Semtech Corp. Reports 79% Increase in Sales

Semtech Corp. in Newbury Park reported record sales and net income for the fourth quarter and fiscal year ended Jan. 30.

Net sales for the fourth quarter of fiscal year 2000 were $55.4 million, an increase of 79% over sales of $30.9 million reported in the fourth quarter of fiscal year 1999. Net income for the quarter was $10.5 million, or 29 cents per diluted share, an increase of 157% over $4.1 million, or 12 cents per diluted share, for the fourth quarter of fiscal 1999.

Net income for the most recent fourth quarter does not include a one-time charge of $531,000 for costs incurred in acquiring USAR Systems.

The semiconductor company’s net sales for all of fiscal year 2000 were $173.8 million, an increase of 52%, compared with $114.5 million for fiscal year 1999. Net income for fiscal year 2000, prior to one-time charges, was $29.9 million, or 85 cents per diluted share, an increase of 103% over $14.7 million, or 46 cents per diluted share, for fiscal year 1999.

Sequentially, fourth-quarter net sales increased 18%, and net income prior to one-time charges rose 26% over the previous quarter.

“Semtech’s financial results for the year were driven by our relentless investment in new products and technologies for the communications and computing markets,” said Jack Poe, chairman and chief executive.