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Semtech Announces Second Quarter Of Fiscal Year 2013 Results

Non-GAAP net income for the second quarter of fiscal year 2013 was $27.5 million or 41 cents per diluted share. Non-GAAP net income was $33.2 million or 49 cents per diluted share in the second quarter of fiscal year 2012 and was $17.9 million or 27 cents per diluted share in the first quarter of fiscal year 2013.

As of July 29, 2012 Semtech had $173.4 million in cash, cash equivalents and marketable securities and $341.6 million in debt, compared to $161.0 million in cash, cash equivalents and marketable securities and $347.1 million in debt at the end of the first quarter of fiscal year 2013.

Mohan Maheswaran, Semtech's President and Chief Executive Officer, said, "The second quarter of fiscal year 2013 was another record quarter for Semtech. Our organic business grew 10% sequentially, and the $35 million, excluding IP revenue, posted by Gennum was a quarterly record for that business. Our 1,384 design wins and 21 new products indicate continued demand for our highly differentiated solutions. We believe our market-leading products, balanced end market exposure, and diversified growth platforms will enable us to deliver sustainable growth and profitability for our shareholders.”

The results announced today are preliminary, as they are subject to customary quarterly review procedures by the Company's independent registered public accounting firm. As such, these results are subject to revision until the Company will have filed its quarterly report on Form 10-Q for the second quarter of fiscal year 2013.

Third Quarter of Fiscal Year 2013 Outlook

  • Net sales are expected to be in the range of $148.0 million to $154.0 million
  • GAAP gross profit margin is expected to be up between 810 and 880 basis points from Q2 2013
  • The purchase accounting adjustment for acquired inventory, which is included in the above GAAP estimate, is expected to be approximately $4.4 million
  • Non-GAAP gross profit margin is expected to be between -40 and +20 basis points from Q2 2013
  • GAAP SG&A expense is expected to be in the range of $30.7 million to $31.2 million
  • GAAP R&D expense is expected to be in the range of $31.6 million to $32.1 million
  • Stock-based compensation expense, which is included in the preceding GAAP estimates, is expected to be approximately $6.9 million, categorized as follows: $0.3 million cost of sales, $4.2 million SG&A, and $2.4 million R&D
  • Expenses related to integration activity are expected to be approximately $0.7 million
  • Amortization of acquired intangible assets is expected to be approximately $9.0 million
  • GAAP tax rate is expected to be a benefit between 1 percent and 2 percent
  • GAAP earnings are expected to be in the range of 15 cents to 20 cents per diluted share
  • Non-GAAP earnings are expected to be in the range of 41 cents to 45 cents per diluted share
  • Fully diluted share count is expected to be approximately 67.3 million shares
  • Capital expenditures are expected to be approximately $8.0 million
  • Interest expense is expected to be approximately $3.8 million

Non-GAAP Financial Measures

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