NORWOOD, Mass.--Analog Devices Inc. here today reported revenues surged 63% to $490 million in the company's first fiscal quarter, ended Jan. 29, compared to $300.5 million in the same period last year. Sequentially, Analog Devices' sales were up 14% from $431.0 million in the previous three-month period.
The Norwood chip maker posted a net income of $93.0 million in the quarter vs. a net income of $29.8 million in the period last year. In the previous fiscal fourth quarter, Analog Devices reported a net income of $73.2 million. The company today also announced a two-for-one stock split.
"The communications market is clearly at the epicenter of the shift to signal processing as signal processing replaces data processing as the primary growth engine driving the semiconductor industry," said Jerald G. Fishman, president and CEO at Analog Devices. "Communications applications have consequently become ADI's most important growth driver. Our sales to communications customers continued to grow during the first quarter and were up more than 90% compared to last year's first quarter.
"Communications customers now account for over 40% of our total revenues, and are running at an annual rate of more than $800 million," Fishman added.
Analog Devices' CEO predicted that his company's revenue growth in 2000 could exceed 50% "if current trends continue."
He said the company's analog product revenues grew 58% in the first quarter over sales last year and 14% sequentially from the previous fiscal fourth quarter. "We believewe have leading market shares in both converters and high-performance amplifiers, which together account for nearly half of our total revenues," Fishman said.
Digital signal processor revenues increased 87% year in the fiscal first quarter from a year ago and 13% sequentially from the fiscal fourth quarter, he said. "DSP revenues for fiscal 1999 grew 71%, or nearly three times the market's growth rate," Fishman added.