Semtech Corp. in Newbury Park announced that for the first quarter ended April 27, sales were up 32% to $20.37 million, compared with $15.47 million for the same period last year.
Net income for fiscal 1998's first quarter increased 51% to $2.84 million, from $1.88 million for the first quarter of fiscal 1997. Earnings per share rose 40% to 42 cents, from 30 cents per share a year earlier.
Revenues increased 5% and net income was up 12% over the fourth quarter of fiscal 1997, the semiconductor company reported.
New orders for the first quarter of fiscal 1998 were 51% higher than fiscal 1997's first quarter, with orders exceeding shipments, officials reported.
"Demand for all products improved dramatically compared to the first quarter of last year," said Jack Poe, president and chief executive. "Orders from computer customers were stronger [and] orders for communication products . . . increased 75% in the current quarter as compared to the fourth quarter of fiscal 1997."
Semtech introduced four new product families, 16 product derivatives and two custom devices during the first quarter. The company said it expects to release eight new product families and more than 40 derivative products in the second quarter. Additionally, Semtech added 11 key technical personnel in the first quarter, including four designers and four applications engineers.
Semtech's annual shareholders meeting will be at 1 p.m. June 5 at the Radisson Hotel in Agoura Hills.