Siliconix Reports First-Quarter 2002 Results
Siliconix Inc. (Santa Clara, CA) announced net income of $8.2 million, or $0.27 per share, for the first quarter ended March 30, 2002. This compares to net income of $10.2 million, or $0.34 per share, in the first quarter of 2001, but represents a significant improvement over the net income of $649,000, or $0.02 per share, in the fourth quarter of 2001.
Sales for the first quarter of 2002 were $83.6 million, compared to $88.1 million for the first quarter of 2001, but a sequential increase of nine percent from the $76.7 million in the fourth quarter of 2001. The gross margin for the first quarter of 2002 was 29 percent, compared to 32 percent for the first quarter of 2001, but improved from 18 percent for the fourth quarter of 2001.
Siliconix President and CEO King Owyang stated, "We are now seeing a distinct improvement in the business climate that should lead to improved results during 2002. Both our book-to-bill ratio, and bookings in absolute dollars, improved for the fourth consecutive quarter. The improvement in our business has resulted from increasing demands from the notebook computer, cellular phone, game console, digital camera and other consumer markets. We are also seeing signs that the desktop computer market may rebound for us in the second half of the year."