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 October 1, 2000
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 0-3698
SILICONIX INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware 94-1527868
(State or other jurisdiction (I.R.S. Employer
of incorporation Identification No.)
or organization)
2201 Laurelwood Road, Santa Clara, California 95054
(Address of principal executive offices)
Registrant's telephone number including area code (408) 988-8000
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 _
Indicate the number of shares outstanding of each of the registrant's
classes of common stock:
Common stock, $0.01 par value -- 29,879,040 outstanding shares as of
November 14, 2000.
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SILICONIX INCORPORATED
TABLE OF CONTENTS TO FORM 10-Q
Part I. Financial Information Page No.
Item 1 Financial Statements
Consolidated statements of operations for the
three and nine months ended October 1, 2000 and
October 3, 1999 3
Consolidated balance sheets as
of October 1, 2000 and December 31, 1999 4
Consolidated statements of cash flows for the nine
months ended October 1, 2000 and October 3, 1999 5
Notes to consolidated financial statements 6
Item 2 Management's Discussion and Analysis of
Financial Condition and Results of Operations 9
Part II. Other Information 12
Signature 13
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<TABLE>
<CAPTION>
SILICONIX INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts) Three Months Ended Nine Months Ended
October 1, October 3, October 1, October 3,
2000 1999 2000 1999
--------------- --------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Net sales $ 126,738 $ 101,328 $ 361,540 $ 273,176
Cost of sales 68,936 58,422 195,388 164,271
--------------- --------------- ---------------- ----------------
Gross profit 57,802 42,906 166,152 108,905
Operating expenses:
Research and development 5,445 4,237 16,174 12,244
Selling, marketing, and administration 14,387 12,490 41,968 36,086
Goodwill amortization 113 114 342 342
--------------- --------------- ---------------- ----------------
Operating income 37,857 26,065 107,668 60,233
Interest income (expense) 1,649 (138) 3,626 (867)
Other income (expense) - net (1,578) 633 (2,471) (396)
--------------- --------------- ---------------- ----------------
Income before taxes and minority interest 37,928 26,560 108,823 58,970
Income taxes (8,530) (7,687) (24,772) (17,054)
Minority interest income of consolidated subsidiary (60) (55) (178) (166)
--------------- --------------- ---------------- ----------------
Net income $ 29,338 $ 18,818 $ 83,873 $ 41,750
=============== =============== ================ ================
Net income per share (basic and diluted) $ 0.98 $ 0.63 $ 2.81 $ 1.40
=============== =============== ================ ================
Shares used to compute earnings per share 29,879 29,879 29,879 29,879
=============== =============== ================ ================
</TABLE>
See accompanying Notes to Consolidated Financial Statements.
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SILICONIX INCORPORATED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands) October 1, December 31,
2000 1999
----------- ------------
Assets
Current assets:
Cash and cash equivalents $ 68,538 $ 26,876
Note receivable from affiliate 37,000 31,000
Accounts receivable, less allowances 69,653 49,631
Accounts receivable from affiliates 25,989 16,128
Inventories 54,408 48,339
Other current assets 11,437 6,023
Deferred income taxes 10,286 10,286
---------- ----------
Total current assets 277,311 188,283
---------- ----------
Property, plant, and equipment, at cost:
Land 1,715 1,715
Buildings and improvements 48,085 48,027
Machinery and equipment 320,128 284,496
---------- ----------
369,928 334,238
Less accumulated depreciation 204,377 184,812
---------- ----------
Net property, plant, and equipment 165,551 149,426
Goodwill 8,018 8,361
Other assets 603 608
---------- ----------
Total assets $ 451,483 $ 346,678
---------- ----------
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 30,966 $ 27,524
Accounts payable to affiliates 30,556 26,244
Accrued payroll and related compensation 9,926 9,998
Accrued restructuring charge 1,091 2,746
Other accrued liabilities 62,122 47,442
---------- ----------
Total current liabilities 134,661 113,954
---------- ----------
Long-term debt, less current portion 1,900 1,700
Deferred income taxes 11,399 11,399
Minority interest 3,429 3,324
---------- ----------
Total liabilities 151,389 130,377
---------- ----------
Stockholders' equity
Common stock 299 299
Additional paid-in-capital 59,360 59,354
Retained earnings 241,275 157,402
Accumulated other comprehensive loss (840) (754)
---------- ----------
Total stockholders' equity 300,094 216,301
---------- ----------
Total liabilities and stockholders' equity $ 451,483 $ 346,678
=========== ==========
See accompanying Notes to Consolidated Financial Statements.
