Semtech Announces Second-Quarter 2003 Results
Semtech Corp. (Camarillo, CA), a leading producer of high-performance analog and mixed-signal semiconductors, announced results for its fiscal-year 2004 second quarter that ended July 27, 2003. Net sales for the second quarter of fiscal-year 2004 were $44.6 million, an increase of 1% compared to the net sales of $44 million for the first quarter of fiscal-year 2004.
Earnings per diluted share under generally accepted accounting principles were $0.03 on net income of $2.4 million. Earnings for the second quarter include a pre-tax charge of $6.8 million, or a net-of-tax $0.07 per diluted share impact, related to the company's calling of its convertible subordinated notes.
Gross margin was 57.3% in the second quarter of fiscal-year 2004, up from 56.5% in the first quarter. Operating income was up 9% over the previous quarter. The growth in operating income, which exceeded forecast, was driven by sales of higher margin products. Sales for the first six months of fiscal-year 2004 were $88.6 million and net income was $10.7 million, or $0.14 per diluted share. For the first six months of fiscal-year 2003, net sales were $101.3 million and net income was $21.1 million, or $0.27 per diluted share.
New orders in the second quarter of fiscal-year 2004 were up 7% over the prior quarter, resulting in a book-to-bill ratio that was above one. New orders were particularly strong out of the industrial and communications end markets. Demand from the notebook segment of the computer market remained strong.