Supertex Declares Special Dividend and Updates Fiscal Third Quarter Guidance
November 27 2012 - 9:00AM
Marketwired
Supertex, Inc. (NASDAQ: SUPX) announced today that its Board of
Directors has declared a special cash dividend of $1.00 per share
to be paid on December 27, 2012, to shareholders of record on
December 12, 2012. Supertex also updated its third fiscal quarter
guidance on sales which are expected to be in the range of
$13,800,000 to $14,500,000. This represents a 9% to 13% decline
sequentially and from the Company's previous third fiscal quarter
revenue guidance of approximately $15,900,000, primarily due to a
large order push-out by our high-end computer monitor backlighting
product customer and a delay in the ramp-up of our printer driver
to another customer. This expected sequential decline in sales will
reduce our previously forecast sequential gross margin increase by
an amount that we cannot yet determine.
"The good news is that we received a significant design-win for
our new LED backlighting chip at a major TV manufacturer with the
production ramp-up beginning in December, but it's not enough to
offset the large order push-out in the third fiscal quarter,"
stated Dr. Henry C. Pao, President and CEO. "The forecasted orders
from the TV manufacturer are ramping up nicely for shipment in the
fourth fiscal quarter and beyond."
Commenting on the special dividend, Dr. Pao explained, "We have
accumulated a significant amount of cash over the years, and our
Board's decision to pay a dividend at this time represents a tax
efficient way to maximize shareholder value. We have a strong
balance sheet and expect to continue to generate positive cash flow
from operating activities in future quarters. We expect to
introduce some significant new LED drivers and medical ultrasound
imaging products in the next few months, which we hope will drive
our sales growth and increase shareholder value."
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", "hopes", and "estimates." Examples of
forward-looking statements include our anticipation that in the
third fiscal quarter sales will be 9% to 13% lower sequentially,
our belief that we will have increased shipments of drivers for a
new TV application in future months, our expectation that we will
generate positive cash flow from operating activities, and we
expect to introduce some significant new LED drivers and medical
ultrasound imaging products in the next few months, which we hope
will drive our sales growth and increase shareholder value.
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 based in part upon their input and
our order backlog, whether our distributors have the sell-through
we anticipate and whether we receive the additional orders we
anticipate, whether the designed performance of our devices
satisfies our customers' requirements so that they continue to
design our devices into their products, whether our devices perform
to their design specification, whether competitors introduce
devices at lower prices than our devices causing price erosion,
whether we are successful in the engineering of new products,
whether we encounter production issues in device manufacturing or
moving new products from engineering into production, whether
customers have requirements for deliveries of newly launched
products during fiscal 2014, and whether our fab equipment
continues to operate at expected capacities without need of
replacement, 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 that speak only as of this date.
About Supertex
Supertex, Inc. is a publicly held mixed signal semiconductor
manufacturer, focused in high voltage products for use in the
medical ultrasound imaging, LCD TV and computer monitor
backlighting, LED general lighting, telecommunications, printer,
flat panel display, industrial, and consumer product industries.
Supertex product, corporate and financial information is readily
available at our website: http://www.supertex.com.
For further information, contact Investor Relations at Supertex,
Inc., 1235 Bordeaux Drive, Sunnyvale, California 94089,
408-222-8888 or visit our website at http://www.supertex.com.
Corporate Headquarters: Dr. Henry C. Pao President & CEO
408/222-8888
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