Elantec Semiconductor Inc. (Milpitas, CA) reported financial results for the second quarter ended March 31, 2002. Net revenues for the second quarter were $25.4 million, representing a decrease of 17 percent from the second quarter of fiscal 2001, and an 11-percent increase from the $22.9 million reported in the first quarter of 2002. Net revenues for the six months ended March 31, 2002, were $48.3 million, representing a decrease of 32 percent from the $71.3 million reported in the same period of fiscal 2001. Pro-forma net income for the second quarter of fiscal 2002, excluding merger-related expenses, was $3.0 million, or $0.12 per diluted share, compared to net income of $5.0 million, or $0.20 per diluted share, reported for the second quarter of fiscal 2001, and pro-forma net income for the first quarter of fiscal 2002, excluding severance expenses associated with a restructuring of manufacturing operations, of $2.4 million, or $0.10 per diluted share.
Pro-forma net income for the six months ended March 31, 2002, excluding merger-related expenses and severance expenses associated with a restructuring of manufacturing operations, was $5.4 million, or $0.21 per diluted share, compared to net income of $14.7 million, or $0.57 per diluted share, reported in the same period of fiscal 2001. Including merger-related expenses and severance expenses, net income was $0.9 million, or $0.04 per diluted share, for the quarter ended March 31, 2002, and $3.0 million, or $0.12 per diluted share, for the six months ended March 31, 2002.