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<TABLE>
<CAPTION>
SILICONIX INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
October 1, October 3,
(In thousands) 2000 1999
-------------- ----------------
Cash flows from operating activities:
<S> <C> <C>
Net income $ 83,873 $ 41,750
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 20,491 22,523
Payment of pension benefits (222) -
Restructuring (1,655) (2,306)
Other non-cash expenses 422 377
Changes in operating assets and liabilities:
Accounts receivable (20,022) (17,311)
Accounts receivable from affiliates (9,861) (56,797)
Inventories (6,069) (720)
Other current assets (5,992) 2,377
Minority interest 72 67
Accounts payable 3,442 (7,818)
Accounts payable to affiliates 4,312 42,847
Accrued liabilities 14,641 12,759
-------------- ----------------
Net cash provided by operating activities 83,432 37,748
-------------- ----------------
Cash flows from investing activities:
Purchase of property, plant, and equipment (35,690) (20,396)
Sales of Asia subsidiaries - 6,152
Retirement of property, plant, and equipment - 87
Short-term investment with affiliate (6,000) -
Sale of other assets - 489
-------------- --- ----------------
Net cash used by investing activities (41,690) (13,668)
-------------- ----------------
Cash flows from financing activities:
Repayment of long-term debt - (40,000)
Proceeds from long-term debt - 377
Proceeds from restricted common stock 6 16
-------------- ----------------
Net cash used by financing activities 6 (39,607)
-------------- ----------------
Effect of exchange rate changes on cash and cash equivalents (86) 27
-------------- ----------------
Net increase (decrease) in cash and cash equivalents 41,662 (15,500)
Cash and cash equivalents:
Beginning of period 26,876 37,694
-------------- ----------------
End of period $ 68,538 22,194
============== ================
</TABLE>
See accompanying Notes to Consolidated Financial Statements.
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SILICONIX INCORPORATED
Notes to Consolidated Financial Statements
(Unaudited)
Note 1. Basis of Presentation
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements.
In the opinion of the management of the Company, the consolidated
financial statements appearing herein contain all adjustments (consisting only
of normal recurring accruals) necessary for a fair presentation of the results
for, and as of the end of, the periods indicated therein. These statements
should be read in conjunction with the Company's December 31, 1999 consolidated
financial statements and notes thereto. The results of operations for the first
nine months of 2000 are not necessarily indicative of the results to be expected
for the full year.
In February 2000, the Company's stockholders approved an increase in
authorized shares of Common Stock from 10,000,000 to 100,000,000. In addition,
the Company's stockholders approved an amendment to the Company's Restated
Certificate of Incorporation to effect a three-for-one stock split of the
Company's outstanding Common Stock. All share and per share information has
been restated, as appropriate, to reflect the split.
Note 2. Inventories
The components of inventory are as follows:
October 1, 2000 December 31, 1999
--------------- -----------------
(In thousands)
Finished goods $ 16,217 $ 8,976
Work-in-process 30,165 34,015
Raw materials 8,026 5,348
---------- ----------
$ 54,408 $ 48,339
---------- ----------
Note 3. Restructuring Expense
The Company incurred a pre-tax restructuring charge of $19.8 million
relating to the acquisition on March 2, 1998 of an 80.4% interest in the Company
by Vishay Intertechnology, Inc. ("Vishay"). In February of 1998, the Company
began an across-the-board assessment of its cost structure. In connection with
this assessment and in response to the downturn of the semiconductor market
experienced in 1998, actions were taken to streamline operations and leverage
synergies with the parent company; a restructuring charge of $19.8 million was
recorded. Of the total, approximately $12.6 million related to employee
termination costs covering seven key executives and 72 technical, production,
and administrative employees. The remaining $7.2 million restructuring charge
related to the closure of a manufacturing facility, termination of certain
distributors, write down of certain assets and other expenses. At October 1,
2000, 79 employees had been terminated and the Company had charged $18.7 million
in costs to restructuring, of which $12.4 million represented liabilities
settled in cash and $6.3 million represented assets written off. At October 1,
2000, a restructuring charge of $1.1
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million remained accrued, primarily relating to ongoing scheduled severance
payments and pending contract cancellations being executed under the
restructuring plan. The Company anticipates that it will complete its
restructuring by the end of 2000.
