Analog Devices CEO looks forward to growth

AUGUST 30--Analog Devices Inc. (Norwood, MA; www.analog.com) has announced revenues of $445 million for its third fiscal quarter, ended 3 August 2002.

AUGUST 30--Analog Devices Inc. (Norwood, MA; www.analog.com) has announced revenues of $445 million for its third fiscal quarter, ended 3 August 2002. This was up 8% compared with the immediately prior quarter revenue of $413 million but down from the $480 million the company recorded a year previously.

The company recorded a net profit of $31.4 million in the third quarter, up from the $14.4 million posted in the prior quarter. In the third quarter of its previous fiscal year the company made net income of $39.3 million.

"Our revenues and earnings for the third quarter were in line with the guidance we communicated on May 16," said Jerald Fishman, president and chief executive officer. "High performance analog and DSP revenues both grew versus the prior quarter, and we believe both grew faster than the overall semiconductor industry. Revenue for high-performance analog products increased 6% sequentially and accounted for 79% of sales. DSP product revenue grew 17% sequentially and accounted for 21% of sales."

Regarding the near-term outlook, Fishman said, "We began the fourth quarter with a 13-week backlog totaling $285 million, up 6% from the previous quarter. As a result, we are planning for continued sequential revenue growth in the fourth quarter. We estimate fourth quarter revenues will be in the range of $450 to $460 million."

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