-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JwGD+yq0G+hTsVBU5572inFGO5cwDTBWrfpRXKILyMuJqoct9KfQWlGkV46QGp8Y K5rJL60SzGBYjzrF/6l5Fg== 0000730000-03-000014.txt : 20031014 0000730000-03-000014.hdr.sgml : 20031013 20031014161600 ACCESSION NUMBER: 0000730000-03-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030930 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUPERTEX INC CENTRAL INDEX KEY: 0000730000 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 942328535 STATE OF INCORPORATION: CA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12718 FILM NUMBER: 03939850 BUSINESS ADDRESS: STREET 1: 1235 BORDEAUX DR CITY: SUNNYVALE STATE: CA ZIP: 94089 BUSINESS PHONE: 4087440100 MAIL ADDRESS: STREET 1: 1235 BORDEAUX DR CITY: SUNNYVALE STATE: CA ZIP: 94089 8-K 1 supx8kcover.txt COVER UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K - -------------------------------------------------------------------------- CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of Earliest Event Reported): October 13, 2003 SUPERTEX, INC. (Exact Name of Registrant as Specified in Charter) 0-12718 (Commission File Number) California 94-2328535 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 1235 Bordeaux Drive Sunnyvale, California 94089 (Address of principal executive offices including zip code) (408) 222-8888 (Registrant's telephone number, including area code) - -------------------------------------------------------------------------- TABLE OF CONTENTS Item 7. Financial Statements and Exhibits Item 12. Disclosure of Results of Operations and Financial Condition SIGNATURES Exhibit Index EXHIBIT 99.1 - -------------------------------------------------------------------------- Item 7. Financial Statements and Exhibits. (c) Exhibits Exhibit 99.1, Registrant's Press Release dated October 13, 2003, is furnished pursuant to Item 12 of Form 8-K. - -------------------------------------------------------------------------- Item 12. Disclosure of Results of Operations and Financial Condition. On October 13, 2003, Registrant announced via press release its results for its 2004 fiscal second quarter ended September 30, 2003. The full text of the press release issued in connection with that announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing. - -------------------------------------------------------------------------- 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 hereunto duly authorized. Date: October 13, 2003 SUPERTEX, INC. By: /s/ Henry C. Pao --------------------------------------- Henry C. Pao, Ph.D. President (Principal Executive and Financial Officer) - -------------------------------------------------------------------------- Exhibit Index Exhibit Description 99.1 Registrant's press release dated October 13, 2003, is furnished pursuant to Item 12 of Form 8-K. EX-99.1 CHARTER 3 supxq2pr.txt EXHIBIT 99.1 EXHIBIT 99.1 SUPERTEX, INC. PRESS RELEASE FOR IMMEDIATE RELEASE Contact: Dr. Henry C. Pao October 13, 2003 President & CEO Tel: 408-222-8888 Fax: 408-222-4800 Email: investors@supertex.com SUPERTEX REPORTS SECOND FISCAL QUARTER RESULTS Sunnyvale, CA (October 13, 2003) - Supertex, Inc. (NASDAQ: SUPX) today reported net sales of $12,315,000 for its second fiscal quarter ended September 30, 2003, a 7% decrease from the $13,220,000 reported for the same quarter of the prior year and a 1% decrease compared with the prior quarter of $12,479,000. Net income for the quarter decreased 37% to $447,000 or $0.03 per share on a diluted basis from $713,000 or $0.06 per share on a diluted basis for the same quarter of the prior year, and decreased 42% from $776,000 or $0.06 per share on a diluted basis when compared with the prior quarter. For the six-month period ended September 30, 2003 versus the same period of the prior year, net sales decreased 6% from $26,497,000 to $24,794,000, but net income increased 15% from $1,060,000 to $1,223,000. Dr. Henry C. Pao, President and CEO commented, "As we forecast at our last Conference Call, our sales were essentially flat with the prior quarter. Sales of our backlighting chips to the cell phone industry were flat and we expect future demand to be at this lower run rate. In our medical segment there was some price erosion and we expect this to stabilize in the second half of our fiscal year. Recovery in our telecom segment still remains elusive. Based on customer projections, which we anticipate will be followed by confirmed orders, we expect revenue growth during the second half of our fiscal year, particularly in the fourth quarter. Gross margin for the quarter was 39%, down 3 % from the prior quarter. During the quarter, we had a planned inventory reduction of approximately $1.1 million, which we believe is healthy for the Company going forward, but did affect the gross margin adversely for the quarter due to further under-utilization of our production capacity. Cash flow remained positive. We believe we will start to see some production capacity utilization improvement as demand for our products increases. R&D spending remains under tight control but at a high level, almost 18% of sales. We introduced some very exciting new products during the quarter. We continue to add sales and technical marketing resources to support these new products. Design-wins and requests for quotations of our new products have continued at a good rate." Forward Looking Statements The industry in which we compete is characterized by extreme rapid changes in technology and frequent new product introductions. We believe that our long-term growth will depend largely on our ability to continue to enhance existing products and to introduce new products and features that meet the continually changing requirements of our customers. All statements contained in this press release that are not historical facts are forward-looking statements. They include our expectations as to demand, pricing, and revenues, both overall and in specific markets; our anticipation that fab capacity utilization will improve as product demand increases; and our expectation that a large portion of our third quarter business will continue to be turns business. