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This excerpt taken from the SMTC 10-K filed Mar 26, 2009. Net Sales (fiscal years, in thousands)
Certain corporate level expenses not directly attributable to a reportable segment are allocated to the segments based on percentage of sales. These include expenses associated with matters related to the Company’s historical stock option practices, including the now completed restatement of past financial statements and the on-going government inquiries, class action litigation, and recently settled derivative litigation. Included in operating income in fiscal years 2009, 2008 and 2007 for the Standard Semiconductor Products segment is approximately $63,000 (net of a $223,000 insurance recovery received in fiscal year 2009 for certain investigative costs), $2.8 million and 8.7 million, respectively, of expense associated with the SEC’s investigation into the Company’s historical stock option practices. Included in operating income for the Standard Semiconductor Products segment for fiscal years 2009, 2008 and 2007 are legal fees incurred by the Company in suing insurance companies to recover amounts associated with the resolution of a past customer dispute. For fiscal year 2009 and 2008 operating income for the Standard Semiconductor Products segment also included settlement recoveries from the above mentioned insurance companies.
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Table of ContentsA summary of sales activity by region follows. The Company does not track customer sales by region for each individual reporting segment. This excerpt taken from the SMTC 10-Q filed Sep 9, 2005. Net Sales
Included in operating income for the Standard Semiconductor Segment are gains from settlements with two of the three insurance companies sued by the Company to recover amounts associated with resolution of a past customer dispute. The settlements and related legal expenses were reported net of each other for the periods presented in the condensed consolidate statement of income. The original $12.0 million expense for the customer dispute settlement was included in operating income for the Standard Semiconductor Segment in fiscal year 2003.
Also included in operating income for the Standard Semiconductor Segment for the three and six month periods ended July 31, 2005 are one-time costs of $4.1 million that were incurred for acquisition related write-offs and amortization associated with the acquisition of XEMICS on June 23, 2005.
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In the second quarter of fiscal year 2006, an end-customer that is a leading manufacturer of cellular phones, and that buys product directly from the Company, accounted for approximately 10% of net sales. In the second quarter of fiscal year 2006, two of the Company’s Asian distributors accounted for approximately 14% and 10% of net sales, respectively. In the second quarter of fiscal year 2005, one of the Company’s Asian distributors accounted for approximately 11% of net sales. No single end-customer accounted for 10% or more of net sales in the second quarter of fiscal year 2005.
As of July 31, 2005, one of the Company’s Asian distributors accounted for approximately 15% of net accounts receivable. Sales to the Company’s customers are generally made on open account, subject to credit limits it may impose, and the receivables are subject to the risk of being uncollectible.
A summary of net external sales by region follows. The Company does not track customer sales by region for each individual reporting segment.
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