Siliconix Reports Results for the Year and Fourth Quarter 2004
SANTA CLARA, Calif., Feb. 8 /PRNewswire-FirstCall/ -- Siliconix
incorporated (NASDAQ:SILI), an 80.4% owned subsidiary of Vishay
Intertechnology, Inc. (NYSE:VSH), announced that net income for the
year ended December 31, 2004 was $54.8 million, or $1.83 per share,
an increase of 39% over the $39.5 million, or $1.32 per share,
achieved in 2003. Net sales in 2004 were $466.1 million, a 17%
increase from net sales of $398.1 million in 2003. Net income in
the fourth quarter of 2004 was $10.0 million, or $0.33 per share, a
decrease of 36% from the net income of $15.5 million, or $0.52 per
share, in the third quarter of 2004 and a decrease of 5% from the
$10.5 million net income, or $0.35 per share, in the fourth quarter
of 2003. Net sales in the fourth quarter of 2004 were $106.3
million, a 9% decrease from the net sales of $117.2 million in the
third quarter of 2004 and a 4% decrease from the net sales of
$110.8 million in the fourth quarter of 2003. The gross margin for
the fourth quarter of 2004 was 25%, compared to 32% for the third
quarter of 2004 and 29% for the fourth quarter of 2003. The
decrease in gross margin was due to pricing pressures and a product
mix of lower-margin products. For the entire year, the gross margin
was 30%, compared to 29% in 2003, as a modest decrease in the
average selling price was overcome by the Company's cost reduction
programs, material savings, and greater factory utilization.
Research and development expenses for the year 2004 were $1.6
million higher than for 2003. Selling, marketing and administration
expenses remained well under control, comprising 12.0% of sales in
the fourth quarter of 2004, compared to 11.4% in the fourth quarter
of 2003 and 10.7% in the third quarter of 2004. For the entire
year, SM&A expenses were 11.3% of sales, compared to 11.7% of
sales in 2003. Dr. King Owyang, Siliconix President and CEO, said,
"Our customers' inventory policies grew increasingly conservative
during the last half of 2004. It is apparent to us that in the
first half of 2004, our robust booking levels reflected in part a
desire by many customers to avoid supply chain disruptions in a
longer lead-time environment. Now that lead times are shortening,
customers have been adjusting their ordering practices to more of a
'just-in-time' approach. Thus, in the fourth quarter of 2004, order
rates from end customers to our distributors were well ahead of our
distributors' order rates to us, indicating that distribution order
rates are below end consumption rates of our products; and our
backlog decreased by 15% from the beginning to the end of the
fourth quarter of 2004." He continued, "This continues to be a
difficult market to forecast. In general, softness in bookings for
semiconductor companies has resulted from both inventory
corrections throughout the various sales channels and also some
moderations in the rate of growth of end demand. We are, however,
expecting moderate growth in our two key markets, cellular phones
and portable computers, in 2005, and we are continuing our capacity
expansion program according to plan so that we may better serve our
customers." He noted, "Applying our technology and packaging
innovations to new product development is a key initiative of our
company. We released a total of 31 new products to the market in
the fourth quarter of 2004. Our IC line added 10 new parts for
power management solutions, including a family of dual low drop out
regulators and the addition of small form factor LDOs in an SC-70
package. We complemented our family of drivers for DC-DC conversion
circuits and motor control solutions with the addition of 12V and
7V selections of half bridge drivers. Our Power MOSFET product
family benefited from product releases utilizing our TrenchFET(R)
Gen II and WFET(R) processes. This combination offers efficiency
