SAN FRANCISCOAnalog Devices Inc. (ADI) Monday (Nov. 24) reported a net income of $143.9 million for the fiscal fourth quarter ended Nov. 1, an increase of 4 percent over the prior quarter and an increase of 47 percent over the same period of 2007.
ADI (Norwood, Mass.) posted revenue of $660.7 million for the quarter, up from $659 million in the prior quarter and up 6 percent from $623.5 million in the fiscal fourth quarter of 2007.
ADI's analog product revenue, which accounted for about 90 percent of the company's total revenue for the quarter, was approximately flat compared with the immediately prior quarter and grew 6 percent year-over-year, the company said.
For the entire fiscal year, ADI's product revenue was $2.6 billion, an increase of 6 percent from $2.4 billion in fiscal 2007, ADI said.
"While we exited the year faced with very difficult global economic conditions, we believe this focus on our market-leading core signal processing technologies gives us a competitive advantage that will endure throughout and beyond the current downturn," said Jerald Fishman, ADI president and CEO, in a statement.
ADI said it expects revenue for the current quarter to decline about 20 percent sequentially. The company said it plans to take steps to avoid a large inventory buildup by significantly reducing manufacturing output.
"Further, we are planning to take actions that we expect will result in operating expense reductions from fourth quarter levels of approximately 10 percent, or $25 million," Fishman said.