STOCKREPORTS		 Siliconix Incorporated NASDAQ Symbol SILI
19-JUL-97 Industry:
Electronics (Semiconductors)		 Summary: This company is a leading manufacturer of advanced semiconductor products for the computer, automotive and telecommunications industries.

Recent Price 38.00
52 Wk Range 38.00 - 15.50		 Yield Nil
12-Mo. P/E 13.6

Quantitative Evaluation:
Outlook (1 Lowest - 5 Highest)
NA
Fair Value
NA
Risk
HIGH
Earn/Div Rank
B-
Technical Evaluation:
NA since NA
Rel. Strength Rank (1 Lowest - 99 Highest)
98
Insider Activity
NA

Business Profile 04-JUN-97

This company has a long-established presence in the computer, hard disk drive and communications market segments. Demand in these markets has historically been volatile. SILI's leadership in these sectors is based on its advanced silicon process technologies. Revenues continued to increase in 1996 even in the face of a downturn in the semiconductor industry, but recent earnings have been restricted by increasing competition. In 1996, the company changed its management structure to one based on product lines in order to provide a more cost-effective and focused basis for reaching target markets. The TEMIC Group, the microelectronics unit of Daimler-Benz, owns 80% of SILI.

Operation Review 04-JUN-97

Net sales in the first quarter of 1997 rose fractionally, year to year, limited by lower sales in the Japanese market resulting from increased competition and declining prices. Gross margins declined, but lower SG&A expenses and R&D costs led to a 12% gain in operating income. Pretax income was up 13%, but after taxes at 20.0%, versus 11.0%, net income rose just 1.8%, to $6,940,000 ($0.70 a share), from $6,819,000 ($0.68).

Stock Performance 18-JUL-97n

In the past 30 trading days, SILI's shares have increased 52%, compared to a 7% rise in the S&P 500. Average trading volume for the past five days was 48,700 shares, compared with the 40-day moving average of 17,116 shares.

Key Stock Statistics

Dividend Rate/Share Nil
Shs. outstg. (M) 10.0
Avg. daily vol. (M) 0.027
Tang. Bk. Value/Share 12.40
Beta 0.95
Shareholders 900
Market cap. (B) $0.378
Inst. holdings 8%
Value of $10,000 invested 5 years ago:$ 116,923

Fiscal Year Ending Dec. 31

Revenue (Million $)
1997 1996 1995 1994 1993 1992
Q1 70.21 70.06 51.35 42.47 40.20 36.00
Q2 80.02 64.08 61.12 51.73 43.46 39.20
Q3 NA 62.03 66.02 51.63 43.02 40.00
Q4 NA 72.76 71.80 50.63 43.59 41.00
Year NA 268.9 250.3 196.4 170.3 156.2

Earning Per Share ($)
1997 1996 1995 1994 1993 1992
Q1 0.70 0.68 0.25 0.16 0.18 Nil
Q2 0.81 0.63 0.46 0.29 0.22 0.08
Q3 NA 0.59 0.73 0.29 0.17 0.18
Q4 NA 0.70 0.99 0.33 0.07 0.20
Year NA 2.61 2.43 1.07 0.64 0.46

Dividend Data: Cash dividends were omitted in 1981.

Business Summary 04-JUN-97

Siliconix Incorporated designs and manufactures power and analog semiconductor products. The company focuses on technologies and products for the computer, data storage, communications and automotive markets, as well as instrumentation, industrial and hi-rel (military) applications.

SILI's products fall into two general categories: integrated circuits, which contain a number of components on a single silicon chip and are intended to perform a specific function; and discrete semiconductor devices, which must be interconnected with other components (e.g., transistors, diodes, resistors, capacitors, inductors and switches) to create an electronic circuit. Contributions to sales in recent years were:

1996 1995 1994
Discrete devices 76% 74% 73%
Integrated circuits 24% 26% 27%

Discrete devices are active components that generate, control, regulate, amplify or switch electronic signals or energy. They must be interconnected with other components to create an electronic circuit. SILI's discrete devices include small-signal field-effect transistors (MOSFETs, JFETs and DMOS FETs), designed to handle less than one watt of power, and power MOSFETs, designed to handle more than one watt. Power MOSFETs are SILI's fastest-growing products in terms of sales. The company has also coupled certain process technologies with innovative packaging techniques to create surface-mount product families, such as LITTLE FOOT power MOSFETs, that provide customers with size and performance benefits as well as manufacturing compatibility with digital integrated circuits.

The company's integrated circuits (ICs) include power conversion and interface ICs, which are used in applications where an input voltage from a battery or other supply source must be switched or converted to a level that is compatible with logic signals used by microprocessors and other digital components in the system; motor control ICs, used to control motion in data storage applications and to control the speed of small motors in office equipment, such as copy machines; and signal processing ICs, including analog switches, multiplexers and bus interface ICs.