ratings up to 54% better than competing solutions. We broadened our
40V to 60V MOSFET line with a high threshold process to combat the
severe design environment of high current-high thermal conditions
of automotive applications. Growing our chipscale product portfolio
offers low profile, small footprint power management solutions for
space-challenged applications such as battery packs, PDAs, MP3
players, and portable communication devices. Additionally, we added
to our robust selection of power conversion devices for the fixed
telecom arena with the release of a family of 150V to 200V
P-channel devices in a variety of packages from SC-70 to
PowerPAK(R) 1212 and SO-8." He continued, "Design activity and
support is key to our customer base. We successfully completed 355
new designs in the fourth quarter of 2004, contributing solutions
for plasma displays, automotive applications, consumer electronics,
and portable communication and computing devices. We remain
committed to a solutions-driven approach jointly defined by our
customer base and technical staff." He concluded, "Our consistent
approach to solution-based investments will continue to enhance our
leadership in key markets. At the same time, our cost reduction
programs and improving manufacturing efficiencies position us to
further penetrate power management applications in the
telecommunications, portable computer, consumer, industrial, and
automotive markets. We believe that this strategy is behind our
success, both in the marketplace and financially. The Company's
financial position remains very strong; we are debt-free and
continue to finance our growth with internal profits." Siliconix is
a leading manufacturer of power MOSFETs, power ICs, analog
switches, and multiplexers for computers, cell phones, fixed
communications networks, automobiles, and other consumer and
industrial electronic systems. With 2004 worldwide sales of $466.1
million, the Company's facilities include a company-owned Class 1
wafer fab dedicated to the manufacture of power products in Santa
Clara, California, and a Class 1 wafer fab located in Itzehoe,
Germany utilized under a lease arrangement. The Company's products
are also fabricated by subcontractors in Japan, Germany, China,
Taiwan, and the United States. Assembly and test facilities include
a company-owned facility in Taiwan, a joint venture in Shanghai,
China, and subcontractors in the Philippines, China, Taiwan and
Israel. Vishay Intertechnology, Inc., a Fortune 1,000 Company
listed on the NYSE (VSH), is one of the world's largest
manufacturers of discrete semiconductors (diodes, rectifiers,
transistors, and optoelectronics) and selected ICs, and passive
electronic components (resistors, capacitors, inductors, and
transducers). Vishay's components can be found in products
manufactured in a very broad range of industries worldwide. Vishay
is headquartered in Malvern, Pennsylvania, and has operations in 17
countries employing over 25,000 people. Vishay can be found on the
Internet at http://www.vishay.com/. These results will be discussed
during the Vishay Intertechnology, Inc. conference call scheduled
for today, February 8, 2005 at 11:00 AM (EST). The dial-in number
for the conference call is 800-553-0329 (612-332-0923 if calling
from outside the United States or Canada). The conference operator
will require the following information in order to admit you into
the call: Company Name: Vishay Intertechnology, Inc. and
Moderators: Vishay Executives. There will be a replay of the
conference call from 2:30 PM (EST) on Tuesday, February 8, 2005
through 11:59 PM (EST) on Sunday, February 13, 2005. The telephone
number for the replay is 800-475-6701 (320-365-3844 if calling from
outside the United States or Canada). The access code is 751217.
There will also be a live audio webcast of the conference call.
