Semtech Corporation reported unaudited financial results for its first quarter of fiscal year 2017, which ended May 1, 2016.
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Net sales for the first quarter of fiscal year 2017 were $131.1 million, up 11 percent from the fourth quarter of fiscal year 2016 and up 1 percent from the first quarter of fiscal year 2016.
Gross margin, computed in accordance with U.S. generally accepted accounting principles (GAAP), was 59.9 percent compared to 58.6 percent in the fourth quarter of fiscal year 2016 and 60.3 percent in the first quarter of fiscal year 2016.
GAAP net income for the first quarter of fiscal year 2017 was $6.9 million, or $0.11 per diluted share. This compares to GAAP net income of $1.2 million or $0.02 per diluted share in the fourth quarter of fiscal year 2016, and GAAP net loss of $0.01 million or $0.00 per diluted share in the first quarter of fiscal year 2016.
GAAP operating results for the fourth quarter of fiscal 2016 reflected an after-tax benefit of $1.8 million as a result of the fair value re-measurement of the Triune Systems earn-out liability.
To facilitate the complete understanding of comparable financial performance between periods, Semtech also presents performance results net of certain non-cash items and items that are not considered reflective of Semtech's core results over time.
Excluding such items, non-GAAP net income for the first quarter of fiscal year 2017 was $19.5 million or $0.30 per diluted share. Non-GAAP net income was $10.8 million or $0.17 per diluted share in the fourth quarter of fiscal year 2016, and was $17.9 million or $0.27 per diluted share in the first quarter of fiscal year 2016.
Non-GAAP gross margin for the first quarter of fiscal year 2017 was 60.2 percent. Non-GAAP gross margin for the fourth quarter of fiscal year 2016 was 59.0 percent and 60.8 percent in the first quarter of fiscal year 2016.
As of the end of the first quarter of fiscal year 2017, Semtech had $216.0 million in cash, cash equivalents and marketable securities compared to $211.8 million in cash, cash equivalents and marketable securities at the end of fiscal year 2016. ■