SAN FRANCISCO Analog Devices Inc. (ADI) Thursday (Feb. 9) reported GAAP net income of $121 million on revenue of $621 million for the first quarter of fiscal 2006, in line with previous company guidance.
ADI's GAAP net income, which equates to roughly 32 cents per share, was up 12 percent from the $107 million that the company reported for the first quarter of fiscal 2005 and up 76 percent from the $68 million that the company reported for the fourth quarter of fiscal 2005.
Revenue of $621 million was up 7 percent from $581 million for the first quarter of fiscal 2005 and roughly flat with fourth quarter fiscal 2005 revenue of $622 million.
ADI's board of directors declared a cash dividend for the fiscal first quarter of 12 cents per outstanding share of common stock.
ADI (Norwood, Mass.) said gross margins for the fiscal first quarter were $361 million, or 58.1 percent of sales. Gross margins were reduced by $6.9 million related to stock option expense and previously announced manufacturing restructuring-related expense, according to ADI, which embarked on a
major restructuring initiative including the closure of fabs in California last October.
"The first quarter results were in line with our plan for the quarter, although gross margins were somewhat stronger than planned," said Jerald Fishman, ADI's president and CEO, in a statement.
The company had guided previously for fiscal first quarter revenue to be flat with revenue from the fourth quarter of fiscal 2005 and for earnings per share of roughly 31 cents.
Fishman said Thursday the company expects fiscal second quarter revenue to be in the range of $635 million to $650 million. Expecting improved margins, Fishman said the company expects to report a net income of 34 to 36 cents per share.