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Semtech Announces Third Quarter Of Fiscal Year 2013 Results

Non-GAAP net income for the third quarter of fiscal year 2013 was $36.1 million or 53 cents per diluted share. Non-GAAP net income was $35.0 million or 52 cents per diluted share in the third quarter of fiscal year 2012 and was $27.5 million or 41 cents per diluted share in the second quarter of fiscal year 2013.

As of October 28, 2012 Semtech had $218.0 million in cash, cash equivalents and marketable securities and $336.2 million in debt, compared to $173.4 million in cash, cash equivalents and marketable securities and $341.6 million in debt at the end of the second quarter of fiscal year 2013.

Mohan Maheswaran, Semtech's President and Chief Executive Officer, said, "Despite a challenging macroeconomic environment, Semtech posted record revenue, expanded margins and grew profits in the third quarter of fiscal year 2013. The integration of Gennum Corporation continues to progress quite well, and Q3 was a record quarter for Gennum for both bookings and revenue. Our relentless focus on identifying growth opportunities and executing well continues to yield positive results for the company.”

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 third quarter of fiscal year 2013.

Fourth Quarter of Fiscal Year 2013 Outlook

  • Net sales are expected to be in the range of $146.0 million to $152.0 million
  • GAAP gross profit margin is expected to be between 58.3 percent and 58.9 percent
  • The amortization of the fair value 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 61.5 percent and 62.0 percent
  • GAAP SG&A expense is expected to be in the range of $32.3 million to $32.8 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: $0.4 million cost of sales, $4.1 million SG&A, and $2.4 million R&D
  • Amortization of acquired intangible assets is expected to be approximately $8.2 million
  • Transaction and other acquisition related expenses of approximately $1.3 million
  • Reorganization and integration related expenses of approximately $1.2 million
  • Interest and other expense is expected to be approximately $4.4 million
  • GAAP tax rate is expected to be between 0 percent and 2 percent
  • GAAP earnings are expected to be in the range of 13 cents to 17 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 68.0 million shares
  • Capital expenditures are expected to be approximately $7.0 million

Non-GAAP Financial Measures

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