0000730000-95-000005.txt : 19950816 0000730000-95-000005.hdr.sgml : 19950816 ACCESSION NUMBER: 0000730000-95-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950815 SROS: NASD 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-12718 FILM NUMBER: 95564161 BUSINESS ADDRESS: STREET 1: 1225 BORDEAUX DR CITY: SUNNYVALE STATE: CA ZIP: 94088-3607 BUSINESS PHONE: 4087440100 MAIL ADDRESS: STREET 1: 1350 BORDEAUX DR CITY: SUNNYVALE STATE: CA ZIP: 94088-3607 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 1995 Commission File Number 0-12718 SUPERTEX, INC. (Registrant) Incorporated in the State of California I.R.S. Employer Identification Number 94-2328535 1235 Bordeaux Drive, Sunnyvale, California 94089 (Address of Principal Executive Offices) Telephone: (408) 744-0100 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months or for such shorter period that the registrant was required to file such reports, and (2) has been subject to such filing requirements for the past 90 days. Yes [x] No [ ] As of July 31, 1995, 11,895,311 shares of the Registrant's common stock were issued and outstanding. PART I - FINANCIAL INFORMATION Item 1. - Financial Statements SUPERTEX, INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited) (in thousands, except per share amounts)
Three Months Ended June 30, 1995 June 30, 1994 Net sales $ 9,157 $ 7,240 Cost and expenses: Cost of sales 4,681 3,636 Research and development 1,282 948 Selling, general and administrative 1,263 1,228 Total costs and expenses 7,226 5,812 Income from operations 1,931 1,428 Other income: Interest income 312 164 Other income, net 27 5 Income before provision for income taxes 2,270 1,597 Provision for income taxes 704 431 Net income $ 1,566 $ 1,166 Net income per share $ .13 $ .10 Shares used in per share computation 12,246 11,814 See accompanying notes.
SUPERTEX, INC. CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share data)
June 30, 1995 March 31, 1995 ASSETS Current assets: Cash and cash equivalents $ 4,178 $ 4,437 Short term investments 16,521 15,019 Trade receivables, net of allowances of $348 and $487 5,904 5,800 Other receivables 308 352 Inventories 6,768 6,637 Deferred income taxes 1,455 1,455 Prepaid expenses 231 169 Total current assets 35,365 33,869 Property and equipment, net 3,605 3,441 TOTAL ASSETS $ 38,970 $ 37,310
LIABILITIES Current liabilities: Trade accounts payable $ 2,173 $ 2,762 Accrued salaries, wages and employee benefits 1,311 1,409 Income taxes payable 1,681 1,014 Other accrued liabilities 490 467 Deferred income on shipments to distributors 584 494 Total current liabilities 6,239 6,146 SHAREHOLDERS' EQUITY Preferred stock, no par value - 10,000,000 shares authorized, none outstanding -- -- Common stock, no par value - 30,000,000 shares authorized; issued and outstanding 11,895,311 and 11,893,411 18,174 18,173 Retained earnings 14,557 12,991 Total shareholders' equity 32,731 31,164 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 38,970 $ 37,310 See accompanying notes.
SUPERTEX, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands)
Three Months Ended June 30, 1995 June 30, 1994 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 1,566 $ 1,166 Non-cash adjustments to net income: Depreciation and amortization 320 217 Provision for doubtful accounts and sales returns (10) 342 Provision for excess and obsolete inventories 383 (71) Loss on disposal of assets -- 6 Changes in operating assets and liabilities: Accounts receivable (50) (675) Inventories (514) (229) Prepaid expenses (62) (66) Trade accounts payable and accrued expenses (664) (154) Income taxes payable 667 412 Deferred income on shipments to distributors 90 (22) Total adjustments 160 (240) Net cash provided by operating activities 1,726 926 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of property and equipment (484) (426) Purchases of short term investments (11,502) -- Proceeds from maturities of short term investments 10,000 -- Net cash used in investing activities (1,986) (426) CASH FLOWS FROM FINANCING ACTIVITIES Stock options exercised 1 22 Net cash provided by financing activities 1 22 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (259) 522 CASH AND CASH EQUIVALENTS: End of period $ 4,178 $ 17,938 See accompanying notes.
