Tuesday, Supertex Inc. (SUPX), a maker of mixed signal semiconductor, reported a fall in its first-quarter profit, as net sales dropped 40%, hit by continued global recession. However, the company said it expects to report modestly higher sales for the second-quarter.
The Sunnyvale, California-based company reported first-quarter net income of $0.91 million or $0.07 per share, down from $4.44 million or $0.34 per share in the same quarter last year.
On a non-GAAP basis, earnings were $1.70 million or $0.13 per share, compared to $5.09 million or $0.39 in the year ago. Non-GAAP earnings for the quarter excluded pre-tax employee stock-based compensation of $0.82 million.
On average, five analysts polled by Thomson Reuters expected the company to earn $0.09 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales the quarter were $13.56 million, down 40% from $22.75 million in the comparable quarter last year. Analysts expected revenue of $15.91 million for the quarter.
Commenting on the results, Henry Pao, president and chief executive officer of the company said that net sales for the quarter dropped due to a 16%, 14%, 12% and 31% decline in sales of medical electronics products, imaging products, telecom and industrial electronics respectively.
Research and development expenses for the quarter declined to $4.01 million from $4.04 million in the year ago quarter. Selling, general and administrative expenses were $2.79 million, down from $3.80 million in the previous year quarter. Income from operations dropped to $0.34 million from $4.92 million in the prior year quarter.
Looking ahead, for the second quarter, the company expects overall sales to be modestly higher than the prior quarter. The company noted that the forecast is subject to more uncertainty than is typical due to the continued lack of order visibility and short lead times from its customers.
SUPX closed Tuesday's regular trading at $28.45, up $0.94 or 3.42%, on a volume of 0.21 million shares in the Nasdaq. In the after hours, the stocks were down $2.02 or 7.10%, trading at $26.43.
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