-----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, QUJDn2Yd3wA9bIpuCel+iW1LP/jKnogeEzdyiRD8XYVQzHZdm57zsc07jN+MFL+7 fK7E4kl7cZ82zskYwlNQWA== 0000730000-04-000009.txt : 20040719 0000730000-04-000009.hdr.sgml : 20040719 20040719160752 ACCESSION NUMBER: 0000730000-04-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040630 ITEM INFORMATION: FILED AS OF DATE: 20040719 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: 04920192 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 supx8k.txt FORM 8-K 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): July 19, 2004 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. 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 July 19, 2004, is furnished pursuant to Item 12 of Form 8-K. - -------------------------------------------------------------------------- Item 12. Results of Operations and Financial Condition. On July 19, 2004, Registrant announced via press release its results for its first fiscal quarter ended June 30, 2004. 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: July 19, 2004 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 July 19, 2004, is furnished pursuant to Item 12 of Form 8-K. EX-99.1 2 prq1f.txt PRESS RELEASE EXHIBIT 99.1 SUPERTEX, INC. PRESS RELEASE FOR IMMEDIATE RELEASE Contact: Richard Siegel July 19, 2004 Executive Vice President Tel: 408-222-8888 Fax: 408-222-4800 Email: investors@supertex.com SUPERTEX REPORTS FIRST FISCAL QUARTER RESULTS Sunnyvale, CA (July 19, 2004) - Supertex, Inc. (NASDAQ: SUPX) reported that for the first fiscal quarter ended June 30, 2004, net sales increased 14% to $14,242,000 from $12,479,000 for the same quarter in the prior fiscal year, and increased 5% sequentially from the prior quarter of $13,589,000. Net income for the quarter increased to $1,860,000 or $0.14 per share on a diluted basis from $776,000 or $0.06 per share for the same quarter of the prior fiscal year and $290,000 or $0.02 per share for the prior quarter. Dr. Henry C. Pao, President and CEO, commented, "The first quarter of our fiscal year 2005 was characterized by a modest sequential growth of 5% and improved net profit. Our sales underwent a favorable product mix change primarily due to improvement in sales to the medical ultrasound market and to the non-impact printer market. Our inventory, based on the product mix change, is under control. Our gross margin improved to 50% from 38% in the prior fiscal quarter due to favorable product mix, lower depreciation expenses, and rigorous cost reduction measures. Depreciation expense in fiscal 2005 was lower due to declining capital spending in the last two years, as we have completed the planned major upgrades to our wafer fabrication facility and test operations, started in fiscal 2002. In fiscal 2004, we successfully completed qualification of our two new in-house ion implanters that resulted in significant reduction of our outside implantation service costs. Cash flow from operations was positive in the quarter. Cash, cash equivalents, and short-term investments increased by $3.4 million during the quarter even with some stock buy-back. Our research and development expenses in the quarter were $2.5 million dollars or 17% of sales. Our sales and marketing expenses were $1.5 million dollars or 10%." He added, "We have seen continued design and order activity in our emerging markets of hotswap ICs, LED driver ICs, and high voltage amplifier arrays for Optical-to-Optical telecom applications and our new telecom ringer ICs. This activity is encouraging, and combined with a positive book-to-bill ratio, we are optimistic about both our top and bottom line growth for the balance of our fiscal year 2005. We have substantial production capacity in wafer fabrication and test in place to handle the projected increase in sales." 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 are not guarantees of future performance or events. They are based upon current expectations, estimates, beliefs, and assumptions about the future, which may prove incorrect, and upon our goals and objectives, which may change. Often such statements can be identified by the use of the words such as "will," "intends," "expects," "plans," "believes," "anticipates," and "estimates." Examples of forward-looking statements include our optimism for revenue and income growth during this fiscal year and our expectation that we have adequate production capacity to handle the anticipated demand growth for our devices. 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, including products in the pre-production stage, which incorporate our devices, whether competitors introduce devices at lower prices than our devices causing price erosion, and whether we are able to utilize our excess production and test capability without incurring unexpected difficulties 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. We undertake no obligation to publicly release updates or revisions to these statements which speak only as of this date. Conference Call Details The company will host a conference call at 2:30 p.m. PDT (5:30 p.m. EDT) on July 19, 2004, 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 first 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 800-540-0559 (domestic) or 785-832-1508 (toll, international) 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., August 2, 2004 by dialing 800-934-2730 (domestic) or 402-220-1141 (toll, international). 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 Richard Siegel 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 June 30, (in thousands, except per share amounts) 2004 2003 ---- ---- Net sales $ 14,242 $ 12,479 Cost of sales 7,069 7,289 --------- --------- Gross profit 7,173 5,190 Research and development 2,470 2,230 Selling, general and administrative 2,402 2,390 --------- --------- Income from operations 2,301 570 Interest and other income, net 395 554 --------- --------- Income before income taxes 2,696 1,124 Provision for income taxes 836 348 --------- --------- Net income $ 1,860 $ 776 ========= ========= Net income per share Basic and diluted $ 0.14 $ 0.06 Shares used in per share computation Basic 12,904 12,686 ========= ========= Diluted 13,050 12,907 ========= ========= SUPERTEX, INC. CONSOLIDATED BALANCE SHEET INFORMATION (unaudited) June 30, 2004 March 31, 2004 (in thousands) ASSETS Cash and cash equivalents $ 74,394 $ 71,117 Short term investments 5,105 5,007 Accounts receivable, net 8,334 7,667 Inventories, net 11,807 12,606 Deferred income taxes 4,989 4,989 Other current assets 496 642 ---------- ---------- Total current assets 105,125 102,028 Property, plant and equipment 9,302 9,731 Other assets 95 94 Deferred income taxes 944 944 ---------- ---------- TOTAL ASSETS $ 115,466 $ 112,797 ========== ========== LIABILITIES Trade accounts payable $ 2,564 $ 2,354 Accrued salaries, wages and employee benefits 7,310 7,449 Other accrued liabilities 409 481 Deferred revenue 3,016 3,254 Income taxes payable 2,319 1,485 ---------- ---------- Total current liabilities 15,618 15,023 ---------- ---------- SHAREHOLDERS' EQUITY Common stock 32,581 32,134 Retained earnings 67,267 65,640 ---------- ---------- Total shareholders' equity 99,848 97,774 ---------- ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 115,466 $ 112,797 ========== ========== -----END PRIVACY-ENHANCED MESSAGE-----