Siliconix Reports 37% Increase in Sales and 64% Increase in
Earnings for Second Quarter 2004 Compared to Second Quarter 2003
SANTA CLARA, Calif., Aug. 3 /PRNewswire-FirstCall/ -- Siliconix
incorporated (NASDAQ:SILI), an 80.4% subsidiary of Vishay
Intertechnology, Inc. (NYSE:VSH), announced net income of $15.2
million, or $0.51 per share, for the second quarter ended July 3,
2004. This is an increase of 64% over the net income of $9.3
million, or $0.31 per share, in the second quarter of 2003 and 9%
over the net income of $14.0 million, or $0.47 per share, in the
first quarter of 2004. Sales for the second quarter of 2004 were
$120.7 million, 37% more than the sales of $88.2 million for the
second quarter of 2003 and a 2% increase over the sales of $118.4
million for the first quarter of this year. Net income for the
first half of 2004 was $29.2 million, or $0.98 per share, an
increase of 52% over the net income of $19.3 million, or $0.64 per
share, for the first half of 2003. Sales for the first half of 2004
were $239.1 million, an increase of 29% over the sales of $186.0
million for the first half of 2003. The gross margin for the second
quarter of 2004 improved to 33%, compared to 30% for the first
quarter of 2004 and 31% for the second quarter of 2003. The
sequential improvement was a result of focusing on higher margin
products, reducing the use of subcontractors with increasing
in-house capacity and successfully continuing the on-going cost
reduction and material saving programs. Research and development
expenses for the second quarter of 2004 increased $600,000
sequentially and $850,000 compared to the second quarter of 2003,
as the Company increased spending for development of new products
and technologies. Selling, marketing and administration expenses
increased by $800,000 from the previous quarter and $2.8 million
compared to the second quarter of 2003. The increased spending was
due largely to higher sales commissions resulting from the
increased sales and increased legal expenses relating to
enforcement of its patent portfolio. Dr. King Owyang, Siliconix
President and CEO, said, "Bookings remained very strong in the
second quarter of 2004, with a book-to-bill ratio of 1.18, compared
to 1.25 for the previous quarter. At the end of the quarter, our
backlog was 16% higher than at the end of the first quarter. The
broad-based demand that we noted last February and May,
encompassing all of our major markets and all geographic areas, has
continued. We did observe, however, a decline in bookings in June
and July. It appears to us that this is a result of inventory
correction and seasonal market forces, and it does not signal the
end of the recovery that began in the third quarter of last year."
He continued, "The high demand levels have created longer lead
times, but customers continue to request short-term delivery. As we
reported in May, most of our product lines remain at full capacity
utilization, and we are on track to double our capital investment
compared to 2003 to address our in- house capacity needs. We are
also exploring ways to increase our capacity in 2005 and beyond."
He noted, "We continue to enhance our product offering with
break-through specifications and innovative packaging options. In
the second quarter, we released a total of 44 new products,
including the launch of our high density P-Channel family in 40V
and 60V selections. This platform family offers performance ratings
as low as 4.2 milliohms for efficient, low frequency switching. Our
newest addition to our MICRO FOOT(R) line of chip scale products
offers a 31% performance improvement over the closest competing
product in a similar form factor. Adding to our Power IC product
offerings, we introduced our latest Buck-Boost controller for
portable hand held applications. Our second quarter design activity
remains strong with the addition of 336 new design wins in
automotive, portable communication, power supply, consumer goods
and computer applications." Dr. Owyang 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 market place and financially. The Company's
financial position continues to be very strong; we are debt free
and are financing our growth with internal profits. In the second
quarter, we generated more than $40 million in cash from
operations, and our cash position is $324 million." 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 2003 worldwide sales of $392.1 million, the Company's
facilities include a Class 1 wafer fab dedicated to the manufacture
of power products in Santa Clara, California, and an affiliated
Class 1 wafer fab located in Itzehoe, Germany. 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 27,000 people. Vishay can be found on the
Internet at http://www.vishay.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 the
Company serves, cancellation of orders, 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. NOTE: These results will be discussed
during the Vishay Intertechnology, Inc. conference call scheduled
for Tuesday, August 3, 2004 at 11:00 a.m. eastern time.
