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Previous: AQUILA BIOPHARMACEUTICALS INC, S-3/A, 1998-05-06 |
Next: VLSI TECHNOLOGY INC, 10-Q/A, 1998-05-06 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Mark One:
[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended March 27, 1998.
---------------
Or
[ ] Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the transition period from to
------ ------
Commission file number 0-11879
VLSI TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
Delaware 94-2597282
------------------------------ -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1109 McKay Drive, San Jose, California, 95131
-----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(408) 434-3100
-----------------------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes (X) No ( )
Shares outstanding of the Registrant's Common Stock as of March 27, 1998:
45,667,680
<TABLE>
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements
VLSI TECHNOLOGY, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME - unaudited
<CAPTION>
(thousands, except per share amounts)
Three Months Ended
-------------------------
March 27, March 28,
1998 1997
--------- ---------
<S> <C> <C>
Net revenues $141,286 $167,478
Cost of sales 82,940 99,089
-------- --------
Gross profit 58,346 68,389
-------- --------
Operating expenses:
Research and development 28,037 24,015
Marketing, general and administrative 26,297 27,242
-------- --------
Operating income 4,012 17,132
Interest income and other expenses, net 3,808 2,911
Interest expense (3,484) (4,460)
-------- --------
Income from continuing operations before
provision for taxes on income 4,336 15,583
Provision for taxes on income 1,170 4,980
-------- --------
Income from continuing operations 3,166 10,603
Loss from discontinued operation,
net of taxes - (1,617)
-------- --------
Net income 3,166 8,986
-------- --------
Other comprehensive income, net of tax:
Unrealized gain (loss) on available-
for-sale securities 483 (92)
-------- --------
Comprehensive income $ 3,649 $ 8,894
======== ========
Net income (loss) per share - Basic:
Continuing operations $ 0.07 $ 0.23
Discontinued operation - (0.04)
-------- --------
Total $ 0.07 $ 0.19
======== ========
Net income (loss) per share - Diluted:
Continuing operations $ 0.07 $ 0.22
Discontinued operation - (0.03)
-------- --------
Total $ 0.07 $ 0.19
======== ========
Weighted-average common
shares outstanding - Basic 45,748 46,497
======== ========
Weighted-average common
shares outstanding and assumed
conversions - Diluted 47,415 48,197
======== ========
See accompanying Notes to Consolidated Condensed Financial Statements.
</TABLE>
<TABLE>
VLSI TECHNOLOGY, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS - unaudited
(thousands)
<CAPTION>
March 27, December 26,
1998 1997
--------- ------------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $183,847 $193,899
Marketable securities 98,196 89,585
Accounts receivable, net of allowance
for doubtful accounts and customer
returns of $2,000
($2,000 at December 26, 1997) 94,439 110,869
Inventories:
Raw materials 2,448 2,565
Work-in-process 37,929 40,796
Finished goods 12,025 8,514
-------- --------
Total inventories 52,402 51,875
Deferred and refundable income taxes 82,465 82,870
Prepaid expenses and other current assets 5,892 4,779
-------- --------
Total current assets 517,241 533,877
Property, plant and equipment, at cost 777,294 777,316
Accumulated depreciation and amortization (400,438) (396,412)
-------- --------
Net property, plant and equipment 376,856 380,904
Other assets 9,097 7,297
-------- --------
TOTAL ASSETS $903,194 $922,078
======== ========
See accompanying Notes to Consolidated Condensed Financial Statements.
</TABLE>
<TABLE>
VLSI TECHNOLOGY, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS - unaudited (Continued)
(thousands, except per share amounts)
<CAPTION>
March 27, December 26,
1998 1997
--------- ------------
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 54,983 $ 57,469
Accrued compensation and benefits 30,563 31,091
Income taxes 12,083 11,436
Patent matters 23,710 23,738
Other accrued liabilities 54,468 59,620
Current portion of long-term debt - 2,874
-------- --------
Total current liabilities 175,807 186,228
Long-term debt 172,500 182,039
Other long-term obligations 25,500 24,960
Deferred income taxes 12,456 12,456
Stockholders' equity:
Preferred Shares, $.01 par value - -
Common Shares, $.01 par value 473 473
Treasury Common Shares, at cost (34,990) (32,653)
Additional paid-in capital 458,763 459,539
Retained earnings 94,566 91,400
Accumulated other comprehensive income (1,881) (2,364)
-------- --------
Total stockholders' equity 516,931 516,395
-------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $903,194 $922,078
======== ========
See accompanying Notes to Consolidated Condensed Financial Statements.