SUPERTEX, INC. NOTES TO FINANCIAL STATEMENTS Note 1: The information for the three months ended June 30, 1995, is unaudited, but includes all adjustments (consisting of normal recurring adjustments) which the Company considers necessary for a fair presentation of the results of operations for the period. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles. These financial statements should be read in conjunction with the audited financial statements of Supertex, Inc. for the fiscal year ended March 31, 1995, which are included in the Annual Report on Form 10-K (File Number 0-12718). The Company uses a 52-53 week fiscal year ending the Saturday nearest March 31. The Company's fiscal years and fiscal periods in the accompanying financial statements have been shown ending on March 31 and June 30, respectively. Fiscal years 1995 and 1994 comprise 52 weeks, and fiscal periods ending June 30, 1995 and 1994 comprise 13 weeks. Interim results are not necessarily indicative of results for the full fiscal year. Inventories consisted of (in thousands): June 30, 1995 March 31, 1995 (unaudited) Finished Goods $ 995 $ 901 Work-in-process 4,697 4,699 Raw Materials 1,076 1,037 $ 6,768 $ 6,637 PART I - FINANCIAL INFORMATION Item 2. - Management's Discussion and Analysis of Financial Condition and Results of Operations. RESULTS OF OPERATIONS: NET SALES Net sales for the quarter ended June 30, 1995 of $9,157,000 were up 26% from the same period last year of $7,240,000. Continued strength in sales and new orders for our telecommunication product line contributed to this increase. GROSS MARGIN Gross margin was 49%, compared with 50% for the same period of the prior year. Manufacturing costs were relatively stable, with a slight increase in cost of goods manufactured due to product mix changes. SELLING, GENERAL AND ADMINISTRATIVE Expenses for selling, general and administrative were 14% of net sales, a decrease from 17% for the same period last year. Dollar expenditures in this category were fairly constant compared with last year, although, as a percentage of net sales, such expenditures were lower due to higher net sales. RESEARCH AND DEVELOPMENT As a percentage of net sales, research and development costs for the first quarter of fiscal 1996 were 14% of net sales, compared with 13% for the same period of the prior fiscal year. Research and development expenditures increased in dollar terms from $948,000 last year to $1,282,000 this year. The Company intends to continue to invest heavily in its new product and process development efforts. INTEREST AND OTHER INCOME Interest and other income for the first quarter of fiscal 1996 were $339,000 compared with $169,000 for the same period last year. This increase was primarily due to interest income on short term investments. The interest earned in the first quarter of fiscal 1996 was higher than in the same period of the prior year due to slightly higher interest rates and increased cash available for investment. LIQUIDITY AND CAPITAL RESOURCES On June 30, 1995, the Company had $20,699,000 in cash and cash equivalents and short term investments compared with $19,456,000 on March 31, 1995. Management believes its current cash and cash equivalents and short term investments will be adequate to meet anticipated capital needs for the next twelve months. Capital expenditures for fiscal 1996 are expected to be at approximately the same level as in fiscal 1995. CERTAIN FACTORS The industry in which the Company competes is characterized by extremely rapid technological change and frequent product introductions. The Company believes that long term growth will depend largely on its ability to continue to enhance existing products and to introduce new products and features that meet changing customer requirements. While the Company has invested heavily in new products and processes, there can be no assurance that it can continue to introduce products and features on a timely basis or that certain of its products and processes will not be rendered noncompetitive or obsolete by its competitors. PART II - OTHER INFORMATION Item 6 - Exhibits and Reports on Form 8-K (a) Exhibits 11.1 Computation of Per Share Amounts (b) Reports on Form 8-K None. SIGNATURE 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 thereunto duly authorized. SUPERTEX, INC. (Registrant) Date: July 31, 1995 By: /s/ Dr. Henry C. Pao ----------------------------- Dr. Henry C. Pao President (Principal Executive and Financial Officer) PART II - OTHER INFORMATION Exhibit 11.1
Computation of Per Share Amounts (unaudited) (in thousands, except per share amounts) Three Months Ended June 30, 1995 June 30, 1994 PRIMARY Weighted average shares outstanding 11,895 11,721 Common stock equivalents 351 93 Total shares 12,246 11,814 Net income $ 1,566 $ 1,166 Net income per share $ 0.13 $ 0.10 FULLY DILUTED Weighted average shares outstanding 11,895 11,721 Common stock equivalents 373 93 Total share 12,268 11,814 Net income $ 1,566 $ 1,166 Net income per share $ 0.13 $ 0.10 Net income per share for financial statement purposes has been calculated on the primary basis as the dilution under the fully diluted basis is less than 3%.
EX-27 2 ARTICLE 5 FIN. DATA SCHEDULE FOR 1ST QTR 10-Q
5 1,000 3-MOS MAR-30-1996 APR-02-1995 JUL-01-1995 4,178 0 6,252 348 6,768 35,365 14,592 10,987 38,970 6,239 0 18,174 0 0 14,557 38,970 9,157 9,157 4,681 4,681 1,282 (10) 0 2,270 704 1,566 0 0 0 1,566 .13 .13 Research and Development Expenses