Menu
/REGISTER
PPB
Montecito
ROAM
Loading...
You are here:  Home  >  Latest news  >  Current Article

Semtech shows $9.5M profit in Q4

By   /   Wednesday, March 10th, 2010  /   Comments Off on Semtech shows $9.5M profit in Q4

    Print       Email

Fresh off a $180 million, all-cash buyout of another chipmaker, Camarillo-based Semtech turned in a $9.5 million profit on $85 million in revenue for the fourth quarter March 10, up from $6.3 million the year before.

Semtech makes chips for the popular BlackBerry phones and other high-end mobile devices. The fourth-quarter profit was up from a $21 million loss in the third quarter. That loss came from tax accounting adjustments the company had to make when it moved $180 million in cash from offshore accounts to purchase chipmaker Sierra Monolithics, a deal that closed in December.

Semtech’s fourth fiscal quarter ended Jan. 31. The company said it expects first-quarter revenue to increase 7 to 13 percent from the fourth quarter’s $85 million, which was up sharply from the year before after the addition of Sierra’s sales.

“Semtech continues to perform superbly,” Mohan Maheswaran, Semtech’s chief executive, said in a release. “As we enter [fiscal year 2011], our 50th anniversary as a company, we see the demand across all our product groups and all target segments strengthen.”

Semtech still had $162.2 million in cash on the balance sheet at Jan. 31, down from $316.3 million the quarter before the cash payment to acquire Sierra.

On March 2, Semtech boosted Maheswaran’s base salary from $410,050 to $450,000 effective March 2. Maheswaran’s total pay for 2009 was $3 million. The firm also said James Schraith, finance committee chair of its board of directors, will retire this year after 15 years on the board.

Are you a subscriber? If not, sign up today for a four-week FREE trial or subscribe and receive the Book of Lists free with your purchase.

    Print       Email

You might also like...

Trump in Ventura County in wake of mass shooting, deadly fires

Read More →