Xicor Reports Q4, Fiscal-Year 2001 Results

January 23, 2002 by Jeff Shepard

Xicor Inc. (Milpitas, CA) reported results for the fourth quarter and fiscal year ended December 31, 2001. Sales for the fourth quarter of 2001 were $11.8 million compared to $15.2 million in the third quarter of 2001. For the fiscal year ended December 31, 2001, sales were $70.1 million. This represents a decline from the $122.8 million of sales reported for the same period a year ago and is consistent with the company's strategy of exiting the serial EEPROM business.

Results for the fourth quarter were a loss of $299,000, or $0.01 per share, exceeding consensus earnings estimates by $0.03. This compares to net income of $432,000, or $0.02 per diluted share, in the third quarter of 2001. Pro-forma net income for fiscal year 2001 was $1.9 million, or $0.08 per diluted share.

President and CEO Lou DiNardo stated, "We continue to perform well in a very difficult market. Strategically, tactically and financially we are a far stronger company entering 2002 than we were a year ago. While our sales results continue to reflect the overall weak demand exhibited in virtually all of our end markets, our gross margin continues to improve and we are controlling operating expenses while investing in our team, our infrastructure and new product development."