Semtech Announces First-Quarter 2003 Results
Semtech Corp. (Camarillo, CA) announced results for its fiscal year 2004 first quarter that ended April 27, 2003. Sales for the first quarter of fiscal year 2004 were $44 million and net income was $8.3 million, or $0.11 per diluted share.
Sales for the first quarter of fiscal year 2003 were $49.2 million and net income was $10 million, or $0.13 per diluted share. Gross margin was 56.5% in the first quarter of fiscal year 2004, compared to 56.2% in the prior quarter and 57.1% in the prior year first quarter. Sales for the fourth quarter of fiscal year 2003 were $44.5 million and net income was $62,000. Semtech continued to strengthen its balance sheet. Long-term debt was reduced by $59.5 million during the first quarter of fiscal year 2004. Cash and marketable securities, net of outstanding debt, increased to $248.3 million. Annualized inventory efficiencies improved to 5.2 turns of inventory per year as of the first quarter.
The company has bought back $250 million in convertible subordinated notes and common stock under its current buyback program, and has remaining $25 million authorized for additional purchases. In the first quarter of fiscal-year 2004, the company recorded a $2.8 million pre-tax gain on the repurchase of convertible subordinated notes.