ATI Q4 sees revenue jump 71%
Income, margins up too
ATI saw sales rise 70.8 per cent year-on-year to $380.7 million during the three months to 31 August, the company's fourth quarter of fiscal 2003.
Revenues rose 6.5 per cent sequentially from Q3's figure of $355.7 million. Net income grew 32.7 per cent between Q3 and Q4, rising from $15 million (six cents a share) to $22.3 million (nine cents a share). This time last year, ATI reported a loss of $34.6 million (15 cents a share).
Adjusted Q4 net income totalled $29 million (12 cents a share), up a little on the previous quarter's $20 million (eight cents a share). In the year-ago quarter, ATI's adjusted loss came to $100,000.
Gross margins rose three percentage points sequentially and just over four percentage points year-on-year to 35.6 per cent, but ATI's operating expenses also increased, rising by $9.7 million to $99.5 million, largely thanks to increased R&D spending.
Looking ahead, the company said it expects Q1 of fiscal 2004 to yield revenues of $400-430 million, with gross margins between 32 per cent and 35 per cent. Operating expenses should not increase, leading to flat or marginally higher net income over Q4 2003. ®