Semtech Corp. reported un-audited financial results for its first quarter of fiscal year 2009 that ended April 27, 2008. Net revenues for the first quarter of fiscal year 2009 were $74.4 million, up 23% from the first quarter of fiscal year 2008 and down 5% when compared to the fourth quarter of fiscal year 2008.
Net income for the first quarter of fiscal year 2009, computed in accordance with U.S. generally accepted accounting principles (GAAP), was $8.1 million or 13 cents per diluted share. GAAP net income was $7.9 million or 11 cents per diluted share in the first quarter of fiscal year 2008 and was $14.9 million or 23 cents per diluted share in the fourth quarter of fiscal year 2008.
During the quarter, the company incurred one-time charges totaling $2.2 million as it undertook certain activities to enhance overall execution in some of its business units. These charges represent approximately $0.03 per diluted share. Gross profit margin for the first quarter of fiscal year 2009 was 54.8% compared to 54.9% in the first quarter of fiscal year 2008 and fourth quarter of fiscal year 2008.
Non-GAAP net income for the first quarter of fiscal year 2009 was $13.4 million or 22 cents per diluted share. Non-GAAP net income was $10.6 million or 14 cents per diluted share in the first quarter of fiscal year 2008 and was $16.8 million or 26 cents per diluted share in the fourth quarter of fiscal year 2008. Non-GAAP gross profit margin for the first quarter of fiscal year 2009 was 55.3%. Non-GAAP gross profit margin for the first quarter of fiscal year 2008 was 55.4% and 55.5% in the fourth quarter of fiscal year 2008.
Non-GAAP results exclude the impact of stock based compensation, the amortization of acquisition-related intangibles, expenses and a recovery settlement associated with now settled litigation against an insurer, the gain on sale of an unused parcel of land, certain restructuring expenses, and expenses related to the company’s now completed investigation into its historical stock option practices and now completed restatement of past financial statements. Non-GAAP results also exclude the impact of ongoing stock option related matters including an inquiry by the SEC, a federal grand jury subpoena, and derivative and class action litigation.
Mohan Maheswaran, Semtech’s President and Chief Executive Officer, commented, "Semtech had a very good Q1 performance resulting in record Q1 revenues. Year over year revenue growth of 23% and non GAAP EPS growth of 57% represents solid results in a quarter that is seasonally weak for Semtech. I am very pleased with the way the company is currently executing and I believe that as our new product platforms gain traction we will continue to deliver solid operating results. "
