Semtech Announces Third-Quarter 2002 Results
Semtech Corp. (Camarillo, CA) announced results for its fiscal-year 2003 third quarter that ended October 27, 2002. Sales for the third quarter of fiscal-year 2003 were $47.2 million, up eight percent from sales of $43.7 million in the third quarter of fiscal year 2002. On a sequential basis, net sales were down nine percent. Net income was $13.0 million, or $0.17 per diluted share, for the third quarter of fiscal-year 2003. For the third quarter of fiscal-year 2002, the company reported net income of $9.1 million, or $0.12 per diluted share.
Gross margin in the third quarter of fiscal-year 2003 was 56 percent, up from 55 percent in prior year. Operating income was $8.5 million, which included one-time costs of $1.2 million for an expected loss on the future sub-lease of the company's New York office and asset impairment at the Corpus Christi, TX, wafer fabrication facility. Operating income was $13.2 million in the second quarter of fiscal-year 2003 and $9.0 million in the third quarter of fiscal-year 2002.