UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2005
DIALOG SEMICONDUCTOR PLC
(Translation of registrant's name into English)
Neue Strasse 95, D-73230 Kirchheim/Teck-Nabern, Germany
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form-20-F or Form 40-F.)
Form 20-F__X__ Form 40-F_____
(Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes____ No__X__
(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-_________.)
TABLE OF CONTENTS
Press Release of Dialog Semiconductor Plc dated February 23, 2005
Dialog Semiconductor Reports Fourth Quarter and Full Year 2004 Results
KIRCHHEIM/TECK, Germany--(BUSINESS WIRE)--Feb. 23, 2005--Dialog
Semiconductor Plc (NASDAQ:DLGS)(FWB:DLG):
-- 25% annual revenue growth compared to 2003
-- Q4 2004 revenue of EUR 31.1 million compared with EUR 27.5
million in Q4 2003
-- Significant progress in product diversification and winning
new customers
-- New partnerships established and existing ones strengthened
-- Strong position in growing 3G markets
Dialog Semiconductor Plc (NASDAQ:DLGS)(FWB:DLG) today reported its
fourth quarter and full year results for the period ending December
31, 2004. Revenue for the full year was up 25% over 2003, to EUR 116
million, and operating losses were down by over 50% to EUR 6.1
million. A major highlight of the year was the penetration of Dialog's
power management and audio products into the 3G handset market.
Revenues from the wireless market increased by 30% to EUR 90.6
million; revenues from automotive applications grew by 51% to EUR 11.9
million.
Roland Pudelko, CEO & president said, "The Company had some
significant achievements during 2004. New products and partnerships
were announced and relationships with key customers were greatly
strengthened. The adoption of our new and existing power management
and audio products into 3G handset applications is particularly
noteworthy. According to market analysts the market for 3G handsets is
set to grow rapidly from 20 million in 2004 to almost 50 million in
2005."
Pudelko added, "Due to the lower than forecast uptake by customers
of wireless ICs during Q4 2004 and the weak US dollar, we are reducing
the Company's operational costs in 2005 to ensure that they are
appropriate to our revenue levels."
He continued, expanding on the company's achievements. "We added
new products such as our LCD drivers for wireless handsets, and the
first integrated power management IC to support the Wireless Intel
SpeedStep(R) technology. We announced a long-term collaboration with
Carl Zeiss to develop and market modules for high quality camera
phones. Finally, we won more design slots in the growing number of
handsets being designed and manufactured in Asia."
"Taken together these achievements show we have established a
strong platform from which to exploit both new application specific
standard product (ASSP) and application specific (ASIC) opportunities
in wireless and automotive electronics. The fact that we can now
address a number of different design sockets within the wireless
handset - not just the power management and audio, but also the
embedded camera and display driver - means that we can expand Dialog
Semiconductor's footprint within the handset and therefore build
further market share in the supply of mixed signal ICs."
The Company's annual report for the year ending December 31, 2004
is available at www.Dialog-Semiconductor.com.
Information about Dialog Semiconductor
Dialog Semiconductor develops and supplies power management, audio
and imaging technology, delivering innovative mixed signal standard
products as well as application specific IC solutions for wireless,
automotive and industrial applications. The company's expertise in
mixed signal design, with products manufactured entirely in CMOS
technology, enhances the performance and features of wireless,
hand-held and portable electronic products. Its technology is also
used in intelligent control circuits in automotive and industrial
applications. Dialog Semiconductor Plc is headquartered near
Stuttgart, Germany with additional design facilities in the UK, the
USA, Austria and Japan. The company is listed on the Frankfurt (FWB:
DLG), and on the NASDAQ (DLGS) exchanges.
DISCLAIMER
This press release contains "forward-looking statements" that
reflect management's current views with respect to future events. The
words "anticipate," "believe," "estimate, "expect," "intend," "may,"
"plan," "project" and "should" and similar expressions identify
forward-looking statements. Such statements are subject to risks and
uncertainties, including, but not limited to: an economic downturn in
the semiconductor and telecommunications markets; changes in currency
exchange rates and interest rates, the timing of customer orders and
manufacturing lead times, insufficient, excess or obsolete inventory,
the impact of competing products and their pricing, political risks in
the countries in which we operate or sale and supply constraints. If
any of these or other risks and uncertainties occur (some of which are
described under the heading "Risk Factors" in Dialog Semiconductor's
most recent Annual Report and under the heading "Risk Factors" in
Dialog Semiconductor's most recent Annual Report on Form 20-F filed
with the Securities and Exchange Commission), or if the assumptions
underlying any of these statements prove incorrect, then actual
results may be materially different from those expressed or implied by
such statements. We do not intend or assume any obligation to update
any forward-looking statement, which speaks only as of the date on
which it is made.
Consolidated Statements of Operations
Three months Three months
ended ended Year Year
December December ended ended
(in thousands of Euro, 31, 2004 31, 2003 December December
except per share data) (unaudited) (unaudited) 31, 2004 31, 2003
Revenues 31,058 27,545 116,044 92,893
------------------------------------- ------------ --------- ---------
Cost of sales (23,373) (17,727) (79,783) (62,374)
------------------------------------- ------------ --------- ---------
Gross margin 7,685 9,818 36,261 30,519
------------------------------------- ------------ --------- ---------
Selling and marketing
expenses (2,004) (1,059) (6,237) (4,197)
------------------------------------- ------------ --------- ---------
General and
administrative expense (1,434) (1,156) (5,462) (5,044)
------------------------------------- ------------ --------- ---------
Research and development
expenses (7,595) (7,072) (29,071) (30,590)
------------------------------------- ------------ --------- ---------
Amortization and
intangible assets (271) (484) (1,520) (2,073)
------------------------------------- ------------ --------- ---------
Restructuring and related
impairment charges - - (59) (1,839)
------------------------------------- ------------ --------- ---------
Operating profit (loss) (3,619) 47 (6,088) (13,224)
------------------------------------- ------------ --------- ---------
Interest income, net 157 179 1,081 757
------------------------------------- ------------ --------- ---------
Foreign currency exchange
gains and losses, net (421) (154) (726) (454)
------------------------------------- ------------ --------- ---------
Recovery of investment - - 54 315
------------------------------------- ------------ --------- ---------
Result before income
taxes (3,883) 72 (5,679) (12,606)
------------------------------------- ------------ --------- ---------
Income tax expense (711) (11,487) (64) (7,814)
------------------------------------- ------------ --------- ---------
Net loss (4,594) (11,415) (5,743) (20,420)
------------------------------------- ------------ --------- ---------
Loss per share:
Basic and diluted (0.10) (0.26) (0.13) (0.46)
------------------------------------- ------------ --------- ---------
Weighted average number
of shares (in
thousands):
Basic and diluted 44,067 43,984 44,025 43,951
------------------------------------- ------------ --------- ---------
Investor Relations
Corporate Calendar
April 20, 2005: Release of first quarter results
May 11, 2005: Annual shareholders' meeting
July 20, 2005: Release of second quarter results
October 19, 2005: Release of third quarter results
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
CONTACT: Dialog Semiconductor
Birgit Hummel
Telephone +49-7021-805-412
Fax +49-7021-805-200
E-mail birgit.hummel@diasemi.com
Internet www.dialog-semiconductor.com
SIGNATURES
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.
DIALOG SEMICONDUCTOR PLC
Date February 23, 2005 By /s/ ROLAND PUDELKO
-------------------
Roland Pudelko
Executive Director, CEO and President