Semtech Announces Third Quarter Of Fiscal Year 2014 Results

Semtech Corporation (Nasdaq: SMTC), a leading supplier of analog and mixed-signal semiconductors, today reported unaudited financial results for its fiscal year 2014 third quarter, which ended October 27, 2013.

Net revenue for the third quarter of fiscal year 2014 was $141.0 million, down 12 percent from the third quarter of fiscal year 2013 and down 15 percent from the second quarter of fiscal year 2014.

Gross profit margin, computed in accordance with U.S. generally accepted accounting principles (GAAP), for the third quarter of fiscal year 2014 was 59.1 percent compared to 60.2 percent in the third quarter of fiscal year 2013 and 61.0 percent in the second quarter of fiscal year 2014.

GAAP net income for the third quarter of fiscal year 2014 was $12.5 million or 18 cents per diluted share. This compares to GAAP net income of $16.6 million or 25 cents per diluted share in the third quarter of fiscal year 2013 and GAAP net income of $19.1 million or 28 cents per diluted share in the second 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
  • Environmental monitoring and remediation reserves
  • Acquisition related fair value adjustments
  • Intangible amortization and impairments
  • Transaction and integration related expenses
  • Write-off of deferred financing costs and refinancing fees
  • Release of prior accrued taxes on foreign earnings

Excluding the items listed above, Non-GAAP net income for the third quarter of fiscal year 2014 was $24.1 million or 35 cents per diluted share. Non-GAAP net income was $36.1 million or 53 cents per diluted share in the third quarter of fiscal year 2013 and was $35.8 million or 52 cents per diluted share in the second quarter of fiscal year 2014.

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