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Silicon Laboratories Reports First Quarter Results(ENP Newswire Via Acquire Media NewsEdge) ENP Newswire - 28 April 2011 Release date- 27042011 - AUSTIN, Texas - Silicon Laboratories Inc. (Nasdaq: SLAB), a leader in high-performance, analog-intensive, mixed-signal integrated circuits, today reported a seven percent sequential increase in first quarter revenue to $119.6 million due to strength in its broadcast and broad-based product lines. Financial Highlights Revenue returned to growth in the first quarter, countering typical seasonal weakness in consumer markets with strong new product cycles. During the quarter, the company completed the acquisition of SpectraLinear, a timing IC provider, and GAAP results include approximately $11.7 million in charges related to the acquisition, as well as typical non-cash stock compensation charges. GAAP gross margin was impacted by product mix as well as $1.1 million in acquisition charges, resulting in 60.3 percent gross margin for the first quarter. Operating expenses included $5.1 million in acquisition-related charges and ended the quarter at $35.4 million in R&D investment and $31.9 million in SG&A expense. This resulted in a fully diluted GAAP loss of four cents per share. The following non-GAAP results exclude the impact of acquisition-related charges and stock compensation expense. Non-GAAP gross margin was 61.6 percent for the quarter, down sequentially as anticipated due to product mix. Operating expenses increased only modestly, with R&D at $29.7 million and SG&A about flat at $23.2 million. Fully diluted non-GAAP earnings per share were better than expected at $0.40. Business Highlights The company's better than seasonal performance was driven by an aggressive ramp of its innovative silicon TV tuner into iDTVs by five top TV makers during the quarter. The company's timing products also achieved record revenue again which, when combined with strong growth in MCU products, enabled high single-digit sequential growth in the broad-based product category. Record design wins and expanding portfolios in both timing and MCUs created market share momentum at both existing and new customers. 'The improving complexion of our revenue base, and the momentum we currently have with our bookings and design wins have so far outweighed the industry-wide concerns that have developed following the tragedy in Japan,' said Necip Sayiner, president and CEO of Silicon Laboratories. 'We continue to have confidence in the annual growth targets we set in January and view the Q1 results as strong progress towards those goals.' The company guided revenue for the second quarter in the range of $124 to $130 million. Webcast and Conference Call A conference call discussing the quarterly results will follow this press release at 7:30 a.m. central time. An audio webcast will be available simultaneously on Silicon Laboratories' website under Investor Relations (www.silabs.com). A replay will be available after the call at the same website listed above or by calling 1 (800) 642-1687 or +1 (706) 645-9291 (international) and by entering 59263865. The replay will be available through May 11, 2011. About Silicon Laboratories Inc. Silicon Laboratories Inc. is a leading designer of high-performance, analog-intensive, mixed-signal integrated circuits (ICs) for a broad range of applications. Silicon Laboratories' diverse portfolio of highly integrated, patented solutions is developed by a world-class engineering team with expertise in cutting-edge mixed-signal design. The company has design, engineering, marketing, sales and applications offices throughout North America, Europe and Asia. For more information about Silicon Laboratories, please visit www.silabs.com. Forward-Looking Statements This press release contains forward-looking statements based on Silicon Laboratories' current expectations. The words 'believe,' 'estimate,' 'expect,' 'intend,' 'anticipate,' 'plan,' 'project,' 'will' and similar phrases as they relate to Silicon Laboratories are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silicon Laboratories and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: risks that Silicon Laboratories may not be able to maintain its historical growth; quarterly fluctuations in revenues and operating results; volatile stock price; average selling prices of products may decrease significantly and rapidly; difficulties developing new products that achieve market acceptance; dependence on a limited number of products and customers; intellectual property litigation risks; inventory-related risks; risks associated with acquisitions; difficulties managing international activities; difficulties managing our manufacturers and subcontractors; risks that Silicon Laboratories may not be able to manage strains associated with its growth; credit risks associated with our accounts receivable; dependence on key personnel; risks associated with divestitures; geographic concentration of manufacturers, assemblers, test service providers and customers in Asia that subjects Silicon Laboratories' business and results of operations to risks of natural disasters, epidemics, war and political unrest; the competitive and cyclical nature of the semiconductor industry and other factors that are detailed in Silicon Laboratories' filings with the SEC. Silicon Laboratories disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Note to editors: Silicon Laboratories, Silicon Labs and the Silicon Labs logo are trademarks of Silicon Laboratories Inc. All other product names noted herein may be trademarks of their respective holders. Contact: Shannon Pleasant Silicon Laboratories Inc. Tel: 512-464-9254 Email: [email protected] [Editorial queries for this story should be sent to [email protected]] ((Comments on this story may be sent to [email protected])) (c) 2011 Electronic News Publishing - |