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Semtech Announces Fourth Quarter And Fiscal Year 2013 Results

Semtech Corporation (Nasdaq: SMTC), a leading supplier of analog and mixed-signal semiconductors, today reported unaudited financial results for its fourth quarter and fiscal year 2013, which ended January 27, 2013.

Net revenue for the fourth quarter of fiscal year 2013 was $150.6 million, up 44.8 percent from the fourth quarter of fiscal year 2012 and down 6.4 percent from the third quarter of fiscal year 2013. Net revenue for the full fiscal year 2013 was $578.8 million, up 20.4 percent from fiscal year 2012.

Net income for the fourth quarter of fiscal year 2013, computed in accordance with U.S. generally accepted accounting principles (GAAP), was $13.1 million or 19 cents per diluted share. This compares to GAAP net income of $12.4 million or 19 cents per diluted share in the fourth quarter of fiscal year 2012 and GAAP net income of $16.6 million or 25 cents per diluted share in the third quarter of fiscal year 2013. For the full fiscal year 2013, net income was $41.9 million or $0.62 per diluted share, down from $89.1 million or $1.32 per diluted share in fiscal year 2012.

GAAP gross profit margin for the fourth quarter of fiscal year 2013 was 58.4 percent compared to 57.4 percent in the fourth quarter of fiscal year 2012 and 60.2 percent in the third quarter of fiscal year 2013. GAAP gross profit margin for the full fiscal year 2013 was 54.4 percent compared to 59.4 percent in fiscal year 2012.

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
  • Transaction and integration related expenses
  • Loss contingencies, including environmental reserves
  • Intangible amortization and impairments
  • Release of prior accrued taxes on foreign earnings
  • Option and restatement related expenses
  • Effect of enacted tax rate changes

Excluding the items listed above, non-GAAP net income for the fourth quarter of fiscal year 2013 was $33.1 million or 49 cents per diluted share. Non-GAAP net income was $21.6 million or 32 cents per diluted share in the fourth quarter of fiscal year 2012 and was $36.1 million or 53 cents per diluted share in the third quarter of fiscal year 2013. Non-GAAP net income for the full fiscal year 2013 was $114.5 million or $1.70 per diluted share. This compares to Non-GAAP net income for fiscal year 2012 of $119.8 million or $1.78 per diluted share.

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