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Analog Devices Posts Q4

NORWOOD, Mass. — Analog Devices, Inc. (NYSE: ADI), a global leader in high-performance semiconductors for signal processing applications, today announced financial results for its fiscal fourth quarter and fiscal year ended October 30, 2010.

“The fourth quarter culminated a very strong year for ADI in which we achieved record revenue, profitability, and cash flow. For fiscal year 2010, revenue increased 37% and earnings nearly tripled” “The fourth quarter culminated a very strong year for ADI in which we achieved record revenue, profitability, and cash flow. For fiscal year 2010, revenue increased 37% and earnings nearly tripled,” said Jerald G. Fishman, President and CEO. “Our results reflect the benefits of a stronger market and our concerted efforts over the past few years to refocus our investments on those products and markets where ADI innovations add substantial and sustainable value, fundamentally improve our cost structure, and better align our organization with our customers and end markets.”

Results for the Fourth Quarter of Fiscal 2010

• Revenue was $770 million, an increase of 7% from the immediately prior quarter and an increase of 35% from the same period one year ago. For more information regarding revenue by end market and product type for the fourth quarter of fiscal 2010, please see Schedules D and E of this document. In addition, a more complete table covering prior periods is available on the Analog Devices Investor Relations website at: investor.analog.com.

• Gross margin was 67.0% of revenue, compared to 66.7% of revenue in the immediately prior quarter, and 56.3% of revenue in the same period one year ago.

• Operating expenses were $230 million, compared to $229 million in the immediately prior quarter, and $193 million in the same period one year ago.

• Operating income was $286 million, or 37.1% of revenue, compared to $251 million, or 34.9% of revenue, in the immediately prior quarter, and $128 million, or 22.5% of revenue, in the same period one year ago.

• Diluted earnings per share (EPS) was $0.73, compared to $0.65 in the immediately prior quarter, and $0.36 in the same period one year ago.

• The Board of Directors declared a cash dividend of $0.22 per outstanding share of common stock, which will be paid on December 22, 2010 to all shareholders of record at the close of business on December 3, 2010.

• The Board of Directors authorized the repurchase of an additional $1 billion of common stock under ADI’s existing share repurchase program.

• Net cash provided by operating activities was $274 million, or 36% of revenue. Capital expenditures were $38 million, and cash dividends of $66 million were paid during the fourth quarter of fiscal 2010.

• Cash and short-term investments at the end of the fourth quarter of fiscal 2010 totaled $2.7 billion, compared to $2.5 billion at the end of the immediately prior quarter.

• Accounts receivable in the fourth quarter of fiscal 2010, as measured by days sales outstanding, was 46 days, compared to 45 days at the end of the immediately prior quarter.

• Inventory at the end of the fourth quarter of fiscal 2010 increased by $12 million, or 5%, compared to the immediately prior quarter. Days in inventory decreased to 100 days at the end of the fourth quarter of fiscal 2010 from 101 days at the end of the immediately prior quarter.

{complink 317|Analog Devices Inc.}

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