EXHIBIT 99.1
SUPERTEX, INC. PRESS RELEASE
FOR IMMEDIATE RELEASE Contact: Dr. Henry C. Pao
January 12, 2004 President & CEO
Tel: 408-222-8888
Fax: 408-222-4800
Email: investors@supertex.com
SUPERTEX REPORTS THIRD FISCAL QUARTER RESULTS
Sunnyvale, CA (January 12, 2004) - Supertex, Inc. (NASDAQ: SUPX) today reported
that net sales for its third fiscal quarter ended December 31, 2003 decreased
6% to $13,010,000 from the $13,888,000 reported for the same quarter of the
prior year, but increased 6% compared with the prior quarter of $12,315,000.
Net income for the quarter decreased 7% to $647,000 or $0.05 per share on a
diluted basis from $697,000 or $0.05 per share on a diluted basis for the same
quarter of the prior year, but increased 45% from $447,000 or $0.03 per share
on a diluted basis when compared with the prior quarter.
For the nine-month period ended December 31, 2003 versus the same period of the
prior year, net sales decreased 6% from $ 40,385,000 to $37,805,000, but net
income increased 6% from $1,756,000 to $1,869,000.
Dr. Henry C. Pao, President and CEO commented, "Our third fiscal quarter sales
came in at the high end of our conference call guidance, up six percent (6%)
from the prior quarter. Our sales to the medical industry showed some slow-down
while our sales to the imaging market remained stable. Our sales to the telecom
industry showed signs of recovery. Gross margin for the quarter was 41%, up 2
% from the prior quarter. At December 31, 2003, inventory was $13.5 million, a
reduction of approximately $798,000 from the prior quarter of $14.3 million,
primarily due to change in inventory valuation resulting from improved Fab
capacity utilization. Cash flow was $4.5 million positive. R&D spending
increased 6% from the prior quarter while remaining under tight control but at
a high level of approximately 19% of sales. We continue to add sales and
technical marketing resources to support new products. Design-wins and requests
for quotes of our new products have continued at a good rate. We are
optimistic that we will continue our sequential quarterly revenue growth during
our fourth fiscal quarter and into our next fiscal year based on higher backlog
and positive book to bill ratio as well as seeing some of our new products,
introduced over the last two years, going to production."
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 optimism about our continued revenue growth during the fourth
fiscal quarter and our next fiscal year. 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 our customers experience the demand we anticipate for
their products which incorporate our products and whether competitors introduce
products at lower prices than our products causing price erosion, 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
The company will host a conference call at 2:30 p.m. PDT (5:30 p.m. EDT) on
January 12, 2004, following the earnings release. President and Chief Executive
Officer, Dr. Henry C. Pao and Executive Vice President, Richard E. Siegel will
present an overview of the third fiscal quarter 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 800-223-9488 (domestic) or 785-832-1508 (toll, international) five
minutes before the scheduled start time, and asking to be connected to the
Supertex Third Quarter Investor Call. A recorded replay will be available until
11:59 p.m., January 26, 2004, by dialing 800-934-3336 (domestic) or
402-220-1148 (toll, international).
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, Inc., 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 Nine-months Ended
December 31, December 31,
(in thousands, except per share amounts)
2003 2002 2003 2002
Net sales $ 13,010 $ 13,888 $ 37,805 $40,385
Cost of sales 7,703 8,658 22,515 25,609
-------- -------- -------- -------
Gross profit 5,307 5,230 15,290 14,776
Research and development 2,418 2,164 6,925 6,972
Selling, general and administrative 2,550 2,366 7,144 6,407
-------- -------- -------- -------
Income from operations 339 700 1,221 1,397
Interest and other income, net 599 278 1,487 1,186
-------- -------- -------- -------
Income before income taxes 938 978 2,708 2,583
Provision for income taxes 291 281 839 827
-------- -------- -------- --------
Net income $ 647 $ 697 $ 1,869 $ 1,756
======== ======== ======== ========
Net income per share
Basic $ 0.05 $ 0.06 $ 0.15 $ 0.14
======== ======== ======== ========
Diluted $ 0.05 $ 0.05 $ 0.14 $ 0.14
======== ======== ======== ========
Shares used in per share computation
Basic 12,775 12,608 12,728 12,591
======== ======== ======== ========
Diluted 13,086 12,680 13,013 12,752
======== ======== ======== ========
SUPERTEX, INC.
CONSOLIDATED BALANCE SHEET INFORMATION
(unaudited)
December 31, 2003 March 31, 2003
(in thousands)
-------------------------------------
ASSETS
- ------
Cash and cash equivalents $ 68,691 $ 60,931
Short term investments 4,795 3,945
Accounts receivable, net 8,380 10,134
Inventories, net 13,527 14,582
Deferred income taxes 4,030 4,030
Other current assets 893 575
-------- --------
Total current assets 100,316 94,197
Property, plant and equipment 10,108 12,104
Other assets 94 97
Deferred income taxes 2,273 2,273
-------- --------
TOTAL ASSETS $ 112,791 $ 108,671
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LIABILITIES
- -----------
Trade accounts payable $ 2,783 $ 3,572
Accrued salaries, wages and employee benefits 6,795 6,784
Other accrued liabilities 593 485
Deferred revenue 3,234 2,001
Income taxes payable 3,372 3,304
------ -------
Total current liabilities 16,777 16,146
------ -------
SHAREHOLDERS' EQUITY
- --------------------
Common stock 30,665 29,045
Retained earnings 65,349 63,480
--------- ---------
Total shareholders' equity 96,014 92,525
--------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 112,791 $ 108,671
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