Note 4. Contingencies
In 1996, the Company was a party to two environmental proceedings. The
first involved property that the Company vacated in 1972. In July 1989, the
California Regional Water Quality Control Board ("RWQCB") issued Cleanup and
Abatement Order No. 89-115 both to the Company and the current owner of the
property. The Order alleged that the Company contaminated both the soil and the
groundwater on the property by the improper disposal of certain chemical
solvents. The RWQCB considered both parties to be liable for the contamination
and sought to have them decontaminate the site to acceptable levels. The Company
subsequently reached a settlement of this matter with the current owner of the
property. The settlement provides that the current owner will indemnify the
Company and its employees, officers, and directors against any liability that
may arise out of any governmental agency actions brought for environmental
cleanup of the subject site, including liability arising out of RWQCB Order No.
89-115, to which the Company remains nominally subject.
The second proceeding involves the Company's Santa Clara, California
facility, which the Company has owned and occupied since 1969. In February 1989,
the RWQCB issued Cleanup and Abatement Order No. 89-27 to the Company. The Order
was based on the discovery of contamination of both the soil and the groundwater
on the property by certain chemical solvents. The Order called for the Company
to specify and implement interim remedial actions and to evaluate final remedial
alternatives. The RWQCB issued a subsequent order requiring the Company to
complete the decontamination. The Company is complying with the RWQCB's orders.
In management's opinion, based on discussion with legal counsel and
other considerations, the ultimate resolution of the above-mentioned matters are
not expected to have a material adverse effect on the Company's consolidated
financial condition or results of operations.
The Company is engaged in discussions with various parties regarding
patent licensing and cross patent licensing issues. In the opinion of
management, the outcome of these discussions will not have a material adverse
effect on the Company's consolidated financial condition or overall trends in
the results of operations.
Note 5. Recently Issued Accounting Pronouncements
In June 1999, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 137 , "Accounting for
Derivative Instruments and Hedging Activities -- Deferral of the Effective Date
of FASB Statement No. 133." This statement defers the effective date of the
implementation of SFAS No. 133, "Accounting for Derivative Instruments and
Hedging Activities," dealing with the accounting and reporting standards for
derivative instruments and hedging activities, to all fiscal quarters of fiscal
years beginning after June 15, 2000. The Company continues its process of
assessing the impact of SFAS No. 133 on its financial statements.
In December 1999, the Securities and Exchange Commission ("SEC") issued
Staff Accounting Bulletin No. 101 ("SAB 101"), Revenue Recognition, which
provides guidance on the recognition, presentation and disclosure of revenue in
financial statements filed with the SEC. SAB 101 outlines the basic criteria
that must be met to recognize revenue and provides guidance for disclosures
related to revenue recognition policies. Any changes to the Company's revenue
recognition policy resulting from the implementation of SAB 101would be reported
as a change in accounting principle in the quarter ending December 31, 2000. To
the extent that SAB 101 is relevant to the recognition of revenue on the
Company's future shipments, the Company would adopt the new accounting principle
effective January 1, 2001. Accordingly, any shipments previously reported as
revenue that do not meet SAB 101 revenue recognition guidance would be recorded
as revenue in future periods. The Company is still in the process of assessing
the impact of SAB 101 on its financial statements. Management believes that SAB
101 will not affect the underlying strength of the Company's business operations
as measured by the dollar value of its products shipped and cash flows from
operations.
