Semtech Nets $7.9 Million in Income for Q1

Net income for semiconductor manufacturer Semtech Corp. dropped in the first quarter of fiscal 2008 when compared with the previous year. The Camarillo-based maker of analog and mixed-signal semiconductors reported a net income of $7.9 million, or $0.11 per diluted share, on revenues of $60.6 million for the quarter ending April 29. That is a 32 percent drop from the same period in 2006 when the company reported a net income of $11.8 million, or $0.16 per diluted share, on revenues of $66 million. New orders were up 7 percent in the first quarter compared to the fourth quarter of fiscal 2007. Semtech President and CEO Mohan Maheswaran called the first quarter performance encouraging with improvements in sequential revenue growth, gross margins and earnings.