Supertex Inc. (SUPX, Financial) filed Quarterly Report for the period ended 2010-10-02.
Supertex Inc. has a market cap of $331.5 million; its shares were traded at around $25.52 with a P/E ratio of 30 and P/S ratio of 5. Supertex Inc. had an annual average earning growth of 12.2% over the past 10 years.SUPX is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Our medical electronics product family accounted for the largest sales of all of our five focus markets for the three and six months ended October 2, 2010 and September 26, 2009, and the three months ended July 3, 2010. Sales to the medical electronics market for the three and six months ended October 2, 2010 were $9,255,000 and $17,912,000, respectively, a 48% and 54% increase compared to same periods of the prior fiscal year, due to increased sales of our analog switches and high voltage pulser circuits and chipsets, as the post-recession global demand for medical ultrasound systems which use our products has rebounded. These increases in sales were partially offset by lower custom processing services demand from our medical instrument customers. The net sequential sales increase was 7%, resulting from higher customer demand for our high voltage pulsers and T/R switches.
Sales of our product offerings for the imaging market, which consist of EL inverter ICs, commercial printing ICs and custom processing services, for the three and six months ended October 2, 2010 were $4,410,000 and $9,012,000, respectively, a 65% and 70% increase when compared to the same periods in the last fiscal year. The year-over-year sales increases were due to increased shipments of our EL inverter ICs to a hand-set OEM for a new family of mobile phone products increased sales of our commercial printing and display ICs, as well as increased custom processing services. Sales to our imaging market decreased 4% when compared to the prior quarter due to a reduction in orders for a military application product.
Sales of LED driver ICs for lighting and backlighting were $3,373,000 for the three months ended October 2, 2010, compared to $3,897,000 for the same period of the prior fiscal year and $4,421,000 for the prior quarter. The year-over-year quarterly decrease in sales resulted from a reduction in dollar content per TV of our LED drivers, while the number of total TVs produced with our drivers increased. This was partially offset by an increase in LED driver sales for general lighting. Sales of LED driver ICs were $7,794,000 for the six months ended October 2, 2010, an increase of 15% compared to the same period last fiscal year. This increase was due to higher shipments of our high voltage LED driver ICs for general lighting applications and backlighting LED TVs and monitors. The sequential decline in LED driver sales resulted primarily from a worldwide LED TV sales slow-down in the second fiscal quarter. We believe the decline in LED driver sales for LED TVs is temporary and will recover as LED TV sales rebound once the inventory in the channel is reduced to normal levels.
Sales in the industrial and other markets for the three and six months ended October 2, 2010 were $3,247,000 and $6,511,000, an increase of 65% and 81%, respectively, when compared to the same periods in the prior fiscal year. The year-over-year increases were due to the rebound in the overall economy. Sales in the industrial and other markets remained flat compared to the prior quarter.
Sales to the telecom market for the three and six months ended October 2, 2010 were $2,074,000 and $4,285,000, an increase of 93% and 105%, respectively, compared to the same periods of the prior fiscal year. The year-over-year increases were primarily due to increased shipments of high voltage driver ICs for optical-to-optical switching applications. Sales to the telecom market decreased 6% sequentially due to normal customer order fluctuations.
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Supertex Inc. has a market cap of $331.5 million; its shares were traded at around $25.52 with a P/E ratio of 30 and P/S ratio of 5. Supertex Inc. had an annual average earning growth of 12.2% over the past 10 years.SUPX is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management, Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Net sales for the three and six months ended October 2, 2010 were $22,359,000 and $45,514,000, a 41% and 55% increase compared to $15,875,000 and $29,430,000, respectively, for the same periods of the prior fiscal year. The year-over-year increases were primarily due to increased sales in all our target markets except for the quarterly sales of LED driver ICs for LCD TVs that employ LED backlighting (“LED TVs”). Net sales decreased 3% from $23,155,000 when compared to the prior quarter. Although our net sales declined in all target markets except medical ultrasound, this 3% overall decrease was primarily due to reduced sales of our LED driver ICs for LED TVs, partially offset by increased sales of our medical ultrasound products.Our medical electronics product family accounted for the largest sales of all of our five focus markets for the three and six months ended October 2, 2010 and September 26, 2009, and the three months ended July 3, 2010. Sales to the medical electronics market for the three and six months ended October 2, 2010 were $9,255,000 and $17,912,000, respectively, a 48% and 54% increase compared to same periods of the prior fiscal year, due to increased sales of our analog switches and high voltage pulser circuits and chipsets, as the post-recession global demand for medical ultrasound systems which use our products has rebounded. These increases in sales were partially offset by lower custom processing services demand from our medical instrument customers. The net sequential sales increase was 7%, resulting from higher customer demand for our high voltage pulsers and T/R switches.
Sales of our product offerings for the imaging market, which consist of EL inverter ICs, commercial printing ICs and custom processing services, for the three and six months ended October 2, 2010 were $4,410,000 and $9,012,000, respectively, a 65% and 70% increase when compared to the same periods in the last fiscal year. The year-over-year sales increases were due to increased shipments of our EL inverter ICs to a hand-set OEM for a new family of mobile phone products increased sales of our commercial printing and display ICs, as well as increased custom processing services. Sales to our imaging market decreased 4% when compared to the prior quarter due to a reduction in orders for a military application product.
Sales of LED driver ICs for lighting and backlighting were $3,373,000 for the three months ended October 2, 2010, compared to $3,897,000 for the same period of the prior fiscal year and $4,421,000 for the prior quarter. The year-over-year quarterly decrease in sales resulted from a reduction in dollar content per TV of our LED drivers, while the number of total TVs produced with our drivers increased. This was partially offset by an increase in LED driver sales for general lighting. Sales of LED driver ICs were $7,794,000 for the six months ended October 2, 2010, an increase of 15% compared to the same period last fiscal year. This increase was due to higher shipments of our high voltage LED driver ICs for general lighting applications and backlighting LED TVs and monitors. The sequential decline in LED driver sales resulted primarily from a worldwide LED TV sales slow-down in the second fiscal quarter. We believe the decline in LED driver sales for LED TVs is temporary and will recover as LED TV sales rebound once the inventory in the channel is reduced to normal levels.
Sales in the industrial and other markets for the three and six months ended October 2, 2010 were $3,247,000 and $6,511,000, an increase of 65% and 81%, respectively, when compared to the same periods in the prior fiscal year. The year-over-year increases were due to the rebound in the overall economy. Sales in the industrial and other markets remained flat compared to the prior quarter.
Sales to the telecom market for the three and six months ended October 2, 2010 were $2,074,000 and $4,285,000, an increase of 93% and 105%, respectively, compared to the same periods of the prior fiscal year. The year-over-year increases were primarily due to increased shipments of high voltage driver ICs for optical-to-optical switching applications. Sales to the telecom market decreased 6% sequentially due to normal customer order fluctuations.
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