Ventura County Business : VENTURA COUNTY EARNINGS : Semtech Sees 148% Growth in 2nd-Quarter Income

Semtech Corp. in Newbury Park reported second-quarter sales of $38.3 million, a 50% increase over sales of $25.5 million for the same quarter a year ago and a 16% climb over the previous quarter’s sales of $33 million.

Net income increased 148% to a record $6.2 million or 36 cents per diluted share, compared with $2.5 million or 16 cents per diluted share for the second quarter of last year. On a sequential basis, net income for the second quarter increased 31%.

New orders increased 18% from the first quarter. Orders for the company’s power management, protection and automated test equipment circuits were at record levels throughout the second quarter and have remained strong in August.

Company officials said that in the second quarter a record 19 new product families were introduced.

“Our record results for the second quarter reflect both the strength of the semiconductor industry and Semtech’s relentless investment in technical resources,” said Jack Poe, chairman and chief executive officer. “Semtech’s revenue growth rates have substantially exceeded the analog semiconductor industry’s revenue growth rates for each of the past five years. Our aim is clearly to achieve this goal in fiscal year 2000.”

The board of directors has approved a two-for-one split of Semtech stock. Shareholders of record on Monday will be issued a certificate by Sept. 14 giving them an additional share of common stock for each share held on the record date.