Analog Devices Reports Third-Quarter 2002 Revenues
Analog Devices Inc. (Norwood, MA) announced revenues of $445.0 million for the third quarter of fiscal 2002, which ended August 3, 2002. Revenues increased eight percent compared to the immediately prior quarter. Diluted earnings per share under generally accepted accounting principles were $0.08 for the third quarter, up from the $0.04 recorded in the second quarter.
The third-quarter results under generally accepted accounting principles include $16.6 million for amortization of intangibles and other acquisition-related expenses, and other charges of $16.0 million related to restructuring activities and the impairment to the carrying value of investments and intangible assets. Adjusting for these items, pro-forma diluted earnings per share from continuing operations were $0.15 in the third quarter, an increase of 15 percent compared to pro-forma diluted earnings per share of $0.13 recorded in the second quarter.
"Our revenues and earnings for the third quarter were in line with the guidance we communicated on May 16, 2002," said President and CEO Jerald Fishman. "Gross margin was 54 percent for the quarter, up 60 basis points from the prior quarter and 110 basis points from the year-ago quarter. In addition, we continue to benefit from operating leverage as sales increase. This quarter, operating margin improved sequentially by 120 basis points to 15.4 percent."