February 23, 2001–Newbury Park, California–Semtech Corp., a leading supplier of analog and mixed-signal semiconductors, today announced record net sales, gross margin and net income for the fourth quarter and the fiscal year ended Jan. 28, 2001.
Net sales for the fourth quarter of fiscal year 2001 were $69.6 million, an increase of 26% over the prior-year fourth quarter. Net income for the fourth quarter of fiscal year 2001 was $17.6 million, or 23 cents per diluted share, an increase of 75% over the prior-year period. Sequentially, net sales for the fourth quarter of fiscal year 2001 increased 1% and net income grew 5% over the previous quarter.
Net sales for fiscal year 2001 were $256.7 million, up 48% over the prior year. Net income for fiscal year 2001 was $60.2 million, or 79 cents per diluted share. This represents a 105% increase over net income of $29.4 million, or 42 cents per diluted share, in fiscal year 2000.
The company achieved record gross margin of 58.3% and net after-tax return of 25.3% in the fourth quarter. Fourth-quarter gross margin increased 448 basis points over the prior-year period.
“Semtech has benefited from its strategic diversification into new markets and now enjoys a near-equal balance between the communications, industrial and computer end markets,” commented Jack Poe, Semtech’s chairman and chief executive officer. “Gross bookings in November were the lowest month in the quarter, with December and January showing sequential improvements. We view this as a positive indication that channel inventories are being reduced.”