</TABLE>
<TABLE>
VLSI TECHNOLOGY, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - unaudited
(thousands)
<CAPTION>
Three Months Ended
---------------------------
March 27, March 28,
1998 1997
--------- ------------
Increase (decrease) in
cash and cash equivalents
<S> <C> <C>
Operating activities:
Net income $ 3,166 $ 8,986
Adjustments to reconcile net income
to cash generated by operations:
Depreciation and amortization 25,338 26,763
Deferred income taxes (1,475) 4,511
Changes in operating assets and liabilities:
Accounts receivable 16,430 9,741
Inventories (527) (693)
Refundable income taxes 1,880 -
Accounts payable, income taxes payable and
accrued liabilities (11,089) 984
Other (3,205) (5,616)
-------- --------
Cash generated by operations 30,518 44,676
-------- --------
Investing activities:
Purchases of marketable securities (83,822) (98,350)
Proceeds from maturities of marketable securities 75,861 47,512
Purchases of property, plant and equipment (33,157) (25,150)
Sale of property, plant and equipment 16,361 -
-------- --------
Net cash flow used for investing activities (24,757) (75,988)
-------- --------
Financing activities:
Payments on debt and capital lease obligations (12,710) (2,146)
Repurchase Treasury Common Shares (4,564) (15,838)
Issuance of Common and Treasury Shares, net 1,461 856
-------- --------
Net cash flow used for financing activities (15,813) (17,128)
-------- --------
Net decrease in cash and cash equivalents (10,052) (48,440)
Cash and cash equivalents, beginning of period 193,899 139,074
-------- --------
Cash and cash equivalents, end of period $183,847 $ 90,634
======== ========
Supplemental disclosures:
Cash outflows for property, plant and equipment $ 33,157 $ 25,150
Change in accrued property, plant
and equipment additions 807 (1,024)
-------- --------
Property, plant and equipment additions $ 33,964 $ 24,126
======== ========
Interest paid $ 678 $ 2,038
======== ========
Income taxes paid, net $ 407 $ 1,344
======== ========
See accompanying Notes to Consolidated Condensed Financial Statements.
</TABLE>
VLSI TECHNOLOGY, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
1. The accompanying interim consolidated condensed financial statements have
been prepared in conformance with generally accepted accounting principles,
consistent with those applied in the VLSI Technology, Inc. Annual Report on
For DEC-27-1997
[PERIOD-END] MAR-27-1998
[EXCHANGE-RATE] 1
[CASH] 183,847
[SECURITIES] 98,196
[RECEIVABLES] 96,439
[ALLOWANCES] (2,000)
[INVENTORY] 52,402
[CURRENT-ASSETS] 517,241
[PP&E] 777,294
[DEPRECIATION] (400,438)
[TOTAL-ASSETS] 903,194
[CURRENT-LIABILITIES] 175,807
[BONDS] 198,000
[COMMON] 473
[PREFERRED-MANDATORY] 0
[PREFERRED] 0
[OTHER-SE] 516,458
[TOTAL-LIABILITY-AND-EQUITY] 903,194
[SALES] 141,286
[TOTAL-REVENUES] 141,286
[CGS] 82,940
[TOTAL-COSTS] 82,940
[OTHER-EXPENSES] 54,379
[LOSS-PROVISION] (45)
[INTEREST-EXPENSE] 3,484
[INCOME-PRETAX] 4,336
[INCOME-TAX] 1,170
[INCOME-CONTINUING] 3,166
[DISCONTINUED] 0
[EXTRAORDINARY] 0
[CHANGES] 0
[NET-INCOME] 3,166
[EPS-PRIMARY] 0.07
[EPS-DILUTED] 0.07
[/TABLE]
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