The geographic breakdown of sales in 1996 was: 33% North America, 27% Europe and Africa, 19% Japan, and 21% Asia/Pacific.

Siliconix is a member of TEMIC Semiconductors, a division of the Daimler-Benz microelectronics consortium, which also includes Telefunken Semiconductors (Germany), Matra MHS, S.A. (France), and Dialog Semiconductor (United Kingdom). The company's products are marketed with the Siliconix brand name under the TEMIC Semiconductors umbrella.

Capitalization

Long Term Debt: $39,555,000 (3/97).

Per Share Data ($)
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
Tangible Bk. Val. 11.71 9.06 6.57 5.45 4.73 4.45 4.51 23.36 38.24 36.11
Cash Flow 4.41 3.77 2.26 1.72 1.65 0.80 -18.09 -7.34 7.73 8.17
Earnings 2.61 2.43 1.07 0.64 0.46 -0.44 -24.09 -14.53 0.47 2.01
Dividends Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Payout Ratio Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Prices - High 45 40 1/2 13 1/2 9 3/4 8 3/4 4 1/4 20 1/8 47 3/4 66 1/8 105 1/2
- Low 14 3/4 11 1/2 6 1/4 5 3 1/4 2 2 15 7/8 25 1/8 28 1/2
P/E Ratio - High 17 17 13 15 19 NM NM NM NM 53
- Low 6 5 6 8 7 NM NM NM NM 14

Income Statement Analysis (Million $)
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
Revs. 269 250 196 170 156 140 131 123 129 123
Oper. Inc. 49.8 42.2 26.0 20.6 21.7 12.3 6.4 -5.2 19.1 20.5
Depr. 18.0 13.3 11.9 10.7 11.8 12.4 13.5 14.3 13.7 11.9
Int. Exp. 2.4 2.6 2.0 1.8 2.8 3.8 6.4 5.7 4.8 3.6
Pretax Inc. 29.8 26.5 11.5 6.7 4.6 -5.5 -53.7 -29.4 0.9 5.6
Eff. Tax Rate 13% 8.80% 7.80% 4.40% Nil NM NM NM 5.70% 30%
Net Inc. 26.0 24.2 10.6 6.4 4.6 -4.4 54.1 -29.0 0.9 3.9

Balance Sheet & Other Fin. Data (Million $)
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
Cash 24.3 27.7 10.7 8.6 5.7 3.4 5.2 0.7 5.5 3.3
Curr. Assets 120 118 82.9 72.9 67.2 64.2 58.7 58.5 86.9 73.6
Total Assets 239 208 155 130 116 113 116 125 157 142
Curr. Liab. 81.5 77.0 48.3 34.0 36.2 21.3 30.7 46.9 31.5 23.1
LT Debt 39.4 40.7 40.8 41.5 31.1 46.1 39.1 29.1 38.7 41.0
Common Eqty. 117 90.3 65.9 54.7 47.5 45.0 45.6 47.6 76.7 65.8
Total Cap. 157 131 107 96.0 79.0 92.0 85.0 78.0 126 118
Cap. Exp. 39.5 28.2 25.0 18.5 12.9 6.9 10.8 11.8 13.1 11.6
Cash Flow 44.0 37.5 22.5 17.1 16.4 8.0 -40.6 -14.7 14.6 15.8

Curr. Ratio 1.5 1.5 1.7 2.1 1.9 3.0 1.9 1.2 2.8 3.2
% LT Debt of Cap. 25.1 31.1 38.3 43.1 39.1 50.4 45.7 37.5 30.8 34.6
% Net Inc.of Revs. 9.7 9.7 5.4 3.7 3.0 NM NM NM 0.7 3.2
% Ret. on Assets 11.6 13.4 7.4 5.2 4.0 NM NM NM 0.6 2.9
% Ret. on Equity 25.1 31.1 17.6 12.4 10.0 NM NM NM 1.2 6.1

Data as orig. reptd.; bef. results of disc. opers. and/or spec. items. Per share data adj. for stk. divs. as of ex-div. date. E-Estimated. NA-Not Available. NM-Not Meaningful. NR-Not Ranked.

Office--2201 Laurelwood Rd., Santa Clara, CA 95056. Tel--(408) 988-8000. Chrmn--R. L. Wehrli. CEO & Pres--R. J. Kulle. SVP & CFO--J. F. Biehn. Secy & Investor Contact--David Achterkirchen. Dirs--H. Eberhardt, R. J. Kulle, F. Maier, G. Muehlschlegel, R. L. Wehrli, P. Westrick. Transfer Agent & Registrar--First Interstate Bank, San Francisco. Incorporated--in California in 1962; reincorporated in Delaware in 1987. Empl-- 1,228. S&P Analyst: Adam Penn


This report is for information purposes and should not be considered a solicitation to buy or sell any security. Neither S&P nor any other party guarantee its accuracy or make warranties regarding results from its usage. Redistribution is prohibited without written permission. Copyright © 1997