Semtech Announces Common Stock Split
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Semiconductor maker Semtech Corp. (SMTC) said Tuesday it will split its common stock 2-for-1 after the shares almost tripled over the past year.
Shareholders as of Sept. 5 will receive one additional share for each share held, payable Sept. 25, Semtech said. The Newbury Park, Calif.-based company split its shares a year ago.
Net income more than doubled to $13.7 million, or 36 cents a share, in the second quarter ended July 30 from $6.22 million, or 18 cents, a year earlier, Semtech also said Tuesday. Sales rose to $60.6 million from $38.3 million. Semtech was expected to earn 34 cents a share, the average estimate of seven analysts polled by First Call/Thomson Financial.
Semtech shares rose 38 cents to close at a new high of $98 on Nasdaq before the news was released, then climbed as high as $102 in after-hours trading.
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