News & Events
Elantec Semiconductor Announces Fourth Quarter And Fiscal 2001 Year-End Results

MILPITAS, CALIFORNIA, October 25, 2001 – Elantec Semiconductor, Inc. (NASDAQ: ELNT), a leader in high performance analog integrated circuits, today reported financial results for the fourth quarter and fiscal year ended September 30, 2001. Net revenues for the fourth quarter were $20.7 million representing a decrease of 44% from the fourth quarter of fiscal 2000, and a 1% increase from the $20.5 million reported in the third fiscal quarter of 2001. Net revenues for fiscal 2001 were $112.5 million representing an increase of 11% from the $101.2 million reported in fiscal 2000.

As mentioned in an earlier release today, the Company took pretax restructuring and impairment charges of $0.4 million to cost of revenues for obsolete inventory and $14. 4 million to operating expenses for retired fixed assets and impaired fixed assets associated with the Company’s decision to enter into a foundry partnership for its future advanced bipolar wafer process development and related production requirements in the fourth quarter. There will be an additional pretax charge of approximately $550 thousand dollars to cost of sales for severance expenses in the first quarter.

Pro forma net income, excluding these restructuring and impairment charges, for the fourth fiscal quarter was $2.2 million, or $0.09 per diluted share. This compares to net income of $8.1 million, or $0.33 per diluted share reported for the fourth fiscal quarter of 2000 and pro forma net income of $2.0 million, or $0.08 per diluted share for the third fiscal quarter of 2001. Pro forma net income was $18.9 million, or $0.74 per diluted share for the fiscal year ended September 30, 2001 compared to net income of $20.0 million, or $0.85 per diluted share for fiscal year 2000.

Including the effects of the restructuring and impairment charges, net loss for the fourth fiscal quarter was $7.5 million, or $0.33 per share. Net income was $7.3 million, or $0.29 per diluted share for the fiscal year ended September 30, 2001.

Cash, cash equivalents and short-term investments at September 30, 2001 were $184.1 million, an increase of $23.5 million over September 30, 2000 and an increase of $5.1 million over June 30, 2001.

Rich Beyer, President and Chief Executive Officer stated, “We are pleased that Elantec showed progress in our fourth quarter – with modest revenue growth and profit improvement over our third quarter. In addition, we continued to strengthen our position in optical storage, TFT-LCD displays and communications markets.”

In looking to Elantec’s first fiscal quarter 2002, Mr. Beyer commented, “While we feel that we have returned to a path of revenue and profit growth, we remain cautious about the near-term. Nevertheless, in our first fiscal 2002 quarter we expect continued modest sequential growth in revenues in the range of 3 to 5%. And we expect pro forma net income per diluted share to be in the $0.09 to $0.10 range.”

Web Broadcast and Instant Replay
Elantec will broadcast its fourth 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 403265.

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, 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.

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) Derived from the Company’s audited consolidated financial statements as of September 30, 2000.
(3) 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, 2000.