Participants can join the call by dialing 888-428-4479 (U.S. and
Canada only). If you are outside the U.S. and Canada, the number
you will need to use is 651-291-0618. The conference operator will
require the two following pieces of information in order to admit
you into the call: (1) Company Name - Vishay Intertechnology, Inc.;
and (2) Moderators - Vishay Executives. There will also be a live
audio webcast of the conference call. This can be accessed directly
from the investor relations section of the Vishay website
(http://ir.siliconix.com/). A taped replay of the call will be
available through 11:59 PM eastern time on Sunday, August 8, 2004
on a dial-in basis and will also be available on a permanent basis
on our website beginning August 4, 2004. The phone number to hear
the dial-in replay is 800-475-6701 (U.S. and Canada) or
320-365-3844 (if you are outside the U.S. and Canada). Refer to
access code 739190 when calling to hear the recording. Siliconix
incorporated Consolidated Statements of Operations (Unaudited, In
thousands, except for per share information) Three Fiscal Months
Six Fiscal Months Ended Ended July 3, June 28, July 3, June 28,
2004 2003 2004 2003 Net sales $120,693 $88,208 $239,076 $186,034
Cost of products sold 81,165 60,753 164,038 130,680 Gross profit
39,528 27,455 75,038 55,354 Operating expenses: Research and
development 5,877 5,026 11,171 9,713 Selling, marketing, and
administrative expenses 13,911 11,077 27,007 22,058 Operating
income 19,740 11,352 36,860 23,583 Interest income 689 616 1,297
1,201 Other income (expense) net (865) (43) (582) 25 Income before
taxes and minority interest 19,564 11,925 37,575 24,809 Income tax
provision (4,291) (2,603) (8,240) (5,424) Minority interest in
income of consolidated subsidiary (60) (60) (120) (120) Net income
$15,213 $9,262 $29,215 $19,265 Net income per share (basic and
diluted) $0.51 $0.31 $0.98 $0.64 Shares used to compute net income
per share 29,879 29,879 29,879 29,879 Siliconix incorporated
Consolidated Balance Sheets (Unaudited, In thousands) July 3,
December 31, 2004 2003 Assets Current assets: Cash and cash
equivalents $323,782 $279,464 Accounts receivable, net 52,066
49,807 Accounts receivable from affiliates 19,308 27,800
Inventories 59,269 63,229 Other current assets 22,174 24,429
Deferred income taxes 3,508 3,508 Total current assets 480,107
448,237 Property and equipment, at cost: Land 1,715 1,715 Buildings
and improvements 58,214 57,761 Machinery and equipment 380,329
369,350 440,258 428,826 Less accumulated depreciation 300,905
284,735 139,353 144,091 Goodwill 7,445 7,445 Other assets 6,104
1,397 Total assets $633,009 $601,170 Liabilities and Stockholders'
Equity Current liabilities: Accounts payable $34,180 $31,196
Accounts payable to affiliates 28,821 32,256 Accrued payroll and
related compensation 9,263 8,776 Other accrued liabilities 32,984
30,843 Total current liabilities 105,248 103,071 Accrued pension
benefits 3,261 3,137 Deferred income taxes 15,498 15,498 Other
non-current liabilities 52,380 52,161 Minority interest 3,263 3,143
Total liabilities 179,650 177,010 Commitments and contingencies
Stockholders' equity: Common stock 299 299 Additional
paid-in-capital 59,373 59,373 Retained earnings 394,834 365,619
Accumulated other comprehensive loss (1,147) (1,131) Total
stockholders' equity 453,359 424,160 Total liabilities and
stockholders' equity $633,009 $601,170 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, +1-610-251-5252 Web site:
http://www.siliconix.com/ http://ir.siliconix.com/
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