Analog Devices Reports First-Quarter 2003 Results

February 16, 2003 by Jeff Shepard

Analog Devices Inc. (ADI, Norwood, MA) announced revenues of $467.4 million for the first quarter of fiscal 2003, which ended February 1, 2003. Revenues increased 19 percent from the first quarter of fiscal 2002 and three percent from the immediately prior quarter. The quarter's diluted earnings per share (EPS) under generally accepted accounting principles (GAAP) were $0.16, up from $0.06 in the same period a year ago and $0.09 in the prior quarter.

During the first quarter of fiscal 2003, ADI adopted the new goodwill accounting rules (FAS142). As a result, ADI no longer has charges related to the amortization of goodwill. Expenses under GAAP for the first quarter of fiscal 2003 continue to include $2.8 million of acquisition-related expenses. Excluding these charges, first-quarter, non-GAAP diluted EPS were $0.17 and non-GAAP operating profit before tax was 16.4 percent of sales. In future quarters, ADI expects to continue to incur acquisition-related expenses of approximately $2.8 million per quarter in its GAAP financial statements. ADI is no longer including separate pro-forma financial schedules as a supplement to the financial statements.