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Analog Posts Q1

NORWOOD, Mass. — Analog Devices, Inc. (NYSE: ADI), a global leader in high-performance semiconductors for signal processing applications, today announced financial results for the first quarter of fiscal 2011, which ended January 29, 2011.

“ADI delivered solid results in the first quarter, with revenue that was in line with our expectations. Our profitability remained strong as we achieved gross margin of 66.2%, operating margin of 35.6%, EPS from continuing operations of $0.66, excluding one-time tax benefit items, and operating cash flow that was 30% of sales,” said Jerald G. Fishman, President and CEO. “Most importantly, business levels stabilized during the first quarter, giving us confidence that 2011 will be another good year for ADI.”

  • 1Q11 revenue was $729 million
  • 1Q11 diluted EPS from continuing operations was $0.70, which includes $0.04 of one-time tax benefit items
  • 1Q11 gross margin was 66.2% of revenue
  • 1Q11 operating margin was 35.6% of revenue
  • Board of Directors declared a quarterly dividend of $0.22 per share
  • Financial results and 2Q11 outlook will be discussed via conference call today at 5:00 pm
  • Results of Operations for the First Quarter of Fiscal 2011

  • Revenue was $729 million, a decrease of 5% from the immediately prior quarter and an increase of 21% from the same period one year ago. For more information regarding revenue by end market and product type for the first quarter of fiscal 2011, 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 66.2% of revenue, compared to 67% of revenue in the immediately prior quarter, and 61.1% of revenue in the same period one year ago.
  • Operating expenses were $223 million, compared to $230 million in the immediately prior quarter, and $219 million in the same period one year ago, which included a one-time restructuring charge. Excluding that charge, non-GAAP operating expenses for that period were $203 million. The table reconciling non-GAAP data to the Company’s GAAP results is provided in this release on Schedule F. A more complete table covering reconciliations for prior periods is available on the Analog Devices Investor Relations website at investor.analog.com.
  • Operating income from continuing operations was $259 million, or 35.6% of revenue, compared to $286 million, or 37.1% of revenue, in the immediately prior quarter, and $149 million, or 24.7% of revenue, in the same period one year ago, which included a one-time restructuring charge. Excluding that charge, non-GAAP operating income for that period was $166 million, or 27.5% of revenue.
  • Diluted earnings per share (EPS) from continuing operations was $0.70, and non-GAAP diluted EPS from continuing operations was $0.66, excluding one-time tax benefit items. This compares to $0.73 in the immediately prior quarter, and $0.39 in the same period one year ago, which included a one-time restructuring charge. Excluding that charge, non-GAAP diluted EPS from continuing operations for that period was $0.43.
  • Diluted EPS from discontinued operations was $0.02.
  • The Board of Directors declared a cash dividend of $0.22 per outstanding share of common stock, which will be paid on March 23, 2011 to all shareholders of record at the close of business on March 4, 2011.
  • Net cash provided by operating activities was $217 million, or 30% of revenue. Capital expenditures were $26 million, cash dividends paid were $66 million, and approximately $114 million was used to repurchase 3.1 million shares of ADI stock during the first quarter of fiscal 2011.
  • Cash and short-term investments at the end of the first quarter of fiscal 2011 totaled $3.0 billion, compared to $2.7 billion at the end of the immediately prior quarter.
  • Accounts receivable in the first quarter of fiscal 2011, as measured by days sales outstanding, was 48 days, compared to 46 days at the end of the immediately prior quarter.
  • Inventory at the end of the first quarter of fiscal 2011 increased by $6 million, or 2%, compared to the immediately prior quarter. Days in inventory was 105 days at the end of the first quarter of fiscal 2011, compared to 100 days at the end of the immediately prior quarter.

    {complink 317|Analog Devices Inc.}

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