SUNNYVALE, CA — (Marketwire) — 07/26/11 — Supertex, Inc. (NASDAQ: SUPX) today reported
financial results for the first fiscal quarter ended July 2, 2011. Net
sales for the first fiscal quarter were $18,058,000, slightly higher
compared to the prior quarter of $17,983,000 and a 22% decrease compared to
$23,155,000 in the same quarter last year. On a GAAP basis, net income in
the first fiscal quarter was $1,669,000, or $0.13 per diluted share, as
compared with $1,492,000 or $0.12 per diluted share in the prior fiscal
quarter, and $4,108,000 or $0.32 per diluted share in the same quarter of
the prior fiscal year.
Non-GAAP earnings per diluted share for the first quarter of fiscal 2012
were $0.18, excluding pre-tax employee stock-based compensation of $593,000,
compared with $0.16 in the prior quarter, excluding pre-tax employee
stock-based compensation of $727,000, and $0.37 in the same quarter of the
prior fiscal year, excluding pretax employee stock-based compensation of
$759,000.
“Sales of our medical ultrasound products rebounded during the quarter as
customers stocked up for normal high season production,” stated Dr. Henry
C. Pao, President and CEO. “Total medical product sales increased $1.1
million or 17% sequentially. Sales of our printer head driver products also
increased sequentially by $0.7 million. LED general lighting projects
continue to grow, with sales being slightly higher sequentially. Offsetting
these increases were reductions in sales of telecom optical MEMS drivers
and sales of custom processing services. We had expected to begin ramping
up shipments of LED drivers for a high-end monitor customer, but our
customer experienced some production delays. Based on this customer-s
current releases, we expect increased sales in our second fiscal quarter.
We also expect sales of our medical ultrasound products to increase
sequentially, however our overall total sales forecast for the second
fiscal quarter is projected to be flat to down 5% sequentially primarily
due to expected reductions in sales of our custom processing services.
During the first fiscal quarter we launched twelve new products, mostly
medical ultrasound, and expect to launch seven more in our second fiscal
quarter, mostly for LED general lighting.”
Dr. Pao commented further, “Gross margin in the first fiscal quarter was
50.2%, slightly lower than the prior quarter of 50.7%, primarily due to
reduced wafer fab capacity utilization which lowered inventory by $1.0
million, or 5%. Operating expenses were slightly lower sequentially.
During the quarter, cash generated from operating activities was $2.4
million. We received cash redemptions at par value on two of our student
loan-backed auction rate securities totaling $2.4 million and we purchased
151,000 shares of our stock for $3.2 million. Since we announced the $60
million stock repurchase program at the end of this past January, we have
bought back approximately 424,000 shares for a total of $9.5 million.”
Forward-Looking Statements:
The industry in which we compete is characterized by extreme rapid changes
in technology and frequent new product introductions. We believe that our
long-term growth will depend largely on our ability to continue to enhance
existing products and to introduce new products and features that meet the
continually changing requirements of our customers. All statements
contained in this press release that are not historical facts are
forward-looking statements. They are not guarantees of future performance
or events. They are based upon current expectations, estimates, beliefs,
and assumptions about the future, which may prove incorrect, and upon our
goals and objectives, which may change. Often such statements can be
identified by the use of the words such as “will,” “intends,” “expects,”
“plans,” “believes,” “anticipates” and “estimates.” Examples of
forward-looking statements include our anticipation that in the second
fiscal quarter sales will be sequentially flat to down 5% as anticipated
increases in sales of LED drivers for a high end monitor customer and of
medical products may not offset anticipated declines in sales of custom
processing services and our expectation to launch seven new products,
mostly for LED general lighting, in our second fiscal quarter.
These forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. They
are not guarantees of future performance or events but rather involve a
number of risks and uncertainties including, but not limited to, whether
our customers experience the demand we anticipate for their products based
in part upon their input and our order backlog, whether the designed
performance of our devices satisfies our customers- requirements so that
they continue to design our devices into their products, whether our
devices perform to their design specification, whether competitors
introduce devices at lower prices than our devices causing price erosion,
whether we are successful in the engineering of new products, whether we
encounter production issues in device manufacturing or moving new products
from engineering into production, and whether our fab equipment continues
to operate at expected capacities without need of replacement, as well as
other risk factors detailed in our Form 8-K, 10-K, and 10-Q filings with
the Securities and Exchange Commission. Due to these and other risks, our
future actual results could differ materially from those discussed above.
We undertake no obligation to publicly release updates or revisions to
these statements that speak only as of this date.
Conference Call Details
The Company will host a conference call at 2:30 p.m. PDT (5:30 p.m. EDT) on
July 26, 2011, following the earnings release. President and CEO, Dr.
Henry C. Pao, and CFO, Phil Kagel, will present an overview of the first
fiscal quarter financial results, discuss current business conditions, and
then respond to questions.
The call is available live for any interested party by dialing 800-862-9098
(domestic) or 785-424-1051 (toll, international) before the scheduled start
time and using “Supertex” as conference ID. A recorded replay will be
available for 30 days immediately following the conference call until 11:59
p.m. EDT, August 26, 2011 at 800-283-9429 (domestic) and 402-220-0871
(toll, international).
About Supertex
Supertex, Inc. is a publicly held mixed signal semiconductor manufacturer,
focused in high voltage products for use in the medical ultrasound imaging,
LCD TV backlighting, LED general lighting, telecommunications, printer,
flat panel display, industrial and consumer product industries. Supertex
product, corporate and financial information is readily available at our
website: .
For further information, contact Investor Relations at Supertex, Inc., 1235
Bordeaux Drive, Sunnyvale, California 94089, 408-222-8888 or visit our
website at .
Use of Non-GAAP Financial Information
To supplement our financial results presented in accordance with GAAP, we
use the following non-GAAP financial measures: non-GAAP net income and
diluted non-GAAP net income per share. We present such non-GAAP financial
measures in reporting our financial results to provide investors with an
additional tool to evaluate our operating results. Because these non-GAAP
measures are not calculated in accordance with GAAP, they may not
necessarily be comparable to similarly titled measures employed by other
companies. These non-GAAP financial measures should not be considered in
isolation or as a substitute for comparable GAAP measures, and should be
read only in conjunction with our consolidated financial statements
prepared in accordance with GAAP.
Our management uses each of the above non-GAAP financial measures
internally to understand, manage and evaluate our business. Our management
believes it is useful for us and for investors to review, as applicable,
both GAAP information, which includes employee stock-based compensation
expense, and the non-GAAP measures, which exclude this information, in
order to assess the performance of our core continuing businesses and for
planning and forecasting in future periods. Each of these non-GAAP
measures is intended to provide investors with an understanding of our
operational results and trends that more readily enables them to analyze
our base financial and operating performance and facilitate
period-to-period comparisons and analysis of operation trends. Our
management believes each of these non-GAAP financial measures is useful to
investors in allowing for greater transparency with respect to supplemental
information used by management in its financial and operational
decision-making.
Our GAAP cost of sales and operating expenses include employee stock-based
compensation. Our non-GAAP financial measures reflect adjustments to
exclude this employee stock-based compensation. We believe cost of sales
excluding share-based compensation, R&D expense excluding share-based
compensation, and SG&A expense excluding share-based compensation are
useful information for investors because comparative differences in the
corresponding GAAP measures for different periods may reflect factors such
as a different stock price when equity awards were made and different
equity award practices rather than changes in the operation of the
business. Stock options are the form of equity compensation we presently
utilize and they are a key incentive we offer our employees. We believe
they have contributed to the sales earned during the period and will
contribute to our future sales generation. Employee stock-based
compensation expenses will recur in future periods.
Corporate Headquarters:
Dr. Henry C. Pao
President & CEO
408/222-8888
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