Semtech Corporation (Nasdaq: SMTC), a leading supplier of analog and
mixed-signal semiconductors, today updated its expectations for its
fiscal year 2014 fourth quarter, which will end January 26, 2014.
The Company now expects fourth quarter net revenue to be in the range of
$120.0 million to $130.0 million. GAAP diluted earnings are now expected
to be in the range of 0 cents to 8 cents per share and Non-GAAP diluted
earnings are now expected to be in the range of 18 cents to 24 cents per
share. The Company’s previous guidance issued on November 18, 2013 was
for net revenue to be in the range of $132.0 million to $144.0 million,
GAAP earnings to be in the range of 9 cents to 18 cents per diluted
share and Non-GAAP earnings to be in the range of 29 cents to 37 cents
per diluted share.
The reasons cited for the shortfall are ongoing delays in carrier capex
spending and a 6-month push-out in the ramp of a new consumer mobile
platform.
The Company also announced that, in order to better leverage natural
synergies, it is combining its Advanced Communications and its Gennum
Product Groups into a new Signal Integrity and Timing Product Group. The
new Product Group will be led by Gary Beauchamp, who was previously
Senior Vice President and General Manager of Semtech’s Gennum Product
Group. The Company is reviewing the financial implications of these
developments and will provide additional information to investors on
this new product group when it releases its fourth quarter fiscal year
2014 financial results in early March.
Semtech will be participating in the Williams Financial Group conference
call that was previously scheduled for Friday December 20, 2013 at 1 pm
EDT. The dial-in information can be accessed on the investor relations
section of the Company’s website at http://investors.semtech.com/.
Non-GAAP Financial Measures
To provide additional insight into the Company’s outlook for its fourth
quarter of fiscal year 2014, this release includes a presentation of
forward-looking Non-GAAP earnings per diluted share. The Non-GAAP
earnings per diluted share measure exclude stock-based compensation,
acquisition related fair value adjustments, transaction and integration
related expenses, loss contingencies, amortization and impairments of
acquired intangible assets, the release of prior accrued taxes on
foreign earnings, and the expiration of acquired return rights. This
Non-GAAP measure is provided to enhance the user's overall understanding
of the Company's comparable financial performance between periods. In
addition, the Company's management generally excludes the items noted
above when managing and evaluating the performance of the business.
Non-GAAP earnings per diluted share should not be considered a
substitute for any measures derived in accordance with GAAP and may be
inconsistent with similar measures presented by other companies.
Forward-Looking and Cautionary Statements
This press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended (the
"Securities Act"), and Section 21E of the Securities Exchange Act of
1934, as amended. Forward-looking statements are statements other than
historical information or statements of current condition and relate to
matters such as future financial performance, future operational
performance, the anticipated impact of specific items on future
earnings, and our plans, objectives and expectations. These
forward-looking statements are identified by the use of such terms and
phrases as "intends," "goal," "estimates, "expects," "projects,"
"plans," "anticipates," "should," "will," "designed to," "believe," and
other similar expressions which generally identify forward-looking
statements. Forward-looking statements involve known and unknown risks
and uncertainties that could cause actual results and events to differ
materially from those projected. Important factors that could cause
actual results to differ materially include, but are not limited to: the
continuation and/or pace of key trends considered to be main
contributors to the Company's growth, such as demand for increased
network bandwidth, demand for increasing energy efficiency in the
Company's products or end use applications of the products, demand for
increasing miniaturization of electronic components; shifts in demand
among target and current customers, and other comparable changes in
projected or anticipated markets; competitive changes in the
marketplace, including, but not limited to, the pace of growth or
adoption rates of applicable products or technologies; shifts in focus
among target customers, and other comparable changes in projected or
anticipated markets; adequate supply of components and materials from
our suppliers, and of our products from our third-party manufacturers,
to include disruptions due to natural causes or disasters, or related
extraordinary weather events; the Company's ability to forecast and
achieve anticipated revenues and earnings estimates in light of periodic
economic uncertainty, to include impacts arising from European and
global economic dynamics; the Company's ability to manage expenses to
achieve anticipated amounts; and the amount and timing of expenditures
for capital equipment deemed necessary or advisable by the Company.
Additionally, forward-looking statements should be considered in
conjunction with the cautionary statements contained in the "Risk
Factors" section and elsewhere in the Company's Annual Report on Form
10-K for the fiscal year ended January 27, 2013, in the Company's other
filings with the SEC, and in material incorporated therein by reference.
In light of the significant uncertainties inherent in the
forward-looking information included herein, any such forward-looking
information should not be regarded as representations by the Company
that its objectives or plans will be achieved or that any of its
operating expectations or financial forecasts will be realized.
Investors are cautioned not to place undue reliance on any
forward-looking information contained herein. The Company assumes no
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
About Semtech
Semtech Corporation is a leading supplier of analog and mixed-signal
semiconductors for high-end consumer, computing, communications and
industrial equipment. Products are designed to benefit the engineering
community as well as the global community. The Company is dedicated to
reducing the impact it, and its products, have on the environment.
Internal green programs seek to reduce waste through material and
manufacturing control, use of green technology and designing for
resource reduction. Publicly traded since 1967, Semtech is listed on the
NASDAQ Global Select Market under the symbol SMTC. For more information,
visit http://www.semtech.com.
Semtech and the Semtech logo are registered marks of Semtech Corporation.
Copyright Business Wire 2013