NORWOOD, Mass. -- Analog Devices Inc. announced Thursday (August 14, 2003) a net income of $79 million on revenues of $520.4 million in the company's third quarter of its fiscal year, which ended August 2. The income was up from $71 million in the previous quarter.
Revenues increased 17 percent from the third quarter of fiscal 2002 and 4 percent from the second quarter of fiscal 2003. After enjoying revenue growth in all geographic regions in the third fiscal quarter the company is predicting revenue growth of 3 percent to 5 percent for the fourth quarter of fiscal 2003.
"Revenue grew quarter-to-quarter across a broad base of applications within the computer, communications, consumer, and industrial markets we serve," said Jerald Fishman, Analog Devices' president and chief executive officer, in a statement.
As a result cash and short-term investment balances increased by $128 million after spending approximately $20 million on capital equipment. Cash and short-term investment balances at the end of the third quarter of fiscal 2003 totaled $3.2 billion, the company stated.
"The book-to-bill ratio was approximately one for the third quarter with strong order rates during July, the last month of the quarter," Fishman said.
"In addition, our DSP product revenues for the quarter accounted for approximately 22 percent of company revenues and grew 4 percent sequentially and 28 percent compared to the same period last year."
Analog Devices' revenues grew in every region of the world with the strongest growth in Japan, primarily driven by consumer electronics equipment, Fishman said. Sales in Japan accounted for approximately 19 percent of revenue, the Americas 25 percent, Europe 20 percent, and Southeast Asia 36 percent.
"We are encouraged by the strong order rates since early July," said Fishman.