Fishman said ADI had implemented cost-reduction initiatives, including moving resources to the most strategically relevant programs and a planned corporate-wide shutdown over the holiday season.
ADI (Norwood, Mass.) reported sales of $695 million for its fiscal fourth quarter, up 2 percent compared to the previous quarter but down 3 percent compared with the fourth quarter of fiscal 2011. The company reported a net income for the quarter of $179.1 million, or 60 cents per share, up 6 percent compared with the fiscal third quarter but down 2 percent compared with the year-ago quarter.
For fiscal 2012, ADI reported sales of $2.7 billion, down 10 percent from fiscal 2011. The company reported a net income for the year of $651.2 million, or $2.18 per share, down 25 percent from fiscal 2011.
ADI said it expects sales to decline 6 to 12 percent sequentially in the current quarter to between $611.6 million and $653.3 million.
Fishman said the most significant decline in fiscal first quarter sales is expected to come from the company's consumer business segment, where its typical first quarter sales decline is being exacerbated by customers' excess inventories.
"Today, it's still a very challenging environment in virtually every reason in the world," Fishman said. Related stories:
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I’ve been thinking about ethics recently, but not the generic kind represented by violations like taking a company pen home. And who among us can claim to be purists? I can’t—I have plenty of company pens laying around my office. And, truth-be-told, my war stories get more polished and elaborate each year. Let the stones in my glass house be unthrown.
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