Semtech Corp. (NASDAQ:SMTC): announced financial results for its first quarter of fiscal year 2007 that ended April 30, 2006. Net sales for the first quarter of fiscal year 2007 were $65.9 million, up 17 percent from $56.2 million in the first quarter of fiscal year 2006 and up 2 percent sequentially when compared to the fourth quarter of fiscal year 2006. Net income for the first quarter of fiscal year 2007 was $12.0 million or 16 cents per diluted share. GAAP net income was $10.8 million or 14 cents per diluted share in the first quarter of fiscal year 2006. The company repurchased 790,700 shares of its common stock in the first quarter of fiscal year 2007, representing a 1 percent reduction in shares outstanding. Operating cash flow was a positive $16.4 million in the first quarter.
The company also announced that its Board of Directors has authorized an additional $50 million for the Company's current stock buyback program. The program authorizes the repurchase of common stock from time to time through negotiated or open market transactions. To date, the Company has purchased almost $100 million worth of common stock under this program that was established in February 2004.
Mohan Maheswaran, Semtech's President and Chief Executive Officer, commented, "The first quarter played out as expected, with the Company achieving sales and order growth, above forecast margin expansion and strong cash flow. We expect a similar performance in the second quarter."
