Semtech Reports Quarterly Earnings of $145,000
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Semtech Corp. in Newbury Park said it earned $145,000 in its fiscal third quarter, thanks partly to a $210,000 pretax gain from the sale of a building.
Semtech, a maker of electronic components, suffered a year-earlier loss of $152,000.
Its revenue in the third quarter that ended Nov. 3 rose 13%, to $6.21 million from $5.47 million.
Despite the earnings upturn, the company reportedly said it has taken several cost-cutting steps, including an 11% cut in its work force, because of an expected drop in revenue in its present fourth quarter.
For the first nine months of its fiscal year, Semtech earned $987,000, compared with $40,000 a year earlier, and its nine-month revenue jumped 42%, to $21 million from $14.8 million.
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