Semtech Corp. (Newbury Park, CA) announced results for its second quarter ended July 29, 2001, and an outlook for sequential sales growth in the third quarter.
Net sales for the second quarter of fiscal year 2002 were $40.5 million. Pro-forma net income for the second quarter of fiscal year 2002 was $6.1 million, or $0.08 per diluted share. Net sales for the prior years' second quarter were $60.6 million, and pro-forma net income was $13.7 million, or $0.18 per diluted share.
For the first six months of fiscal year 2002, net sales were $101.1 million and pro-forma net income was $20.0 million or $0.26 per diluted share. For the prior years' first half, net sales were $118.1 million and pro-forma net income was $25.8 million, or $0.34 per diluted share.
Jack Poe, chairman and CEO of Semtech commented, "During these difficult market conditions, Semtech has benefited from a diverse product offering and a balanced mix of end-markets. In addition, we have taken steps to improve operating leverage. Although second-quarter revenue was down 33 percent sequentially, pro-forma gross margin declined only 380 basis points to 54.2 percent. As revenue increases and new, proprietary products move to higher volumes, our leverage on gross margin and operating income will be even greater."
