Semtech’s Sales Rise 44% in 3rd Quarter

Semtech Corp. of Newbury Park said third-quarter sales were a record $26.53 million, an increase of 44% from last year’s third-quarter sales of $18.37 million.

Net income for the quarter, before one-time acquisition-related costs, increased 100% to $4.19 million, or 52 cents per share, compared with $2.09 million, or 29 cents per share, a year earlier.

Semtech acquired Edge Semiconductor on Oct. 2. The company recorded an acquisition charge of $808,000, or 10 cents per share.

Compared with the second quarter of this fiscal year, third-quarter orders increased 11%, net sales increased 8% and earnings per share before acquisition charges increased 13%.

New orders continued well ahead of shipments throughout the third quarter for all markets and all geographic territories, company officials said. Orders for power-management products were especially strong, led by demand from customers in the U.S. and European markets.

Semtech, a semiconductor manufacturer, formally launched eight new product families in the third quarter. The company expects the rate of new-product introductions to increase this quarter.

Jack Poe, president and chief executive officer, said the company should exceed $100 million in revenues for fiscal 1998.