News & Events
Elantec Semiconductor Announces First Quarter Fiscal 2002 Results

MILPITAS, CALIFORNIA, January 15, 2002 – Elantec Semiconductor, Inc. (NASDAQ: ELNT), a leader in high performance analog integrated circuits, today reported financial results for the first quarter ended December 30, 2001. Net revenues for the first quarter were $22.9 million representing a decrease of 44% from the first quarter of fiscal 2001, and an 11% increase from the $20.7 million reported in the fourth fiscal quarter of 2001.

As the Company indicated in October 2001, the Company recorded a pretax charge of approximately $550,000 to operating expenses for severance expenses in the first quarter of fiscal 2002 associated with a restructuring of manufacturing operations.

Pro forma net income, excluding these severance expenses, for the first fiscal quarter was $2.4 million or $0.10 per diluted share. This compares to net income of $9.7 million or $0.37 per diluted share reported for the first fiscal quarter of 2001 and pro forma net income, excluding restructuring and impairment charges, of $2.2 million or $0.09 per diluted share for the fourth fiscal quarter of 2001.

Including severance expenses, net income for the first fiscal quarter was $2.1 million or $0.08 per share.

Cash, cash equivalents and short-term investments at December 30, 2001 were $188.2 million, an increase of $4.1 million over September 30, 2001.

Rich Beyer, President and Chief Executive Officer stated, “We are pleased with our second consecutive quarter of growth in revenues and pro forma earnings per share. Sales in our three major target markets – optical storage systems, flat panel displays and DSL systems – all showed growth in the quarter and we believe our position in each of these markets is strengthening.”

In looking to Elantec’s second fiscal quarter 2002, Mr. Beyer commented, “While we anticipate some seasonal effects in our optical storage and flat panel display businesses, we, nevertheless, expect again to achieve modest revenue growth in the 3 to 5% range in the March quarter. We expect net income per diluted share to be in the $0.10 to $0.11 range.”

Web Broadcast and Instant Replay
Elantec will broadcast its first quarter earnings conference call today at 1:30 p.m. Pacific Time. This event is available through the Company’s website located at http://www.elantec.com. For those unable to attend the live broadcast, a 5-day broadcast replay will be available shortly after the event. Elantec is also making available a 5-day telephone replay of the conference call which can be accessed by dialing 1-800-405-2236 and entering pass code 432126.

Safe Harbor Statement
Certain matters discussed in this press release, such as revenue and earnings expectations, are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include the timing of or delays in new product and process technology introductions by the Company or its competitors, competitive pricing pressures, effects of seasonality, fluctuations in manufacturing yield, changes in the mix or markets in which products are sold, availability and cost of raw materials, business and economic conditions in various geographic regions, change in customer order patterns, litigation involving intellectual property and other issues, and other risk factors discussed from time to time in the Company’s reports filed with the Securities and Exchange Commission, including but not limited to the Company’s most recent Forms 10-Q and 10-K. The Company’s actual future results could differ materially from those discussed here. The Company assumes no obligation to update the forward looking information contained in this press release.

About Elantec Semiconductor
Elantec designs, manufactures and markets high performance analog integrated circuits primarily for the video, optical storage, communication, and power management markets. The Company targets high growth commercial markets in which advances in digital integrated circuit technology are driving increasing demand for high speed, high performance and low power consumption analog circuits.

ELANTEC SEMICONDUCTOR, INC.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except per share data)

(1) Unaudited
(2) Excludes restructuring and impairment charges relating to excess inventory, equipment writedown and reduction of workforce.

ELANTEC SEMICONDUCTOR, INC.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except per share data)

(1) Unaudited
(2) Derived from the Company’s audited consolidated financial statements as of September 30, 2001.