Semtech Corporation reported unaudited financial results for its first quarter of fiscal year 2016, which ended April 26, 2015. The board approved an increase of the existing stock repurchase authorization to $100 million.
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Prior to the increase, the company had approximately $30 million remaining from the authorization that was expanded in November 2014.
Net sales for the first quarter of fiscal year 2016 were $130.1 million or flat with the fourth quarter of fiscal year 2015 and down 2 percent from the first quarter of fiscal year 2015.
Gross profit margin, computed in accordance with U.S. generally accepted accounting principles (GAAP), for the first quarter of fiscal year 2016 was 60.3 percent compared to 56.1 percent in the fourth quarter of fiscal year 2015 and 58.8 percent in the first quarter of fiscal year 2015.
GAAP net loss for the first quarter of fiscal year 2016 was $0.1 million or $0.00 per diluted share. This compares to a GAAP net loss of $15.4 million or a net loss of $0.23 per diluted share in the fourth quarter of fiscal year 2015 and GAAP net income of $7.9 million or $0.12 per diluted share in the first quarter of fiscal year 2015.
Included in the GAAP operating results for the fourth quarter of fiscal year 2015 were charges that included $23.3 million for the restructuring and impairment related costs associated with the company's reduction of its investment in the defense and microwave communications infrastructure markets and the further reduction of investment in the optical long-haul markets, of which $2.2 million was cash settled.
The company also incurred $2.1 million of acquisition related charges during the same period.
To facilitate the complete understanding of comparable financial performance between periods, the company also presents performance results net of certain non-cash items or items that are not considered reflective of the company's core results over time.
Excluding such items, non-GAAP net income for the first quarter of fiscal year 2016 was $17.9 million or $0.27 per diluted share. Non-GAAP net income was $23.1 million or $0.34 per diluted share in the fourth quarter of fiscal year 2015 and was $21.8 million or $0.32 per diluted share in the first quarter of fiscal year 2015.
Non-GAAP gross profit margin for the first quarter of fiscal year 2016 was 60.8 percent. Non-GAAP gross profit margin for the fourth quarter of fiscal year 2015 was 60.1 percent and 59.8 percent in the first quarter of fiscal year 2015.
As of April 26, 2015, the company had $211.5 million in cash, cash equivalents and marketable securities compared to $230.3 million in cash, cash equivalents and marketable securities at the end of fiscal year 2015. ■