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Skyworks Solutions Annual Report, Year Ended Apr 1, 2001

Filing Date
Filed June 29, 2001
Period End
April 1, 2001
Security
SWKS
In the record · 2016–202610-K2110-Q338-K121

SWKS filed 21 annual reports (10-K), 33 quarterly reports (10-Q) and 121 current reports (8-K) between 2016 and 2026.

  1. FY2019 annual report10-K · Nov ’19Nov ’19
  2. Leadership change8-K · Feb ’22Feb ’22
  3. Leadership change8-K · Dec ’25Dec ’25

01—Abstract

Summary

Summary of the 10-K filed June 29, 2001. Cited figures are marked; the original filing is the authoritative source.

Alpha Industries, Inc. reported fiscal 2001 (year ended April 1, 2001) sales of $271.6 milliona, up 45.7% from $186.4 million in fiscal 2000, and net income of $33.4 million, or $0.75 per diluted share, compared with $18.0 million in fiscal 2000.

Gross margin rose to 44.2% from 43.4%, and operating income increased to $40.7 millionb from $21.4 million. The filing notes that a downturn in the wireless and broadband markets during the fourth quarter lowered quarterly sales, with fourth-quarter sales of $54.0 million compared with $78.7 million in the third quarter. Semiconductor Products represented 82.7% of fiscal 2001 sales, and Ceramic Products represented 17.3%.

The company's balance sheet strengthened, with stockholders' equity rising to $299.2 millionc and working capital of $188.3 million, including $153.8 million in cash, cash equivalents and short-term investments. Operations generated $57.6 million of cash, while capital expenditures totaled $54.7 million, including the $12.3 million purchase of a Haverhill, Massachusetts facility and a six-inch GaAs wafer line estimated at approximately $30 million. Long-term debt was only $235 thousand, and the company had no borrowings under its $10.0 million revolving credit agreement at year end.

Customer concentration remains a key risk. Motorola and Ericsson accounted for 26.0%d and 11.3% of fiscal 2001 sales, respectively, and the five largest customers accounted for 52.9%.

Backlog at April 1, 2001 was $38.7 million, down from $55.7 million a year earlier. Management stated that current conditions make predictions particularly difficult and that the company believes its cash and existing resources will be adequate through fiscal 2002.

02—Key points

Key Highlights

  1. Fiscal 2001 sales rose 45.7% to $271.6 million, with Semiconductor Products at $224.6 million and Ceramic Products at $47.0 million.
  2. Net income increased to $33.4 million, or $0.75 per diluted share, from $18.0 million in fiscal 2000; operating income rose to $40.7 million from $21.4 million.
  3. Gross margin improved to 44.2% from 43.4%, while R&D expenses rose to $36.0 million, or 13.3% of sales.
  4. Working capital totaled $188.3 million, including $153.8 million in cash, cash equivalents and short-term investments; operations generated $57.6 million of cash.
  5. Capital expenditures were $54.7 million, including $12.3 million for the Haverhill, Massachusetts facility and a planned six-inch GaAs wafer line estimated at $30 million.
  6. Motorola (26.0%) and Ericsson (11.3%) accounted for a large share of sales, and the five largest customers accounted for 52.9%.
  7. Backlog at April 1, 2001 was $38.7 million, down from $55.7 million a year earlier; the filing cites a fourth-quarter downturn in wireless and broadband markets.

03—Questions

Frequently Asked Questions

  1. How did Alpha Industries perform financially in fiscal 2001?

    Sales increased 45.7% to $271.6 million, net income rose to $33.4 million from $18.0 million, and diluted earnings per share were $0.75 versus $0.42 in fiscal 2000. Growth was strongest in the first nine months of the year, before a downturn in the wireless and broadband markets in the fourth quarter reduced quarterly sales.

  2. What are the main risks to the company's revenue?

    The filing identifies heavy reliance on a small number of customers, with Motorola and Ericsson accounting for 26.0% and 11.3% of fiscal 2001 sales. It also cites unpredictable customer orders, cancellations and deferrals, the potential for OEM customers to develop in-house capabilities, intense competition, and declining average selling prices.

  3. How strong is the company's balance sheet?

    Stockholders' equity was $299.2 million and total assets were $337.0 million at April 1, 2001. Long-term debt was $235 thousand, and there were no borrowings under the $10.0 million revolving credit agreement. Cash, cash equivalents and short-term investments totaled $153.8 million.

  4. What is the company investing in for future growth?

    Capital expenditures totaled $54.7 million in fiscal 2001, including the $12.3 million purchase of a 125,000 square foot facility in Haverhill, Massachusetts. The company is also building a six-inch GaAs IC production line estimated at about $30 million, expected to be completed within twelve to fifteen months, and is expanding its Adamstown, Maryland ceramics facility.

  5. What does the backlog decline indicate?

    Backlog of undelivered orders was $38.7 million on April 1, 2001, compared with $55.7 million on April 2, 2000. The company books only the next three months of commercial orders, and management noted that current market conditions make predictions about future operations particularly difficult.

04—Continue

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