Semtech Corporation (Nasdaq: SMTC), a leading supplier of analog and mixed-signal semiconductors, today reported unaudited financial results for its fiscal year 2014 second quarter, which ended July 28, 2013. The company also announced that its Board of Directors approved increasing the existing stock repurchase authorization by $50.0 million. Prior to the increase, the company had $42.5 million remaining from the authorization implemented in November 2011.
Net revenue for the second quarter of fiscal year 2014 was $165.0 million, up 9.5 percent from the second quarter of fiscal year 2013 and up 1.6 percent from the first quarter of fiscal year 2014.
Gross profit margin, computed in accordance with U.S. generally accepted accounting principles (GAAP), for the second quarter of fiscal year 2014 was 61.0 percent compared to 49.5 percent in the second quarter of fiscal year 2013 and 59.9 percent in the first quarter of fiscal year 2014.
GAAP net income for the second quarter of fiscal year 2014 was $19.1 million or 28 cents per diluted share. This compares to GAAP net income of $10.0 million or 15 cents per diluted share in the second quarter of fiscal year 2013 and GAAP net income of $14.8 million or 22 cents per diluted share in the first quarter of fiscal year 2014.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
- Intangible amortization and impairments
- Write off of deferred financing costs
- Release of prior accrued taxes on foreign earnings
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV