News & Events
Elantec Semiconductor Announces Second Quarter Fiscal 2002 Results
MILPITAS, CALIFORNIA, April 11, 2002 Elantec Semiconductor, Inc. (NASDAQ: ELNT), a leader in high performance analog integrated circuits, today reported financial results for the second quarter ended March 31, 2002. Net revenues for the second quarter were $25.4 million representing a decrease of 17% from the second quarter of fiscal 2001, and an 11% increase from the $22.9 million reported in the first quarter of 2002. Net revenues for the six months ended March 31, 2002 were $48.3 million representing a decrease of 32% from the $71.3 million reported in the same period of fiscal 2001.
On March 10, 2002 the Company announced that it had agreed to be acquired by Intersil Corporation (NASDAQ: ISIL).
Pro forma net income for the second quarter of fiscal 2002, excluding merger-related expenses, was $3.0 million, or $0.12 per diluted share. This compares to net income of $5.0 million, or $0.20 per diluted share reported for the second quarter of fiscal 2001 and pro forma net income for the first quarter of fiscal 2002, excluding severance expenses associated with a restructuring of manufacturing operations, of $2.4 million or $0.10 per diluted share.
Pro forma net income for the six months ended March 31, 2002, excluding merger-related expenses and severance expenses associated with a restructuring of manufacturing operations, was $5.4 million, or $0.21 per diluted share. This compares to net income of $14.7 million or $0.57 per diluted share reported in the same period of fiscal 2001.
Including merger-related expenses and severance expenses, net income was $0.9 million or $0.04 per diluted share for the quarter ended March 31, 2002 and $3.0 million or $0.12 per diluted share for the six months ended March 31, 2002.
Cash, cash equivalents and short-term investments at March 31, 2002 were $192.9 million, an increase of $4.7 million over December 31, 2001.
Rich Beyer, President and Chief Executive Officer stated, Elantec grew its revenues and pro form earnings for the third consecutive quarter. This quarter we saw continued strong growth, particularly in our optical storage business. The market for our products for CD-R/W and DVD recordable drives is booming.
In looking to Elantecs third fiscal quarter 2002, Mr. Beyer commented, We expect sequential revenue growth in the 6 to 8% range for the June quarter. We expect pro forma net income per diluted share to be in the $0.13 to $0.14 range.
Mr. Beyer continued, As mentioned, on March 10, 2002, Intersil Corporation announced its intent to acquire Elantec Semiconductor. The approvals process is well underway, and it is currently anticipated that, pending the approval of both companies shareholders, the transaction could be closed in mid-May.
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 Companys 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 458661.
Safe Harbor Statement
Certain matters discussed in this press release, such as revenue and earnings expectations and the closing of the merger with Intersil, 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 Companys reports filed with the Securities and Exchange Commission, including but not limited to the Companys most recent Forms 10-Q, 10-K and the Joint Proxy Statement/Prospectus relating to the Intersil merger. The Companys 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.
Where You Can Find Additional Information
In connection with their proposed merger, Intersil and Elantec have filed a joint proxy statement/prospectus with the SEC. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS BECAUSE IT CONTAINS IMPORTANT INFORMATION. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus and other documents filed by Intersil and Elantec at the SEC's Web site at www.sec.gov. The joint proxy statement/prospectus and such other documents may also be obtained for free from Elantec or from Intersil by directing such request to Elantec Semiconductor, Inc., Attention: Corporate Secretary, 675 Trade Zone Boulevard, Milpitas, California 95035, telephone: (408) 945-1323 ext. 507 or to Intersil Corporation, General Counsel, 7585 Irvine Center Drive, Suite 100, Irvine, CA 92618, telephone: (949) 341-7062.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; in thousands, except per share data)
(1) Excludes merger-related expenses and restructuring charges relating to reduction of workforce.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except per share data)
(1) Unaudited
(2) Derived from the Companys audited consolidated financial statements as of September 30, 2001.
