Semtech Reports 27% Rise in Sales for 1st Quarter

Semtech Corp. in Newbury Park reported net sales of $29.53 million for the first quarter of fiscal year 1999, a 27% increase over the $23.17 million in the first quarter a year ago.

Net income for the first quarter, before one-time acquisition-related costs, increased 46% to $4.7 million or 30 cents per diluted share, compared with $3.23 million or 22 cents per share a year earlier. Net income after the acquisition-related charge was $4.53 million or 29 cents per diluted share.

Included in first-quarter numbers were the earnings of Acapella Limited, which Semtech acquired in April. Acapella designs and markets integrated circuits for fiber-optic communications and provides consultant services.

"Despite a very cautious atmosphere in the electronics industry, we were able to achieve record net sales and net income for the quarter," said Jack Poe, chairman and CEO of the semiconductor company. "We executed well in difficult market conditions and strategically strengthened the company. Including Acapella, Semtech added 17 circuit designers and three applications engineers in the quarter. Additionally, we introduced 10 new product families."

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