15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Translation of Registrant's Name into English)
82-_________.)
1. Press Release of Dialog Semiconductor Plc dated February 26, 2003: ”Dialog Semiconductor reports fourth quarter and 2002 full year results”
Date February 26, 2003 By /s/ ROLAND PUDELKO
Roland Pudelko
Executive Director, CEO and President
1. Dialog Semiconductor reports fourth quarter and 2002 full year results
• Q4 revenues increased from Q3 by 29% to EUR 23.1 million, full year revenues were EUR 77.1 millionKirchheim/Teck-Nabern, February 26, 2003 – Dialog Semiconductor Plc (Nasdaq & Nasdaq Europe: DLGS, Neuer Markt: DLG), today reported sales of EUR 23.1 million in the fourth quarter of 2002. This is an increase of 29 percent compared to the previous quarter (EUR 17.9 million in Q3). Revenue for 2002 was EUR 77 million, reflecting the overall business situation. Dialog’s investment in research and development has increased to EUR 34 million. This expenditure is financed solely from existing funds and cash flow. The company achieved a net loss of EUR 9 million, resulting in a loss per share of EUR 0.21. Dialog Semiconductor continues to be free from debt and can rely on a solid balance sheet structure. At the end of the reporting year 2002, net cash amounted to EUR 31 million providing sufficient flexibility for future strategic decisions.
Revenues by business sector – wireless communication, industrial, automotive and wireline applications – accounted for EUR 54.7, 13.7, 6.1 and 2.6 million in 2002, respectively. Gross margin increased from 20.8% of revenues in 2001 to 25.6% of revenues for the year ended December 31, 2002. Excluding provisions for excess inventory of EUR 10.7 million in 2001 and of EUR 1.9 million in 2002, the gross margin was 28.1% for 2002 and 31.4% for 2001. General and administrative expenses increased 15.8% from EUR 5.6 million in 2001 to EUR 6.4 million for the year ended December 31, 2002, primarily resulting from legal fees incurred in connection with the acquisition of the CMOS imaging technology and for patent applications filed in 2002. Research and development expenses increased 10.5% from EUR 31.3 million during 2001 to EUR 34.5 million for the year ended December 31, 2002. The increase in research and development expenses was due to costs incurred in assisting key customers in the development of new ASICs and costs incurred in the development of new ASSPs (application specific standard products).
Roland Pudelko, Dialog’s CEO & President, commented, “By introducing our first ASSPs to market in 2002, we have come to a turning point in Dialog’s business and product strategy, focused on delivering standard ICs and modules based on our core mixed signal design competence. Since our product announcement in November 2002, we have already had a significant amount of interest and follow up activity. Our first standard products are CMOS image sensing modules enabling high quality photo imaging and video capabilities to be embedded into next generation mobile phones and personal digital assistant (PDA) products. Our product development program gave us an exciting new announcement in the last two weeks – we introduced a unique new highly integrated audio and power controller for GSM/GPRS cellular phone handsets, developed by Dialog Semiconductor with Intel Corporation.”
