Print
Email
Supertex Inc. (SUPX) filed Quarterly Report for the period ended 2011-12-31.
Supertex Inc. has a market cap of $233.8 million; its shares were traded at around $19.4 with a P/E ratio of 48.5 and P/S ratio of 2.9. Supertex Inc. had an annual average earning growth of 20.7% over the past 10 years.
This is the annual revenues and earnings per share of SUPX over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of SUPX.
Highlight of Business Operations:
Net sales for the three and nine months ended December 31, 2011 were $14,066,000 and $49,084,000, a 29% and a 25% decrease, respectively, compared to $19,675,000 and $65,189,000 for the same periods of the prior fiscal year. These year-over-year decreases were primarily due to: decreases in sales of our LED driver ICs for backlighting LCD TVs; analog switches and high voltage pulser ICs and chipsets for medical ultrasound products; optical MEMS drivers; and electroluminescent ("EL") inverters for a cell phone application. Net sales decreased 17% from $16,960,000 when compared to the prior quarter primarily due to a reduction in sales of our analog switches and high voltage pulser ICs and chipsets for medical ultrasound products and a reduction in sales of our printer head ICs.Gross profit for the three and nine months ended December 31, 2011 was $5,358,000 and $22,952,000 compared to $10,334,000 and $36,068,000, respectively, for the same periods of the prior fiscal year. As a percentage of net sales, gross margin was 38% and 47% for the three and nine months ended December 31, 2011 compared to 53% and 55%, respectively, for the same periods of the prior fiscal year. The year-over-year quarterly decrease in gross profit and gross margin was primarily attributable to decreased sales resulting in lower fab utilization including an idle capacity charge of $260,000 for the third quarter of fiscal 2012 and an increase in charges for excess and obsolete inventory. The year-over-year nine month decrease in gross margin resulted from decreased sales resulting in lower fab utilization including idle capacity charges of $1,369,000 for the nine months of fiscal 2012, an increase in charges for excess and obsolete inventory, unfavorable product mix, and reduced average selling prices primarily in certain medical ultrasound products.
The year-over-year quarterly decrease of $232,000 was primarily due to lower professional services expense of $308,000, partially offset by higher payroll costs. The nine months year-to-date decrease of $1,447,000 was primarily due to lower professional services expense of $757,000, lower NQDCP expense of $361,000 as the assets in the NQDCP decreased in fair market value by $86,000 compared to an increase in fair market value of $275,000 for the same period last year, lower profit sharing bonus of $286,000, and lower sales incentives expenses of $232,000, partially offset by increased payroll expense of $301,000. The sequential increase of $563,000 resulted primarily from an increase in fair market value of investments held by our NQDCP versus a decrease last quarter which accounted for a difference of $538,000.
Other income (expense), net, consists of changes in the fair market value of investments held by our NQDCP, sales of fixed assets, foreign exchange gains and losses and other miscellaneous income and expense items. Other income, net for the third fiscal quarter increased $260,000 compared to the same period last year primarily due to a greater increase in fair market value of our NQDCP of $136,000. On a year-to-date basis, the decrease in other income (expense), net was primarily due to a reduction in NQDCP assets in fiscal year 2012 by $312,000 resulting in an overall other expense of $170,000 compared to an other income of $490,000 for the same period last year which resulted from an increase in fair value of NQDCP assets of $457,000. Sequentially, the increase in fair value of our NQDCP asset accounted for $1,231,000 of the $1,352,000 difference in other income, net of $533,000 in the third fiscal quarter compared to other expense, net of $819,000 in the second fiscal quarter.
The income tax benefit for the three months ended December 31, 2011 was $703,000 on a loss before tax of $607,000 at the effective tax benefit rate of 116% compared to an income tax provision of $306,000 on income before tax of $2,017,000 at the effective tax rate of 15% for the prior quarter, and an income tax provision of $726,000 on income before tax of $3,586,000 at the effective tax rate of 20% in the third quarter of the prior fiscal year. The year-over-year quarterly change in estimated tax rate was primarily due a pre-tax loss compared to a pre-tax profit last year and changes in where we expect our income and losses to be generated this year between our US and Hong Kong entities which have different tax rates.
Subscribe RSS
