MANHASSET, N.Y. Lingering inventory issues, restructuring charges, and product transition issues led to mixed results for Xilinx Inc., California Micro Devices Corp., and Trident Microsystems Inc. in their December fiscal quarters.
Programmable logic device supplier Xilinx (San Jose, Calif.) reported net income of $64 million, or 18 cents per share on sales of $355.4 million in its third 2005 fiscal quarter, down from $69.4 million or 19 cents per share on sales of $365.6 million a year ago. Results include a $3.1 million charge related to asset impairment and a $5.5 million tax benefit related to a recent IRS settlement.
Xilinx attributed the weaker-than-expected results to excess inventory, particularly in the telecom sector, and sequential declines in all the company's geographic regions.
Digital TV semiconductor supplier Trident Microsystems (Sunnyvale, Calif.) posted a net loss of $0.54 million, or 2 cents per share, on sales of $15.4 million in its second 2005 fiscal quarter, compared to earnings of $1.4 million, or 6 cents per share on sales of $16.2 million a year ago.
"Although the results for the second fiscal quarter of 2005 reflect an anticipated delay in product transition, we now expect to resume our strong growth momentum in the March quarter and continue that growth throughout calendar 2005," said Frank Lin, president and chief executive of Trident, in a statement.
California Micro Devices (Milpitas, Calif.), which supplies analog ICs for mobile, computing, and digital consumer products, reported net earnings of $0.87 million, or 4 cents per share on sales of $17.8 million in its third 2005 fiscal quarter. Results included a $1.1 million restructuring charge related to the closing of a plant in Tempe, Ariz.
The company earned $2.5 million, or 12 cents per share on sales of $17.0 million a year ago.
California Micro Devices also said it would restate financial results for its six most recent quarters due to identifying certain costs from vendors in the wrong quarter. The largest change to net earnings in any one quarter was $63,000, the company said.