Semtech Corporation (Nasdaq: SMTC), a leading supplier of analog and mixed-signal semiconductors, today reported unaudited financial results for its first quarter of fiscal year 2013, which ended April 29, 2012.
Net revenue for the first quarter of fiscal year 2013 was $116.6 million, down 4.7 percent from the first quarter of fiscal year 2012 and up 12.1 percent from the fourth quarter of fiscal year 2012. Net revenue for the first quarter included approximately $12.0 million of revenue contribution from the Gennum acquisition, which closed on March 20, 2012.
Gross profit margin, computed in accordance with U.S. generally accepted accounting principles (GAAP), for the first quarter of fiscal year 2013 was 47.4 percent compared to 60.4 percent in the first quarter of fiscal year 2012 and 57.4 percent in the fourth quarter of fiscal year 2012. GAAP gross profit margin for the quarter was negatively impacted by a $12.9 million purchase accounting adjustment related to inventory acquired from Gennum, which lowered GAAP gross margin by 11.1 percent.
GAAP net income for the first quarter of fiscal year 2013 was $2.2 million or 3 cents per diluted share. This compares to GAAP net income of $22.6 million or 34 cents per diluted share in the first quarter of fiscal year 2012 and GAAP net income of $12.4 million or 19 cents per diluted share in the fourth quarter of fiscal year 2012. GAAP net income for the first quarter of fiscal year 2013 was negatively impacted by several significant transaction related items including the previously mentioned purchase accounting adjustment of $12.9 million and transaction and other expenses related to acquisition activity of $18.6 million.To facilitate the complete understanding of comparable financial performance between periods, Semtech also presents performance results net of certain non-cash and one-time items. Semtech's non-GAAP results exclude the following items:
- Stock-based compensation expense
- Transaction and other expenses related to acquisition activity
- Incremental depreciation related to acquired property, plant and equipment
- Additional cost of sales related to acquired inventory
- Amortization of acquired intangible assets
- Expiration of acquired return rights
- Release of prior accrued taxes on foreign earnings
- Expenses related to historical class action litigation and stock option related matters, net of insurance recoveries
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