Product category:
Analogue and Mixed Signal ICs
News Release from: Xicor
Edited by the Electronicstalk Editorial
Team on 14 November 2002
Continued growth for Xicor
Xicor has reported results for the third quarter of fiscal year 2002.
Xicor has reported results for the third quarter of fiscal year 2002 Sales for the third quarter of 2002 were $9.7 million compared with $9.5 million in the second quarter of 2002
This article was originally published on Electronicstalk on 13 Jul 2004 at 8.00am (UK)
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Excluding royalty revenue of $280,000 from licenses on mixed-signal technology, mixed-signal product sales were $6.6 million in the third quarter up from $6.1 million in the second quarter and represented 70% of the $9.4 million of product sales in the quarter, up from 64% in the previous quarter.
OEM sales represented 63% of total sales and sales outside of North America were 70% of total sales for the quarter compared with 50 and 66%, respectively, in the second quarter of 2002.
According to President and CEO Lou DiNardo, "We achieved 8% quarter-to-quarter sequential growth in mixed-signal product sales this quarter on top of 27% sequential growth achieved last quarter.
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Two consecutive quarters of significant sequential growth are a notable achievement given the current market conditions and overall outlook for semiconductor companies.
As I mentioned last quarter, I believe this is clearly attributable to the hard work and commitment of our team.
Our guidance for the fourth quarter is predicated on a significantly shorter customer manufacturing cycle in the December quarter compared with the September quarter.
While run rates may hold and design wins continue to move to production, customer plant shut downs could result in a decrease in demand.
Primarily based on these assumptions, sales for the fourth quarter are expected to be in the range of $9.0 million to $9.5 million.
Strategically, we will continue to focus on introducing new products to expand our served available market (SAM) and leverage the strength of our sales organisation to capture a greater market share.
For calendar year 2003 we expect to introduce over 30 new device types that should significantly expand our market opportunity.
These products will address the demanding mixed signal requirements in high-end consumer applications, cellular base station and laser diode control applications as well as computing, networking and industrial applications".
DiNardo concluded, "The strength of our new product development effort during calendar year 2002 will be realised with product introductions and the development of new product lines throughout 2003".
On a GAAP basis, results for the quarter were a loss of $0.04 per share.
The third quarter gross margin percentage, including royalty revenue, was 54%.
The gross margin percentage on product sales for the quarter was 53.1% compared with 49.5% in the second quarter.
Other income totalled $894,000 in the third quarter and included $700,000 from a favourable sales tax audit and $194,000 from the early termination of a wafer foundry agreement with Standard MEMS.
On a pro forma basis, excluding royalty revenue, the amortisation of purchased intangible assets and other income, results for the quarter were a loss of $0.08 per share in line with the company's guidance and consistent with the pro forma loss of $0.08 per share in the second quarter of 2002.
Operating spending remained relatively stable sequentially at $6.2 million for the quarter compared with $6.1 million in the second quarter of 2002.
Excluding the $629,000 quarterly benefit from the amortisation of the deferred gain on the sale of the company's wafer fabrication assets, which ended in the third quarter due to the termination of the wafer foundry agreement, the third quarter gross margin percentage on product sales was 46% compared with 43% in the second quarter of 2002.
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