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<TABLE>
<CAPTION>
Note 6. Comprehensive Income
The following are the components of comprehensive income:
Three Months Ended Nine Months Ended
October 1, 2000 October 3, 1999 October 1, 2000 October 3, 1999
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Net Income $ 29,339 $ 18,818 $ 83,873 $ 41,750
Other comprehensive income (loss):
Foreign currency translation adjustment (17) 34 86 27
----------- ------------ ----------- -----------
Total other comprehensive income (loss) (17) 34 86 27
Comprehensive income $ 29,322 $ 18,852 $ 83,959 $ 41,777
============ ============ =========== ============
</TABLE>
Note 7. Segment Reporting
The Company is engaged primarily in the designing, marketing, and
manufacturing of power and analog semiconductor products. The Company is
organized into three operating segments, which due to their inter-dependencies,
similar long-term economic characteristics, shared production processes and
distribution channels have been aggregated into one reportable segment.
Note 8. Earnings Per Share
Basic earnings per common share are computed using the weighted average
common shares outstanding during the period. Diluted earnings per common share
incorporates the incremental shares issuable upon the assumed exercise of stock
options when dilutive. Due to the Company's simple capital structure, basic and
diluted EPS are the same.
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Item 2.
Management's Discussion and Analysis of Financial
Condition and Results of Operations
Overview
Siliconix incorporated (the "Company") is engaged in designing,
manufacturing, and marketing power and analog semiconductor products. The
Company is a leading manufacturer of Power MOSFETs, Power ICs, and analog Signal
Processing devices for computers, cellular phones, fixed communication networks,
automobiles and other electronic systems. Power MOSFET is the producer of
low-voltage, surface-mount Power MOSFET products primarily used in the
communication, computer, and automotive markets. Power IC focuses on Power
Integrated Circuits used in communication and data storage applications. Signal
Processing manufactures a wide array of commodity products such as Analog
Switches, Low Power MOSFETs, and JFETs for industrial and consumer markets.
The Company is a global semiconductor manufacturing company. The
Company manufactures power products in a Class-1 six-inch wafer fab in Santa
Clara, California and through subcontracted wafer fabrication in Itzehoe,
Germany. The Company is also in the process of transferring its power product
technology to a subcontractor in Japan in order to leverage the lower
manufacturing costs overseas as well as to insure an adequate supply of wafers
in the future. Analog switches and multiplexer products were formerly fabricated
in the Company's four-inch wafer fab in Santa Clara, California. However, as
previously announced, the Company closed this facility on December 31, 1999, due
to the age of the facility and its lack of cost competitiveness. The
manufacturing of wafers for analog switches and multiplexers is now being done
by a foundry in Dresden, Germany. Small signal transistors are manufactured by a
subcontractor in Beijing, China. Assembly and test facilities include Company
owned facilities in Kaohsiung, Taiwan and Shanghai, China, as well as
subcontractors in the Philippines, Taiwan, and China. The Company's combination
of internal and external manufacturing capacity gives it a global manufacturing
presence, allowing the Company to respond quickly to changes in customer demand
as well as allowing the Company added flexibility in any given business cycle.
The Company will continue to rely heavily on subcontractors in its manufacturing
strategy as this allows the Company to take advantage of incremental capacity
without the burden of a significant increase in the fixed cost infrastructure.
Vishay Intertechnology Inc. ("Vishay"), a Fortune 1000 Company, owns an
80.4% interest in the Company. Vishay is the largest U.S. and European
manufacturer of passive electronic components (resistors, capacitors, and
inductors) and a leading producer of discrete semiconductor components (diodes,
transistors and optoelectronic products). All of these components are vital to
the operation of electronic circuits and can be found in computers, telephones,
TVs, automobiles, household appliances, medical equipment, satellites, military
and aerospace equipment. With headquarters in Malvern, Pennsylvania, Vishay
employs over 20,000 people in over 60 facilities in the U.S., Mexico, Germany,
Austria, the United Kingdom, France, Portugal, the Czech Republic, Israel,
Japan, Taiwan (R.O.C.), China, and the Philippines.
