Semtech Ups Profits in Q3

Demand for its semiconductors in computing, industrial and handheld equipment helped Semtech Corp. to a $10 million increase in its net income for the third quarter when compared with last year. The Camarillo-based manufacturer reported an income of $16 million, or $0.24 per diluted share, on revenues of $78.6 million for the quarter ending Oct. 28. For the same period in 2006, the net income had been $6.3 million, or $0.09 per diluted share, on revenues of $63.7 million. For the fourth quarter ending in January, the company forecasts sales to be flat to down four percent when compared with the fourth quarter in 2006. Semtech also announced it will receive $6.5 million from an insurer to settle a lawsuit to recover money paid in 2004 to resolve a dispute with a customer.