According to Lothar Maier, CEO, “We met the midpoint of our revenue guidance for our fourth fiscal quarter of 2011, as sales grew 1.5% compared to the preceding third quarter. We are pleased with our annual results as the Company achieved record annual revenues and earnings per share while maintaining industry leading profitability. However, in the short-term we experienced declining bookings demand towards the end of the quarter. We had anticipated that the Japan tragedies and the related supply disruptions would continue to impact our customers, particularly in the automotive and industrial markets. Now that these industry-wide supply issues have been largely resolved, customers have been reducing their inventories more than anticipated. The impact of these events and general economic sluggishness relating to US and European debt issues appear to have left customers cautious and delaying orders and shipments until the current economic picture becomes clearer. On a positive note, end-demand expectations at our customers appears generally unchanged and automotive production is expected to pick-up in the fall.
“We continue to be optimistic about our long-term growth prospects as our business is healthy and we are encouraged by the high level of interest in our products that indicate they are well targeted to meet the needs of our customers and their demand for innovative high performance analog solutions. Although forecasting is difficult in the current environment, we agree with recent industry analysis that suggests that demand should accelerate as we proceed toward the end of the calendar year. However, in the short-term we are cautious and anticipate some headwinds as we react to declining orders that have not improved meaningfully in the first month of our new fiscal year. As a result, we currently are forecasting our revenues to decline sequentially 6%-8% in our first fiscal quarter of 2012.”
Except for historical information contained herein, the matters set forth in this press release are forward-looking statements. In particular, the statements regarding the demand for our products, our customers' ordering patterns and the anticipated trends in our sales and profits are forward-looking statements. The forward-looking statements are dependent on certain risks and uncertainties, including such factors, among others, as the timing, volume and pricing of new orders received and shipped, the timely introduction of new processes and products, general and country specific conditions in the world economy and financial markets and other factors described in our 10-K for the fiscal year ended June 27, 2010.