423
 Operating Income 14,743 7,102 11,902
 Interest Exp. 1,766 1,567 1,527
 Other Expense (Income) (36) 365 215
 Income Before Tax 13,013 5,170 10,160
 Provision for Taxes 2,861 1,275 2,032
 Net Income $10,152 $3,895 $8,128
 Shares used for EPS 50,498 47,574 49,637
 Earnings per Share $0.20 $0.08 $0.16
 Six Months Ended
 May 1,1993 May 2,1992
 Bookings $334,866 $280,091
 Net Sales 314,215 274,204
 Gross Margin 148,907 125,578
 Percent of Sales 47.4 pct 45.8 pct
 Operating Expenses
 R&D 44,846 44,644
 Selling, Mrktg and G&A 77,416 73,427
 Total Oper. Exp. 122,262 118,071
 Operating Income 26,645 7,507
 Interest Expense 3,293 2,928
 Other Expense 179 681
 Income Before Tax 23,173 3,898
 Provision for Taxes 4,893 975
 Net Income $18,280 $2,923
 Shares used for EPS 50,096 47,227
 Earnings per Share $0.36 $0.06
 Selected Balance Sheet Information
 May 1, 1993 May 2, 1992 Jan 30, 1993
 Cash & Cash Equiv. $54,938 $11,184 $22,405
 Accts Receivable, Net 124,672 95,500 117,074
 Inventories 151,205 124,265 148,397
 Other Current Assets 24,698 22,392 26,153
 Total Current Assets 355,513 253,341 314,029
 PP&E, Net 242,168 232,579 238,792
 Intangible Assets 22,341 24,433 22,864
 Other 5,218 3,682 4,279
 Total Assets $625,240 $514,035 $579,964
 Total Current Liabil. $108,401 $81,769 $98,147
 Long-term Debt 100,000 58,315 80,000
 Non-Curr. Lease Oblig. 468 791 551
 Other Non-Curr. Liab. 18,182 14,705 16,761
 Stockholders' Equity 398,189 358,455 384,505
 Total Liab. & Equity $625,240 $514,035 $579,964
 Depreciation and Capital Expenditures
 Three Months Ended
 May 1, 1993 May 2, 1992 Jan 30, 1993
 Deprec. and Amort. $14,870 $13,499 $14,240
 Capital Expenditures $16,020 $15,601 $15,438
 Six Months Ended
 May 1, 1993 May 2, 1992
 Deprec. and Amort. $29,110 $26,808
 Capital Expenditures $31,458 $34,590
 /NOTE: All amounts in thousands except gross margin percent and earnings per share./
 -0- 5/19/93
 /CONTACT: James O. Fishbeck, director of Corporate Communications, Analog Devices, 617-461-3282/
 (ADI)


CO: Analog Devices ST: Massachusetts IN: CPR SU: ERN

DJ -- NE007 -- 0217 05/19/93 10:50 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 19, 1993
Words:1118
Previous Article:GENETICS INSTITUTE AND YAMANOUCHI FORM EUROPEAN PARTNERSHIP
Next Article:ANNOUNCEMENT OF THE INTERIM RESULTS FOR THE HALF YEAR TO APRIL 10, 1993; BASS STAYS ON COURSE
Topics:


Related Articles
ANALOG DEVICES POSTS 1991 REVENUES OF $538 MILLION, EARNINGS OF $8.2 MILLION
ANALOG DEVICES POSTS 1991 REVENUES OF $538 MILLION, EARNINGS OF $8.2 MILLION
ANALOG DEVICES POSTS IMPROVED RESULTS FOR SECOND QUARTER OF FISCAL 1992
/REPEATING FROM FEB. 17 FOR POINTS NEEDED/
ANALOG DEVICES' THIRD QUARTER EARNINGS UP 62% ON 14% SALES INCREASE
ANALOG DEVICES' EARNINGS RISE 68% ON 16% SALES GAIN; THREE-FOR-TWO-STOCK SPLIT DECLARED
ANALOG DEVICES' THIRD QUARTER EPS RISE 60% ON 25% SALES INCREASE
ANALOG DEVICES' EARNINGS RISE 60% ON 22% SALES GAIN; THREE-FOR-TWO STOCK SPLIT DECLARED
Analog Devices' Second-Quarter Revenues Increase 71%; EPS Rise 191% To $0.32.
Analog Devices' Fourth-Quarter Revenues Increase 87% to $806 Million; Pro Forma EPS Rise 170% to $0.54.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters