The recent earnings report is a good place to start this thread:
SILI earnings report:
Siliconix Reports First Quarter Net Income of $0.27 per Share on Revenues of $83.6 Million
SANTA CLARA, Calif.--(BUSINESS WIRE)--April 30, 2002--Siliconix
incorporated (Nasdaq:SILI), an 80.4% subsidiary of Vishay
Intertechnology, Inc. (NYSE:VSH), today announced net income of $8.2 million, or $0.27 per share, for the first quarter ended March 30, 2002. This compares to net income of $10.2 million, or $0.34 per share, in the first quarter of 2001 but represents a significant improvement over the net income of $649,000, or $0.02 per share, in the fourth quarter of 2001. Sales for the first quarter of 2002 were
$83.6 million, compared to $88.1 million for the first quarter of 2001 but a sequential increase of 9% from the $76.7 million in the fourth quarter of 2001.
The gross margin for the first quarter of 2002 was 29%, compared to 32% for the first quarter of 2001 but improved from 18% for the fourth quarter of 2001. The sharp sequential increase of 75% in the gross profit resulted from greater capacity utilization, higher revenues and firming pricing in the current quarter. The decline from
the first quarter of 2001 resulted mainly from price erosion caused by excess industry capacity during a major market downturn. The Company's ongoing cost reduction programs helped significantly to offset this decline. Research and development expenses increased by $400,000 from
the year-ago quarter and $700,000 sequentially, as the Company continued to develop technologies and products that will help it maintain its edge as the technology leader in the markets it serves.
Selling, marketing, and administration expenses continued to decline as a percentage of sales, to 11.5% of sales in the current quarter, compared to 12.9% in the first quarter and 12.3% in the fourth quarter of last year, reflecting the Company's ongoing success in controllingcosts.
Dr. King Owyang, Siliconix President and CEO, said, "We are now seeing a distinct improvement in the business climate that should leadto improved results during 2002. Both our book-to-bill ratio, andbookings in absolute dollars, improved for the fourth consecutive quarter. Our bookings in this quarter were more than twice our bookings in the same timeframe last year. Cancellations also declined
for the fourth consecutive quarter. The improvement in our business has resulted from increasing demands from the notebook computer, cellular phone, game console, digital camera and other consumer markets. We are also seeing signs that the desktop computer market may rebound for us in the second half of the year."
Dr. Owyang also stated, "Our backlog is increasing steadily and at the end of the first quarter, was 34% higher than at the beginning. Consistent with the recovery that we are seeing, we are taking measures to increase our capacity to meet our customers' anticipated increased requirements this year. Another positive note is that with the increasing demand in our strategic markets, we are observing a
moderation in the rate of decrease of our average selling price, which last year was the most severe in the past several years."
He continued, "We believe that developing new technologies, new products and new solutions for our customers will grow our business revenues and drive our profitability. In line with this philosophy, we have introduced 35 new products and closed on 230 new design wins. These are mostly based on the technology platforms, both silicon and packaging, developed in 2001."
Dr. Owyang concluded, "Our corporate strategy has not changed. We will maintain our focus on developing the best solutions for our customers through innovation to enhance our leadership in our key markets. At the same time, we will continue our cost reduction programs and improve our manufacturing efficiencies while we service the telecommunications, portable computer, and automotive markets. We are confident that this will allow us to further penetrate these markets."
Siliconix is a leading manufacturer of power MOSFETs, power ICs, and analog switches for computers, cell phones, fixed communications networks, automobiles, and other electronic systems. With 2001 worldwide sales of $305.6 million, the Company's facilities include a Class 1, six-inch wafer fab dedicated to the manufacture of power products in Santa Clara, California, and an affiliated Class 1, six-inch wafer fab located in Itzehoe, Germany. Power products are
also manufactured by a subcontractor in Japan. Analog switches, analog multiplexers, and low-power transistors are fabricated by subcontractors in Dresden, Germany and in Beijing, China. Assembly and test facilities include a company-owned facility in Taiwan, a joint venture in Shanghai, China, and subcontractors in the Philippines,
China, Israel, and the United States.
Vishay, a Fortune 1,000 Company listed on the NYSE, is one of the world's largest manufacturers of discrete semiconductors (diodes, rectifiers, transistors, optoelectronics, and selected ICs) and passive electronic components (resistors, capacitors, inductors). The Company's components can be found in products manufactured in a very broad range of industries worldwide. Vishay is headquartered in Malvern, Pennsylvania, and has plants in fourteen countries employing over 20,000 people. Vishay can be found on the Internet at http://www.vishay.com.
SILICONIX INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
----------------------------------------------------------------------
Three Months Ended
March 30 March 31
(In thousands, except 2002 2001
per share amounts)
----------------------------------------------------------------------
Net sales $ 83,602 $ 88,137
Cost of sales 59,194 59,812
---------- -----------
Gross profit 24,408 28,325
Operating expenses:
Research and development 4,762 4,335
Selling, marketing, and
administration 9,625 11,347
Goodwill amortization 0 115
---------- -----------
Operating income 10,021 12,528
Interest income (expense) 855 2,179
Other income (expense)
- net (22) (1,171)
---------- -----------
Income before taxes and
minority interest 10,854 13,536
Income taxes (2,590) (3,243)
Minority interest in income
of consolidated subsidiary (60) (60)
---------- -----------
Net income $ 8,204 $ 10,233
========== ===========
Net income per share
(basic and diluted) $ 0.27 $ 0.34
========== ===========
Shares used to compute earnings
per share 29,879 29,879
========== ===========
SILICONIX INCORPORATED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
----------------------------------------------------------------------
March 30, December 31
(In thousands) 2002 2001
----------------------------------------------------------------------
Assets
----------------------------------------------------------------------
Current assets:
Cash and cash equivalents $174,802 $167,236
Accounts receivable, less
allowances 38,781 33,644
Accounts receivable from
affiliates 28,473 12,457
Inventories 59,400 61,302
Other current assets 19,263 17,801
Deferred income taxes 5,058 5,058
--------- ---------
Total current assets 325,777 297,498
--------- ---------
Property, plant, and
equipment, at cost:
Land 1,715 1,715
Buildings and improvements 55,339 53,946
Machinery and equipment 350,699 352,196
--------- ---------
407,753 407,857
Less accumulated
depreciation 246,724 237,378
--------- ---------
Net property, plant, and
equipment 161,029 170,479
Goodwill 7,445 7,445
Other assets 331 376
--------- ---------
Total assets $ 494,582 $ 475,798
========= =========
Liabilities and
Stockholders' Equity
Current liabilities:
Accounts payable $ 20,051 $ 17,800
Accounts payable to
affiliates 42,493 36,692
Accrued payroll and
related compensation 7,286 6,409
Other accrued liabilities 19,784 18,274
--------- ---------
Total current liabilities 89,614 79,175
--------- ---------
Long-term debt, less current
portion 2,083 2,001
Deferred income taxes 15,010 15,010
Other non-current
liabilities 36,976 36,976
Minority interest 3,726 3,666
--------- ---------
Total liabilities 147,409 136,828
--------- ---------
Commitment and contingencies
Stockholders' equity:
Common stock 299 299
Additional paid-in-capital 59,370 59,370
Retained earnings 288,306 280,102
Accumulated other
comprehensive loss (802) (801)
--------- ---------
Total stockholders' equity 347,173 338,970
--------- ---------
Total liabilities and
stockholders' equity $494,582 $475,798
========= =========
CONTACT:
Siliconix incorporated
Swapan Banerjee, 408/567-8400 (Senior Director)
or
Vishay Intertechnology, Inc.
Robert Freece, 610/251-5252 (Senior VP)
SOURCE: Siliconix incorporated
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04/30/2002 08:30 EASTERN
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