SAN JOSE, Calif " It was a decent quarter for most chip makers.
Xilinx Inc., Cirrus Logic Inc., MIPS Technologies Inc., SanDisk Corp. and Zarlink Semiconductor Inc. separately reported their financial results on Wednesday (Jan. 21), with positive-to-mixed results for the quarter.
Xilinx announced results for the third quarter of fiscal 2004 with revenues of $365.6 million and a net income of $69.4 million, or $0.19 per diluted share, including a $3.4 million building impairment charge.
That compared to revenues of $315.5 million and a net income of $56.4 million or $0.16 per share in the second quarter of fiscal 2004. Compared to the same quarter in fiscal 2003, revenues grew 29 percent.
Better than expected sales growth in the December quarter was driven by broad-based strength across all products, geographies and end markets, said Wim Roelandts, chairman and CEO of the San Jose-based FPGA maker.
Flash-memory maker SanDisk Corp. said fourth-quarter revenues grew 116 percent to $389 million, compared to the fourth quarter of 2002 and increased 38 percent sequentially. Fourth quarter net income was $88 million compared to $20 million and $15 million for the fourth quarter of 2002 and the third quarter of 2003, respectively. Earnings per share grew 262 percent for the fourth quarter of 2003 and were $0.94 per diluted share compared with $0.26 per diluted share in the same quarter of 2002.
"Our excellent performance in the fourth quarter capped an outstanding year for SanDisk," said Eli Harari, president and CEO of SanDisk. "In the fourth quarter we were able to meet the strong surge in holiday season demand and increased our megabyte shipments by 39 percent, primarily from increased production of .13 micron NAND at our FlashVision joint venture."
Meanwhile, MIPS Technologies Inc. said total revenue for the second quarter of fiscal 2004 was $10.7 million compared to $10.4 million for the same quarter a year ago. Net income for the second quarter of fiscal 2004 was $477,000 compared to a net loss of $14.3 million, which included a restructuring charge of $7.6 million, for the same quarter a year ago. Net income per share on a diluted basis for the second quarter of fiscal 2004 was $0.01 compared to a net loss per share of $0.36 for the same quarter a year ago.
Cirrus reported third-quarter revenue of $55.3 million, up 10 percent from $50.1 million reported in the prior quarter. Net income in the third quarter was $39.4 million, or $0.46 per diluted share, compared with $21.1 million, or $0.25 per diluted share, in the second quarter.
The third quarter net income included a one-time benefit of $45.0 million, resulting from a favorable litigation settlement with Western Digital Corp. Third quarter results also included $4.1 million of net expense for acquisition-, legal- and restructuring-related items, primarily amortization of acquired intangibles.
Canada's Zarlink said third-quarter revenue were $47 million, compared with $46.6 million in the second quarter, and $46.8 million in the third quarter of Fiscal 2003.
Zarlink recorded a third quarter net loss of $11.2 million, or US$0.09 per share, including $0.04 per share in restructuring costs announced earlier. For the same period in Fiscal 2003, the Company recorded a net loss of $13.7 million, or $0.11 per share.
"Bookings are showing seasonal market strength, resulting in an improved 90-day backlog for the coming fourth quarter," said Patrick J. Brockett, president