Results of Operations
Revenues for the third quarter of 2000 were $126.7 million compared
with $101.3 million for the third quarter of 1999. Revenues for the first nine
months of 2000 were $361.5 million compared with $273.2 million for the first
nine months of 1999. The increase in revenues was due to increased sales in all
geographic regions. Asia Pacific experienced the largest increase in revenues
due to strong demand out of our OEM's in the region. The Company continued to
experience strong demand for its Power MOSFET and Signal Processing products.
However, the revenue growth generated by these products was offset by a decline
in demand for the Company's Power Integrated Circuit products, due to the
cancellation of certain customer programs. Although the backlog for the fourth
quarter of 2000 remains solid, the Company experienced a slowdown in bookings in
the third quarter of 2000 as the computer market slowed, and overly optimistic
industry forecasts earlier in the year for the growth of the cell phone handset
market have led to excess inventories of handsets. The outlook for 2001 remains
positive based on the rebound of the computer and handset markets.
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Gross profit for the first nine months of 2000 was 46% of sales
compared to 40% in the first nine months of 1999. Gross profit for the third
quarter of 2000 was 46% of sales, compared to 42% in the third quarter of 1999.
The increase in margins was mainly due to economies of scale in manufacturing
operations and further productivity improvements, as well as further advances in
technologies. Cost reduction programs, such as the ongoing conversion of the
TrenchFET product line to the Company's proprietary 32 million-cell process,
allowed further migration to the Company's smaller more profitable products. The
Company's manufacturing capacities were at full utilization at the end of the
third quarter of 2000. Management expects continued pricing pressure throughout
the rest of the year 2000 and into 2001. In an effort to preserve the Company's
operating results, the Company will continue to aggressively implement cost
reduction programs as well as focus on the development of new products, which
tend to have higher margins.
Research and development expenses increased to $16.2 million or 4.5% of
sales in the first nine months of 2000 from $12.2 million or $4.5% of sales in
the first nine months of 1999. The increase in research and development expenses
reflected the Company's continued commitment to the development of new products
and technologies and should allow the Company to release a record number of new
products during 2000. For the third quarter of 2000, research and development
expenses were $5.4 million compared to $4.2 million for the same quarter of
1999. The Company believes it is critical to continue to make significant
investments in research and development to ensure the availability of innovative
technology that meets the current and future requirements of the Company's
customers.
Selling, marketing, and administration expenses increased to $42.0
million in the first nine months of 2000 compared with $36.1 million in the
first nine months of 1999. The increase was primarily due to increased sales and
marketing spending, consistent with higher revenues and increased new product
introductions. For the third quarter of 2000, selling, marketing, and
administration expenses were $14.4 million compared with $12.5 million for the
same period of 1999. Selling, marketing, and administration expenses as a
percentage of net sales for the third quarter and first nine months of 2000
decreased to 11.4% and 11.6% respectively, compared with 12.3% for the third
quarter of 1999 and 13.2% for the first nine months of 1999.
Interest income for the first nine months of 2000 was $3.6 million
compared with interest expense of $0.9 million in the first nine months of 1999.
For the third quarter of 2000, interest income was $1.6 million compared with
interest expense of $0.1 million in the third quarter of 1999. The Company
repaid all of its outstanding loans as of December 31, 1999 and invested $37.0
million of its excess cash with Vishay, the Company's parent, to provide the
Company with short-term interest income on its excess cash balances. The
investment with Vishay bears an interest rate of 7.5% and is callable by the
Company at any time. This rate compares favorably to other investment vehicles
that offer similar terms and conditions. All other excess cash not immediately
needed to fund the Company's operations is invested in overnight investment
accounts as well as money market funds.
Other expense was $2.5 million for the first nine months of 2000
compared with $0.4 million in the first nine months of 1999. For the third
quarter of 2000, other expenses were $1.5 million compared to other income of
$0.6 million for the third quarter of 1999. The increase in expenses was mainly
due to foreign exchange losses on the Company's assets denominated in European
currencies.
