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Semtech Announces Third Quarter Of Fiscal Year 2013 Results

Semtech Corporation (Nasdaq: SMTC), a leading supplier of analog and mixed-signal semiconductors, today reported unaudited financial results for its third quarter of fiscal year 2013, which ended October 28, 2012.

Net revenue for the third quarter of fiscal year 2013 was $160.9 million, up 29.8 percent from the third quarter of fiscal year 2012 and up 6.8 percent from the second quarter of fiscal year 2013. Third quarter revenue included $8.1 million of IP licensing revenue.

Gross profit margin, computed in accordance with U.S. generally accepted accounting principles (GAAP), for the third quarter of fiscal year 2013 was 60.2 percent compared to 59.2 percent in the third quarter of fiscal year 2012 and 49.5 percent in the second quarter of fiscal year 2013.

GAAP net income for the third quarter of fiscal year 2013 was $16.6 million, or approximately 25 cents per diluted share. This compares to GAAP net income of $27.0 million or 40 cents per diluted share in the third quarter of fiscal year 2012 and GAAP net income of $10.0 million or 15 cents per diluted share in the second quarter of fiscal year 2013.

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
  • Acquisition related fair value adjustments
  • Option and restatement related expenses
  • Transaction and other acquisition related expenses
  • Intangible amortization and impairments
  • Reorganization and integration related expenses
  • Environmental monitoring and remediation reserves
  • Release of prior accrued taxes on foreign earnings

Non-GAAP gross profit margin for the third quarter of fiscal year 2013 was 63.1 percent. Non-GAAP gross profit margin for the third quarter of fiscal year 2012 was 59.4 percent and 61.2 percent in the second quarter of fiscal year 2013.

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