Sales of devices for use in communications applications drove increased revenue and earnings during Analog Devices Inc.'s first fiscal 2000 quarter.
For the first quarter ended Jan. 29, Analog reported net income of $93 million on revenue of $490.3 million, compared with net income of $29.9 million on revenue of $300.5 million in the first quarter a year ago.
"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 chief executive of Analog, Norwood, Mass.
"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," he said. "Communications customers now account for over 40% of our total revenue, and are running at an annual rate of more than $800 million."
DSP product revenue increased 87% annually, and grew 13% since the fourth quarter. Analog product revenue grew 85% compared with the year-ago period, and was up 14% sequentially.
"2000 appears to be shaping up as a great year for Analog Devices," Fishman said. "Revenue growth for the year could exceed 50% if current trends continue. Our large backlog has given us good visibility for the next few quarters, and we believe we can continue achieving good operating leverage on rising revenue."