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. They are not guarantees of future performance or events but rather involve a number of risks and uncertainties including, but not limited to, whether our customers experience the demand we anticipate for their products which incorporate our products, whether competitors introduce products at lower prices than our products causing price erosion, and whether our customers continue to have difficulty forecasting demand for their products as well as other risk factors detailed in our Form 8-K, 10-K, and 10-Q filings with the Securities and Exchange Commission. Due to these and other risks, our future actual results could differ materially from those discussed above. These forward-looking statements are based on our goals and objectives and our assumptions about, and assessment of, the future and may or may not prove true. They speak only as to the date of this release, and we undertake no obligation to publicly release updates or revisions to these statements. Conference Call Details The Company will host a conference call at 2:30 p.m. PDT (5:30 p.m. EDT) on October 13, 2003, following the earnings release. President and Chief Executive Officer, Dr. Henry C. Pao and Executive Vice President, Richard E. Siegel will present an overview of the second fiscal quarter financial results, discuss current business conditions and then respond to questions. The call is available live to listen or ask questions by dialing 800-223-9488 (domestic) or 785-832-1508 (toll, international) at least 5 minutes before the scheduled start time, and by asking to be connected to the Supertex Quarterly Earnings Release Call. A recorded replay will be available until 11:59 p.m., October 27, 2003 by dialing 800-283-4799 (domestic) or 402-220-0860 (toll, international). The conference call is also available live via the Internet by logging on to the following URL: http://www.firstcallevents.com/service/ajwz389642792gf12.html . If you are unable to participate during the live webcast, the call will be archived at www.supertex.com. About Supertex Supertex, Inc. is a publicly held mixed signal semiconductor manufacturer, focused in high voltage interface products for use in the telecommunications, networking systems, flat panel displays, medical and industrial electronics industries. Supertex product, corporate and financial information is readily available at www.supertex.com. For further information, contact Dr. Henry C. Pao at Supertex, Inc., 1235 Bordeaux Drive, Sunnyvale, California 94089, 408-222-8888 or visit our Website at http://www.supertex.com SUPERTEX, INC. CONSOLIDATED INCOME STATEMENT INFORMATION (unaudited) Three-months Ended Six-months Ended September 30, September 30, (in thousands, except per share amounts) 2003 2002 2003 2002 Net sales $ 12,315 $ 13,220 $ 24,794 $ 26,497 Cost of sales 7,523 8,102 14,812 16,951 -------- -------- -------- -------- Gross profit 4,792 5,118 9,982 9,546 Research and development 2,276 2,489 4,506 4,807 Selling, general and administrative 2,203 2,206 4,593 4,041 -------- -------- -------- -------- Income from operations 313 423 883 698 Interest and other income, net 334 657 888 908 -------- -------- -------- -------- Income before income taxes 647 1,080 1,771 1,606 Provision for income taxes 200 367 548 546 -------- -------- -------- -------- Net income $ 447 $ 713 $ 1,223 $ 1,060 ======== ======== ======== ======== Net income per share Basic $ 0.04 $ 0.06 $ 0.10 $ 0.08 ======== ======== ======== ======== Diluted $ 0.03 $ 0.06 $ 0.09 $ 0.08 ======== ======== ======== ======== Shares used in per share computation Basic 12,723 12,589 12,705 12,582 ======== ======== ======== ======== Diluted 13,047 12,640 12,977 12,788 ======== ======== ======== ======== SUPERTEX, INC. CONSOLIDATED BALANCE SHEET INFORMATION (unaudited) September 30, 2003 March 31, 2003 (in thousands) ASSETS Cash and cash equivalents $ 59,414 $ 60,931 Short term investments 9,518 3,945 Accounts receivable, net 9,176 10,134 Inventories, net 14,325 14,582 Deferred income taxes 4,030 4,030 Other current assets 655 575 ----------- ----------- Total current assets 97,118 94,197 Property, plant and equipment 11,042 12,104 Long term investments and other 97 97 Deferred income taxes 2,273 2,273 ----------- ----------- TOTAL ASSETS $ 110,530 $ 108,671 =========== =========== LIABILITIES Trade accounts payable $ 2,315 $ 3,572 Accrued salaries, wages and employee benefits 6,560 6,784 Other accrued liabilities 478 485 Deferred revenue 3,017 2,001 Income taxes payable 3,373 3,304 ----------- ----------- Total current liabilities 15,743 16,146 ----------- ----------- SHAREHOLDERS' EQUITY Common stock 30,084 29,045 Retained earnings 64,703 63,480 ----------- ----------- Total shareholders' equity 94,787 92,525 ----------- ----------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 110,530 $ 108,671 =========== =========== -----END PRIVACY-ENHANCED MESSAGE-----