MAY 15--Analog Devices Inc. (Norwood, MA; www.analog.com), a supplier of semiconductors for signal-processing applications, reports revenues of $502 million and net income of $71.3 million for the second quarter of FY2003, which ended May 3. Revenues increased 21% from the second quarter of FY2002, and revenues increased 7% and net income increased 19% from the first quarter of FY2003. The quarter's diluted earnings per share under generally accepted accounting principles increased to $0.19, up from $0.04 in the same period a year ago and $0.16 in the first quarter of FY2003.
"Both revenue and earnings were above the high end of estimates we provided on February 13, 2003, primarily as a result of stronger sales of analog products and continued strength in sales of DSP products," says Jerald G. Fishman, president and chief executive officer. "Analog product revenues grew 7% sequentially and accounted for approximately 78% of revenues, and DSP products grew 8% sequentially and accounted for approximately 22% of revenues."
"Growth this quarter was broad based with sales increasing across virtually all applications, across OEM and distributor channel customers and across all geographic regions," continued Fishman.
"In the second quarter, orders for shipment in the next 13 weeks grew by approximately 16% from first quarter FY2003 levels. Orders from both OEM customers and distributors grew sequentially and the book-to-bill ratio was well above one for the second quarter. Orders end customers placed with our distributors also grew sequentially and our distributors' book-to-bill ratio was above one."
Regarding the near-term outlook, Fishman said, "We are planning for revenues to grow 3%--5% sequentially during the third quarter. In addition, we are planning for gross margin to increase slightly. Operating expenses will increase slightly due to salary increases for a portion of the employee population."