-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, D9ecEkv+SMpSPz3KuBAMu0M0NKGlqcVJfmvqCpboi+yvEOhJ//dLGihIoxdo9sMd sq+TOoUR9Elrm8jGQhVXIw== 0000898430-01-501114.txt : 20010628 0000898430-01-501114.hdr.sgml : 20010628 ACCESSION NUMBER: 0000898430-01-501114 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010626 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010627 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEMTECH CORP CENTRAL INDEX KEY: 0000088941 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 952119684 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-06395 FILM NUMBER: 1668314 BUSINESS ADDRESS: STREET 1: 652 MITCHELL RD CITY: NEWBURY PARK STATE: CA ZIP: 91320 BUSINESS PHONE: 8054982111 MAIL ADDRESS: STREET 1: 652 MITCHELL ROAD STREET 2: 652 MITCHELL ROAD CITY: NEWBURY PARK STATE: CA ZIP: 91320 8-K 1 d8k.txt FORM 8-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): June 26, 2001 SEMTECH CORPORATION (Exact name of registrant as specified in its charter) Delaware 1-6395 95-2119684 (State or other jurisdiction of (Commission File Number) (IRS Employer incorporation or organization) Identification No.) 652 Mitchell Road, Newbury Park, California 91320 (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (805) 498-2111 Not Applicable --------------------------------------------------------------------- (Former name or former address, if changed since last report) ================================================================================ Item 5. Other Events. The Registrant expects to incur costs of approximately $14 million in the second quarter for the write-down of inventory and the discontinuation of certain commodity and application specific standard products. Additional information relating to the foregoing is set forth in the Registrant's press release issued on June 26, 2001 and filed as Exhibit 99.1 hereto. Item 7. Financial Statements and Exhibits. (c) Exhibits - The following document is included as an exhibit hereto. -------- Exhibit No. Description of Document ----------- ----------------------- 99.1 Press Release of the Registrant dated June 26, 2001. 2 SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SEMTECH CORPORATION Date: June 26, 2001 By: /s/ David G. Franz, Jr. ------------------------ David G. Franz, Jr. Chief Financial Officer 3 EXHIBIT INDEX
Exhibit No. Description of Document - ----------- ----------------------- 99.1 Press Release of the Registrant dated June 26, 2001.
4 EX-99.1 2 dex991.txt PRESS RELEASE OF THE REGISTRANT EXHIBIT 99.1 [LOGO OF SEMTECH] ================================================================================ NEWS RELEASE SEMTECH REAFFIRMS SECOND QUARTER GUIDANCE; COMPLETES INVENTORY AND PRODUCT LINE REVIEW 3:30 p.m. PDT Tuesday, June 26, 2001 NEWBURY PARK, CALIFORNIA, June 26, 2001 - SEMTECH CORPORATION (Nasdaq: SMTC) today reaffirmed that revenue for the second quarter of fiscal year 2002 will be in the range of $38.0 to $40.0 million and earnings, prior to the costs discussed below, should be approximately $0.06 to $0.07 per diluted share. Jack Poe, Semtech's chairman and chief executive officer commented, "In the past three months, Semtech's outlook for second quarter revenue has been reduced by approximately 50 percent to our current outlook of $38.0 to $40.0 million. This is consistent with the highly publicized weakness in the overall industry caused by the lingering effects of excess inventories and slowing demand. We have aggressively reduced manufacturing rates to account for the lowered revenue forecasts and our inventories have now been critically appraised and scrutinized given our outlook." On May 22, 2001, the Company announced that it would conduct a thorough review of its inventories, product line strategies and new product roadmaps. The Company has completed this review, and based upon current customer forecasts, it now expects to incur costs of approximately $14.0 million in the second quarter for the write-down of inventory and the discontinuation of certain commodity and application specific standard products. The Company will attempt to sell discontinued products over the next two quarters. To the extent the Company is successful in selling such inventory at greater than recorded amounts, such benefits will be disclosed. In the last ninety days, the Company's high performance product line has experienced a dramatic change in expected demand driven by a sharp reduction in orders from manufacturers of automated test equipment (ATE). Production rates for this product line were set to support materially higher forecasts. As a result, there is more inventory on-hand and at outside foundries for certain devices than is expected to be sold. In many cases, customers are expected to migrate to new, advanced technology devices from Semtech for their next generation ATE systems. Additionally, Semtech's protection product line has been impacted by the significant deceleration in the communications equipment end-market. As this market rebounds, customers are expected to move to more highly integrated products now being introduced by Semtech, which will leave excess inventory of certain current protection products. Finally, the Company has transitioned its power management product line to higher complexity, higher margin products targeted at portable systems, high-end desktop computers and servers, and telecommunications equipment. Resources are focused on accelerating design wins for these products. To further this strategy, Semtech is exiting certain commodity power IC product segments. Also, the power management product line has been impacted by product generation skipping, which has rendered certain products obsolete. The Company has completed the reduction in headcount that had been announced on May 22, 2001. As previously indicated, the second quarter costs associated with this headcount reduction will be approximately $1.1 million. It is expected that this reduction will save the Company approximately $1.2 million per quarter. "The write-down of inventories reflects the dramatic change in our customers' forecasts over the last ninety days, especially in the ATE and communications infrastructure end-markets," added Jack Poe. "The charge not only adjusts our inventory valuation to reflect these changed forecasts, but also focuses Semtech's sales and field engineering resources on designs which utilize our proprietary, high gross margin products. Over the past few months, the Company has shed excess capacity, dramatically reduced operating costs and taken action to strengthen the balance sheet. New design wins show overall higher dollar content with multiple product lines engaged, and indicate Semtech should be positioned to achieve its long-term revenue and profitability goals as industry conditions begin to recover." The Company plans to release results for the second quarter of fiscal year 2002 on August 21, 2001, after the market closes. About Semtech Semtech Corporation is a leading supplier of power management, transient protection, system management, high-performance and advanced communications semiconductor products for portable and high-speed communications applications. Safe Harbor Provision Statements contained in this release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including projections and forecasts for revenue and gross margin, involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include worldwide economic conditions, the timing and duration of semiconductor market upturns or downturns, demand for personal computers, cellular phones and automated test equipment, demand for semiconductor devices in general, competitors' actions, relations with large strategic customers and suppliers, manufacturing costs and yields, demand for the Company's products in particular, and risks associated with the businesses of major customers. Other factors that may cause actual results to differ from the forward-looking statements contained in this press release and that may affect the Company's prospects in general are described in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or changed assumptions or circumstances. Investor Relations Contact John Baumann, Treasurer, Telephone: 805-480-2010 -----END PRIVACY-ENHANCED MESSAGE-----