EXHIBIT 99.1
SUPERTEX, INC. PRESS RELEASE
FOR IMMEDIATE RELEASE Contact: Dr. Henry C. Pao
April 28, 2003 President & CEO
Tel: 408-222-4866
Fax: 408-222-4800
Email: investors@supertex.com
SUPERTEX REPORTS FOURTH FISCAL QUARTER
AND FISCAL YEAR-END RESULTS
Sunnyvale, CA (April 28, 2003) - Supertex, Inc. (NASDAQ: SUPX) reported that
for the fourth fiscal quarter ended March 31, 2003, net sales increased 13%
to $14,531,000 from $12,809,000 for the same quarter in the prior fiscal year
and increased 5% sequentially from $13,888,000 for the prior quarter of
fiscal 2003. Net income for the quarter increased 300% to $1,099,000 or
$0.09 per share on a diluted basis from $275,000 or $0.02 per share for the
same quarter of the prior fiscal year and improved 58% sequentially to
$697,000 or $0.05 per share for the prior quarter fiscal 2003.
For the fiscal year ended March 31, 2003, net sales decreased 2% to
$54,915,000 from $56,195,000 in the prior year, while net income decreased
26% to $2,855,000 from $3,862,000 in the prior year.
Dr. Henry C. Pao, President & CEO, commented, "Our sequential growth of 5%
in net sales in the fourth fiscal quarter was fueled by strong turns
business. We were able to achieve a 13% improvement in net sales during the
fourth quarter year over year as over the last five quarters there has been
a trend toward recovery in our net sales. Gross margin for the quarter
improved to 42% from 38% in the prior quarter and 37% in the prior year's
fourth quarter due to further improvements in manufacturing efficiencies and
a more favorable product mix, particularly in digital imaging and certain
analog chip-scale products, despite the continued low fab capacity
utilization. Our cash and cash equivalents and short-term investments
increased by $3.7 million during the quarter. Through careful management,
we were able to reduce our inventory by about $1.9 million from the prior
year-end. Our customers seem to place orders for the near-term only, perhaps
due to the uncertain economic outlook. As we continue to depend on
significant turns business, it is difficult to forecast our revenues for the
first quarter with much precision; however, at this time we expect net sales
for the June quarter to be similar to those for the March quarter. We
expect increased sales into the portable medical ultrasound products to
positively affect our September quarter, but our sales into the
telecommunications market, in particular, the Optical-to-Optical and Hotswap
products, remain slow and we do not foresee any increase until after this
summer. We have stepped up our sales and marketing manpower to support our
new products as compared to that of the prior year."
Forward Looking Statements
The industry in which we compete is characterized by extreme rapid changes in
technology and frequent new product introductions. We believe that our
long-term growth will depend largely on our ability to continue to enhance
existing products and to introduce new products and features that meet the
continually changing requirements of our customers. All statements contained
in this press release that are not historical facts are forward-looking
statements. They include our expectations as to our sales overall and in
certain markets during the next two quarters and that here is a trend toward
recovery. These forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
They are not guarantees of future performance or events but rather involve a
number of risks and uncertainties including, but not limited to, whether
customers implement our products in their new products, whether demand
materializes for our customers' new products, whether we timely release into
production our planned new products and the demand for such newly-released
products as well as other risk factors detailed in our Form 8-K, 10-K, and
10-Q filings with the Securities and Exchange Commission. Due to these and
other risks, our future actual results could differ materially from those
discussed above. These forward-looking statements are based on our goals and
objectives and our assumptions about, and assessment of, the future and may
or may not prove true. They speak only as to the date of this release, and
we undertake no obligation to publicly release updates or revisions to these
statements.
Conference Call Details
We will host a conference call at 2:30 p.m. PDT (5:30 p.m. EDT) on April 28,
2003, following this earnings release. President and CEO, Dr. Henry C. Pao
and Executive Vice President, Richard E. Siegel will present an overview of
the fourth fiscal quarter and fiscal year-end financial results, discuss
current business conditions and then respond to questions.
The call is available live to listen or ask questions to any interested party
by dialing 800-540-0559 (domestic) or 785-832-1077 (toll, international) at
least 5 minutes before the scheduled start time, and ask to be connected to
the Supertex Quarterly Earnings Release Call. A recorded replay will be
available until 11:59 p.m., May 6, 2003 by dialing 800-839-3735 (domestic) or
402-220-2977 (toll, international).
The conference call is also available live via the Internet by logging on to
the following URL:
http://www.firstcallevents.com/service/ajwz379143982gf12.html.
If you are unable to participate during the live webcast, the call will be
archived at www.supertex.com.
About Supertex
Supertex, Inc. is a publicly held mixed signal semiconductor manufacturer,
focused in high voltage interface products for use in the telecommunications,
networking systems, flat panel displays, medical and industrial electronics
industries. Supertex product, corporate and financial information is readily
available at www.supertex.com.
For further information, contact Dr. Henry C. Pao at Supertex, Incorporated,
1235 Bordeaux Drive, Sunnyvale, California 94089, (408) 222-8888 or visit
our Website at http://www.supertex.com
SUPERTEX, INC.
CONSOLIDATED INCOME STATEMENT INFORMATION (unaudited)
Three-months Ended Fiscal Year Ended
March 31, March 31,
(in thousands, except per share amounts)
2003 2002 2003 2002
Net Sales $14,531 $12,809 $54,915 $56,195
Cost of Sales 8,494 8,049 34,103 33,700
------ ------ ------ ------
Gross Profit 6,037 4,760 20,812 22,495
Research and development 2,366 2,722 9,338 11,279
Selling, general and
administrative 2,316 2,415 8,722 7,939
------ ------ ------ ------
Income from operations 1,355 (377) 2,752 3,277
Interest and other income, net 260 794 1,446 2,575
------ ------ ------ ------
Income before income taxes 1,615 417 4,198 5,852
Provision for income taxes 516 142 1,343 1,990
------ ------ ------ ------
Net Income $ 1,099 $ 275 $ 2,855 $ 3,862
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Net income per share
Basic $ 0.09 $ 0.02 $ 0.23 $ 0.31
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Diluted $ 0.09 $ 0.02 $ 0.22 $ 0.30
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Shares used in per share computation
Basic 12,620 12,500 12,598 12,443
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Diluted 12,770 12,958 12,757 12,748
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SUPERTEX, INC.
CONSOLIDATED BALANCE SHEET INFORMATION
(unaudited)
March 31, 2003 March 31, 2002
(in thousands)
ASSETS
Cash, cash equivalents and
short-term investments $ 64,876 $ 52,492
Trade receivables, net 10,134 9,436
Inventories, net 14,582 16,494
Deferred income taxes 4,030 3,293
Other current assets 575 902
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Total current assets 94,197 82,617
Property, plant and equipment 12,104 16,327
Long-term investments and long-term assets 97 1,451
Deferred income taxes, long-term 2,273 2,985
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TOTAL ASSETS $ 108,671 $ 103,380
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LIABILITIES
Trade accounts payable and accrued liabilities $ 3,572 $ 5,769
Accrued salaries, wages and employee benefits 6,784 6,565
Other accrued liabilities 485 655
Deferred revenue 2,001 1,729
Income taxes payable 3,304 566
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Total current liabilities 16,146 15,284
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SHAREHOLDERS' EQUITY
Common stock 29,045 27,454
Retained earnings 63,480 60,642
------- -------
Total shareholders' equity 92,525 88,096
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 108,671 $ 103,380
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