This can be accessed directly from the Investor Relations section
for Siliconix at http://ir.siliconix.com/. Statements contained
herein that relate to the Company's future performance, including
statements with respect to anticipated improvements in the
Company's business and business climate, future product innovation,
and implementation of cost savings strategies, are forward-looking
statements within the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such statements are based
on current expectations only, and are subject to certain risks,
uncertainties, and assumptions. Should one or more of these risks
or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those
anticipated, estimated or projected. Among the factors that could
cause actual results to materially differ include: general business
and economic conditions, particularly in the markets that we serve,
cancellation of orders in our backlog, difficulties in new product
development, and other factors affecting the Company's operations,
markets, products, services, and prices that are set forth in its
December 31, 2003 Report on Form 10-K filed with the Securities and
Exchange Commission. You are urged to refer to the Company's Form
10-K for a detailed discussion of these factors. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise. On February 1, 2005, the Board of
Directors of Siliconix approved the acquisition by Siliconix of
Vishay Semiconductor Itzehoe GmbH ("VSIG") from Vishay. Siliconix
renamed the company "Siliconix Itzehoe GmbH". Siliconix Itzehoe
GmbH is now a wholly-owned subsidiary of Siliconix. This
transaction has been accounted for as a merger of entities under
common control and has been recorded in a manner similar to a
pooling of interests. Accordingly, the accompanying consolidated
financial information include the accounts of Siliconix and VSIG
for all periods presented. Siliconix incorporated Consolidated
Statements of Operations (Unaudited, In thousands, except Fiscal
Quarter Ended Year Ended for per share information) Dec. 31 Dec. 31
Dec. 31, Dec. 31, 2004 2003 2004 2003 Net sales $106,282 $110,830
$466,131 $398,092 Cost of products sold 79,247 79,221 326,155
282,449 Gross profit 27,035 31,609 139,976 115,643 Operating
expenses: Research and development 4,514 5,082 21,152 19,501
Selling, marketing, and administrative expenses 12,723 12,616
52,509 46,512 Operating income 9,798 13,911 66,315 49,630 Interest
income 1,254 511 3,214 1,963 Other income (expense) net 1,505 (831)
581 (743) Income before taxes and minority interest 12,557 13,591
70,110 50,850 Income tax provision 2,533 2,989 15,090 11,157
Minority interest in income of consolidated subsidiary 60 60 240
240 Net income $9,964 $10,542 $54,780 $39,453 Net income per share
(basic and diluted) $0.33 $0.35 $1.83 $1.32 Shares used to compute
net income per share 29,879 29,879 29,879 29,879 Siliconix
incorporated Consolidated Balance Sheets (Unaudited, in thousands)
December 31, 2004 2003 Assets Current assets: Cash and cash
equivalents $305,739 $279,465 Accounts receivable, net 36,553
52,364 Accounts receivable from affiliates 22,189 28,777
Inventories 69,987 65,576 Other current assets 30,941 24,938
Deferred income taxes 3,416 3,508 Total current assets 468,825
454,628 Property and equipment, at cost: Land 1,715 1,715 Buildings
and improvements 62,686 58,082 Machinery and equipment 480,488
430,403 544,889 490,200 Less accumulated depreciation 361,654
321,946 183,235 168,254 Goodwill 7,445 7,445 Other assets 24,197
1,397 Total assets $683,702 $631,724 Liabilities and Stockholders'
Equity Current liabilities: Accounts payable $31,668 $41,390
Accounts payable to affiliates 30,743 41,400 Payable to Vishay for
VSIG 10,200 10,200 Accrued payroll and related compensation 10,938
9,903 Other accrued liabilities 42,331 31,966 Total current
liabilities 125,880 134,859 Accrued pension benefits 3,129 3,137
Deferred income taxes 12,860 15,868 Other non-current liabilities
62,228 52,161 Minority interest 3,143 3,143 Total liabilities
207,240 209,168 Commitments and contingencies Stockholders' equity:
Common stock 299 299 Additional paid-in-capital 54,684 54,684
Retained earnings 422,231 367,451 Accumulated other comprehensive
loss (752) 122 Total stockholders' equity 476,462 422,556 Total
liabilities and stockholders' equity $683,702 $631,724 Contact:
Peter G. Henrici, Vice President, Investor Relations, Siliconix
incorporated (NASDAQ NSM: SILI) 408-567-8400 Robert A. Freece,
Executive Vice President Vishay Intertechnology, Inc. (NYSE:VSH)
610-251-5252 DATASOURCE: Siliconix incorporated CONTACT: Peter G.
Henrici, Vice President, Investor Relations, Siliconix
incorporated, +1-408-567-8400; or Robert A. Freece, Executive Vice
President of Vishay Intertechnology, Inc., +1-610-251-5252 Web
site: http://www.siliconix.com/
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