Semtech 1st-Quarter Sales Jump to $57.4 Million

Semtech Corp. in Newbury Park reported record sales and income for the first quarter ended April 30.

Net sales for the quarter were $57.4 million, a 74% jump over the $33 million reported in the first quarter of last year. Net income was $12.1 million or 32 cents per diluted share, an increase of 154% over last year’s first quarter income of $4.8 million, or 14 cents per diluted share.

Sequentially, sales for the first quarter increased 4% and net income grew 15% over the previous quarter, before one-time acquisition costs.

“In addition to our record financial performance, we introduced a record 29 new product families during the first quarter,” said Jack Poe, chairman and chief executive.

More than 300 new design wins were recorded in the first three months of the fiscal year. Semtech hired 16 new engineers, including four design engineers. The company also opened a new design center in Austin, Texas.

Semtech provides analog and mixed-signal circuits for the communications industry.