Semtech Announces Fiscal Year 2008 Q4 Results & $50 Million Stock Buyback Plan

Semtech Corp. reported un-audited financial results for its fourth quarter of fiscal year 2008 that ended January 27, 2008. Net sales for the fourth quarter of fiscal year 2008 were $78.6 million, up 35.6% from the fourth quarter of fiscal year 2007 and flat when compared to the third quarter of fiscal year 2008.

Net income for the fourth quarter of fiscal year 2008, computed in accordance with U.S. generally accepted accounting principles (GAAP), was $14.9 million or 23 cents per diluted share. GAAP net income was $4.6 million or 6 cents per diluted share in the fourth quarter of fiscal year 2007 and was $16.0 million or 24 cents per diluted share in the third quarter of fiscal year 2008.

Gross profit margin for the fourth quarter of fiscal year 2008 was 54.9% compared to 50.3% in the fourth quarter of fiscal year 2007 and 54.6% in the third quarter of fiscal year 2008.

Non-GAAP net income for the fourth quarter of fiscal year 2008 was $16.8 million or 26 cents per diluted share. Non-GAAP net income was $9.8 million or 13 cents per diluted share in the fourth quarter of fiscal year 2007 and was $19.4 million or 29 cents per diluted share in the third quarter of fiscal year 2008.

Non-GAAP gross profit margin for the fourth quarter of fiscal year 2008 was 55.5%. Non-GAAP gross profit margin for the fourth quarter of fiscal year 2007 was 51.4% and 55.0% in the third quarter of fiscal year 2008.

Semtech also announced that its Board of Directors has authorized a new $50 million stock buyback program. The new program authorizes the repurchase of common stock from time to time through negotiated or open market transactions. During fiscal year 2008, which ended on January 27, 2008, the company repurchased an aggregate 12.9 million shares under its previous repurchase program and an accelerated stock repurchase program.