Semtech to Restate

Third-quarter revenue will fall sequentially.
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forecast a sequentially flat to lower third quarter and set plans to restate results going back five years.

Second-quarter sales rose 12% to $64.9 miilion from a year ago period. Analysts polled by Thomson First Call were expecting revenue of $66.69 million.

"Demand during the quarter reflected seasonal weakness in the computing and handheld end-markets, which is typical of the second quarter," Semtech said. "The more capital intensive end-markets of industrial and communications were stable. Customers appear to be cautious in their outlooks, reflecting concern over macro economic conditions and its impact on end-demand."

Semtech said it expects third-quarter sales to be flat to down 2% as compared with the second quarter.

The Camarillo, Calif.-based company also said it would restate results for 2002 through 2006 to fix stock option grant date discrepancies and related accounting missteps.

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