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ADI announces Q3 results

Posted: 15 Aug 2006 ?? ?Print Version ?Bookmark and Share

Keywords:Analog Devices? XX? XX? XX? XX?

Analog Devices Inc. (ADI) announced revenue of $663.7 million for Q3 of fiscal 2006, an increase of approximately 14 percent compared to the same period one year ago and an increase of about 3 percent compared to the immediately prior quarter. Net income under GAAP was $144.7 million while diluted earnings per share (EPS) was 39 cents.

According to the press release, the GAAP results for Q3 include expenses of $5.7 million cost of sales related to previously-announced restructuring actions; expenses of $6.2 million in operating expenses related to previously-announced acquisitions; $19 million of non-cash stock option expenses; and $16.8 million of tax benefits. In total, these items reduced diluted EPS by 4 cents. Excluding these items, diluted EPS was 43 cents.

"Revenue from our broad base of industrial customers continued to be strong in the third quarter, increasing 16 percent year-over-year and 3 percent sequentially," said Jerald G. Fishman, ADI's president and CEO. "Revenue from communications customers increased 26 percent year-over-year and 6 percent sequentially. Within communications, revenue from wireless base station customers was particularly strong, while revenue from wireless handset customers was approximately equal to the immediately prior quarter."

During Q3, analog products totaled 84 percent of sales and DSP products accounted for 16 percent of sales. Revenue from analog products grew 15 percent compared to the same period one year ago and 4 percent compared to the immediately prior quarter. Compared to last year's Q3, data converter product sales grew 12 percent, amplifier product sales grew 20 percent, and other analog product sales grew 16 percent. Compared to the Q2 2006, data converter product sales grew 4 percent, amplifier sales grew 5 percent, and other analog product sales grew 2 percent.

DSP products' revenue grew from 11 percent compared to the same period one year ago and was flat compared to the immediately prior quarter. General-purpose DSP product sales grew 15 percent compared to the same period one year ago and 11 percent compared to the immediately prior quarter. Revenue from other DSP products grew 7 percent compared to the same period one year ago and declined 8 percent compared to the immediately prior quarter.

Revenue in Q4 is planned to be approximately equal to the Q3 of fiscal 2006. Gross margin is expected to be approximately equal to Q3's as well. Operating expenses are planned to increase by approximately $21.9 million compared to Q3, primarily due to the previously announced restructuring and acquisition related expenses.




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