Semtech Corp. reported un-audited financial results for its first quarter of fiscal year 2010 that ended April 26, 2009. Net revenues for the first quarter of fiscal year 2010 were $60.1 million, down 19% from the first quarter of fiscal year 2009 and down 4% compared to the fourth quarter of fiscal year 2009.
Net income for the first quarter of fiscal year 2010, computed in accordance with U.S. generally accepted accounting principles (GAAP), was $4.9 million or 8 cents per diluted share. GAAP net income was $8.1 million or 13 cents per diluted share in the first quarter of fiscal year 2009 and $6.3 million or 10 cents per diluted share in the fourth quarter of fiscal year 2009.
GAAP gross profit margin for the first quarter of fiscal year 2010 was 54.5% compared to 54.8% in the first quarter of fiscal year 2009 and 53.2% in the fourth quarter of fiscal year 2009.
Semtech had $270.5 million of cash, cash equivalents and investments as of April 26, 2009, which was up from $258.8 million at the end of the fourth quarter of fiscal year 2009.
Mohan Maheswaran, Semtech’s President and Chief Executive Officer, commented, "Despite a very difficult environment, Semtech delivered solid operating results in Q1. We expanded gross margins, lowered inventory and grew our cash balance."
