General Semiconductor Reports Sales for Second Quarter 2000

July 23, 2000 by Jeff Shepard

General Semiconductor (Melville, NY) reported sales of $128.3 million for the second quarter ending on June 30, 2000. The results were a 26.3 percent increase over the $101.6 million the company posted for the same period last year.Operating income reached $22.1 million, which was up 83.6 percent, compared to $12.0 million for the same quarter in 1999. Net income soared to a record 136 percent at $12.1 million and diluted earnings per share also set a record, increasing 100 percent to $0.28 per share based on 49.9 million shares. This compares with $0.14 on 36.9 million shares in the same quarter last year.According to General, sales were up 11.6 percent from the $115.0 million reported for the first quarter of this year. Operating income increased 16.9 percent from the $18.9 million reported a year ago and net income was up 26.8 percent from $9.5 million. Earnings per share gained 21.7 percent from $0.23. The company said its average selling prices increased 1.1 percent during the quarter and orders remained strong. Capacity utilization improved to about 92 percent and the book-to-bill ratio was 1.13 to 1.