Income tax expense for the first nine months of 2000 increased by $7.7
million to $24.8 million as compared to the first nine months of 1999 due to the
increase in earnings before tax.
Liquidity and Capital Resources
Cash and cash equivalents as of October 1, 2000 increased by $42
million from December 31, 1999 due to the Company's strong operating cash flows
driven by its increasing revenues mainly for the Company's Power MOSFET and
Signal Processing products.
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Net cash provided by operating activities was $83.4 million in the
first nine months of 2000 compared with $37.8 million in the same period of
1999. Accounts receivable as of October 1, 2000 increased by $20.0 million from
December 31, 1999 primarily due to the increase in revenues as well as longer
payment terms granted to customers in the Asia Pacific and Europe regions. Net
affiliate accounts receivable/payable as of October 1, 2000 decreased by $5.5
million from December 31, 1999 mainly due to the timing of cash payments due to
unconsolidated affiliates.
Inventories increased by $6.1 million in the first nine months of 2000
from December 31, 1999. Raw materials as of October 1, 2000 increased by $2.7
million from December 31, 1999 as the Company began to increase its purchases of
silicon, piece parts and foundry wafers to support higher production
requirements and to avoid bottlenecks in its supply chain. Work-in-process as of
October 1, 2000 decreased by $3.8 million from December 31, 1999 due to the
closure of the Company's 4-inch wafer fab in Santa Clara on December 31,1999 and
due to a significant decrease in the Company's die bank as a result of increased
sales volume. The Company made a strategic decision to convert die bank
inventory to finished good products in order to maximize backend-manufacturing
capacities as a result of the ongoing strong demand for its products. Therefore,
finished good inventory as of October 1, 2000 increased by $7.2 million from
December 31, 1999.
Accounts payable as of October 1, 2000 increased by $3.4 million from
December 31, 1999 mainly due to the increased business volume required to
support higher revenue levels. Accrued liabilities as of October 1, 2000
increased by $14.6 million from December 31, 1999 mainly due to the increase in
accrued income taxes.
Net cash used by investing activities was $41.7 million in the first
nine months of 2000 compared with $13.7 million in the same period of 1999.
Capital expenditures increased to $35.7 million in the first nine months of 2000
compared with $20.4 million in the first nine months of 1999, primarily related
to plant capacity expansion, new technology, and regulatory compliance. Capital
spending in 2000 is expected to substantially exceed the 1999 level as the
Company continues its capacity expansion plans and invests significantly in its
next generation products and technologies.
The Company invested an additional $6.0 million in the first quarter of
2000 with Vishay. This investment was made to provide the Company with
short-term interest income on its excess cash balances. The investment with
Vishay is in the form of a note receivable bearing an interest rate of 7.5% and
is callable by the Company at any time. This rate compares favorably to other
investment vehicles that offer similar terms and conditions. As of October 1,
2000 the Company had $37.0 million of outstanding notes receivable from Vishay.
For the next twelve months, management expects that cash flows from
operations will be sufficient to meet the Company's normal operating
requirements and to fund its research and development and capital expenditure
plans.
SAFE HARBOR STATEMENT
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: With the exception of historical information, the matters discussed
in this Form 10-Q are forward-looking statements that involve risks and
uncertainties including, but not limited to, economic conditions, product demand
and industry capacity, competitive products and pricing, manufacturing
efficiencies, new product development, availability of raw materials and
critical manufacturing equipment, the regulatory and trade environment, and
other risks indicated in filings with the Securities and Exchange Commission.
These risks could cause actual results to differ materially from those stated or
implied. Siliconix incorporated assumes no obligation to update this
information.
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Item 5. Other Information
Not applicable
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27 - Financial Data Schedule
(b) Not applicable
12
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SILICONIX INCORPORATED
Date: November 14, 2000 By: /s/ King Owyang
--------------------------------
King Owyang
President and Chief Executive
Officer
By: /s/ William M.Clancy
--------------------------------
William M. Clancy
Principal Accounting Officer
13
