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Analog Devices Announces Financial Results for the First Quarter of Fiscal Year 2007

February 22, 2007 by Jeff Shepard

Analog Devices, Inc. announced financial results for the first quarter of fiscal 2007, which ended February 3, 2007. The first quarter of fiscal year 2007 was a 14-week quarter, as compared to the typical 13-week quarter, because ADI follows a 52-week (or 364-day) fiscal calendar which results in an additional week approximately every seventh year.

Total revenue for the first quarter of fiscal 2007 was $692 million, which included $657 million of product revenue and $35 million of revenue from a one-time technology license. Product revenue for the first quarter of fiscal year 2007 increased approximately 6% compared to the same period one year ago and increased approximately 2% compared to the immediately prior quarter.

Net income for the first quarter of fiscal 2007, under generally accepted accounting principles (GAAP), was $153 million, or 22% of total revenue, compared to $121 million for the same period one year ago and $138 million for the immediately prior quarter.

Diluted earnings per share (EPS) for the first quarter of fiscal 2007, on a GAAP basis, was $0.44, compared to $0.32 for the same period one year ago and $0.39 for the immediately prior quarter. Non-GAAP diluted EPS for the first quarter of fiscal 2007 was $0.40, compared to $0.37 for the same period one year ago and $0.39 for the immediately prior quarter.

Gross margin for the first quarter of fiscal 2007, on a GAAP basis, was $417 million. Non-GAAP gross margin was $387 million, or 59.0% of product revenue, for the first quarter of fiscal 2007, compared to 59.2% of product revenue in the same period one year ago and 59.4% of product revenue in the immediately prior quarter. Non-GAAP gross margin declined slightly compared to the immediately prior quarter primarily as a result of higher sales of products for consumer electronics and cellular handset applications, which carry relatively lower gross margin. Non-GAAP gross margin was also constrained by continued low utilization rates in ADI factories.