Semtech Sets a Record for Sales in 4th Quarter

Semtech Corp. in Newbury Park says it posted record sales of $28.54 million for the fourth quarter of fiscal 1998, a 35% increase from sales of $21.06 million in the fourth quarter of fiscal 1997.

Net income for the fourth quarter that ended Feb. 1 increased 63% to $4.53 million, or 28 cents per diluted share, compared with $2.77 million, or 19 cents per share, a year earlier. Earnings per share reflect a 2-for-1 stock split completed Jan. 13.

For the year, the semiconductor manufacturer had record revenues of $102.8 million, a 44% increase from the $71.59 million reported for fiscal 1997. Net income for fiscal 1998 increased 74% to $14.76 million, or 93 cents per diluted share, compared with $8.48 million, or 59 cents per share, in fiscal 1997.

Semtech launched seven new product families and opened a design center in Glasgow, Scotland, during the fourth quarter.

“We exceeded $100 million in annual revenues for the first time in the company’s 35-year history,” said Jack Poe, president and CEO. “As we look toward fiscal year 1999, we see tremendous opportunities for continued growth.”

Semtech’s results reflect the acquisition of Edge Semiconductor on Oct. 2.