The Company’s annual report 2002 is available at www.dialog-semiconductor.com
|
Consolidated Statements of Operations |
|
|||
|
(In thousands of EUR, |
Three months |
Three months |
|
|
|
except per share data) |
ended |
ended |
Year |
Year |
|
|
December 31, |
December 31, |
ended |
ended |
|
|
2002 (unaudited) |
2001 (unaudited) |
December 31, 2002 |
December 31, 2001 |
|
Revenues |
23,087 |
23,756 |
77,104 |
100,519 |
|
Cost of sales |
(18,543) |
(16,273) |
(57,403) |
(79,637) |
|
Gross margin |
4,544 |
7,483 |
19,701 |
20,882 |
|
Selling and marketing expenses |
(1,107) |
(879) |
(4,149) |
(4,054) |
|
General and administrative expenses |
(1,893) |
(1,395) |
(6,447) |
(5,569) |
|
Research and development |
(9,343) |
(8,375) |
(34,530) |
(31,256) |
|
Amortization of goodwill and intangible assets |
(544) |
(782) |
(1,975) |
(3,202) |
|
EBIT, operating profit (loss) |
(8,343) |
(3,948) |
(27,400) |
(23,199) |
|
Interest income, net |
243 |
150 |
1,121 |
898 |
|
Foreign currency exchange gains and losses, net |
45 |
131 |
(451) |
306 |
|
Recovery (write-down) of investment |
2,082 |
(42,405) |
11,969 |
(42,405) |
|
Result before income taxes |
(5,973) |
(46,072) |
(14,761) |
(64,400) |
|
Income taxes |
2,346 |
16,528 |
5,472 |
22,721 |
|
Net Income (loss) |
(3,627) |
(29,544) |
(9,289) |
(41,679) |
|
|
|
|
|
|
|
Earnings (loss) per share |
||||
|
Basic earnings (loss) per share |
(0.08) |
(0.67) |
(0.21) |
(0.95) |
|
Diluted earnings (loss) per share |
(0.08) |
(0.67) |
(0.21) |
(0.95) |
|
Weighted average number of shares |
|
|
|
|
|
(in thousands) |
|
|
|
|
|
Basic |
43,925 |
43,847 |
43,888 |
43,788 |
|
Diluted |
43,925 |
43,847 |
43,888 |
43,788 |
|
Selected Financial Data |
|
|||
|
EBITDA |
(2,666) |
105 |
(10,661) |
3,493 |
|
EBIT (operating loss) |
(8,343) |
(3,948) |
(27,400) |
(23,199) |
|
Cash flow from operations |
(5,031) |
8,778 |
(7,596) |
15,139 |
|
Cash and cash equivalents |
31,005 |
32,626 |
31,005 |
32,626 |
|
Shareholders equity |
148,028 |
157,706 |
148,028 |
157,706 |
|
Total assets |
166,927 |
178,443 |
166,927 |
178,443 |
|
Equity ratio in % |
88.7 |
88.4 |
88.7 |
88.4 |
|
Capital expenditure |
1,430 |
492 |
3,872 |
3,157 |
|
Employees (period end) |
284 |
287 |
284 |
287 |
Investor Relations
Corporate Calendar
February 26, 2003: Annual Press and Analysts Conference on Financial Year 2002 April 30, 2003: Release of first quarter results May 15, 2003: Annual shareholders’ meeting July 23, 2003: Release of second quarter results October 22, 2003: Release of third quarter resultsInformation about Dialog Semiconductor
Dialog Semiconductor develops and supplies mixed signal component and system level solutions for wireless communications, automotive and industrial applications. Dialog’s innovative products developed in 100% CMOS are used by major OEMs (original equipment manufacturers) across the world. The company focuses on standard product and high volume applications where it can exploit its mixed signal expertise, IP design library and effective execution from specification to delivery. The company is headquartered near Stuttgart, Germany with additional design facilities in the UK, the USA, Sweden, Austria and Japan.
Dialog Semiconductor Plc is listed on the Frankfurt (Neuer Markt: DLG), on the NASDAQ (DLGS) and NASDAQ Europe (DLGS) exchanges and included in the Nemax50 since December 27, 2001.
D I S C L A I M E R
This press release contains “forward-looking statements”. All statements regarding our future financial condition, results of operations and businesses, strategy, plans and objectives are forward-looking. Statements containing the words “believes”, “intends”, “expects” and words of similar meaning are also forward-looking. Such statements involve unknown risks, uncertainties and other factors that may cause our results, performance or achievements or conditions in the markets in which we operate to differ from those expressed or implied in such statements. These factors include, among others, product demand, the effect of economic conditions, exchange-rate and interest-rate movements, capital- and credit market developments, the timing of customer orders and manufacturing lead times, the changes in customer order and payment patterns, the financial condition and strategic plans of our major customers, insufficient, excess or obsolete inventory, and the impact of competing products and their pricing, product development, commercialisation and technological difficulties, political risks in the countries in which we operate or sale and supply constraints. It is not possible to predict or identify all such factors. Consequently, any such list should not be considered to be a complete statement of all potential risks or uncertainties. We do not assume the obligations to update forward-looking statements.
Contact
Dialog Semiconductor
Birgit Hummel
Neue Strasse 95
D-73230 Kirchheim/Teck - Nabern
Telephone +49-7021-805-412
Fax +49-7021-805-200
E-mail birgit.hummel@diasemi.com
Internet www.dialog-semiconductor.com