SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                    FORM 10-Q



[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 1997

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD
FROM _______TO _______

Commission File No. 0-26690

                           ELANTEC SEMICONDUCTOR, INC.
             (Exact Name of registrant as specified in its charter)


        Delaware                                                77-0408929
--------------------------------------------------------------------------------
(State or other jurisdiction of                              ( I.R.S. Employer
incorporation or organization)                               Identification No.)

675 Trade Zone Boulevard, Milpitas, California                  95035
--------------------------------------------------------------------------------
(Address of principal executive offices)                      (Zip Code)

Registrant's telephone number, including area code: (408) 945-1323
--------------------------------------------------------------------------------


Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes X   No
                                      ---    ---
Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest practicable date:

As of February 1, 1998, 9,121,271 shares of the Registrant's Common Stock, $0.01
par value, were issued and outstanding.


<PAGE>
<TABLE>
                                TABLE OF CONTENTS
                                -----------------
<CAPTION>
                                                                                                       Page
                                                                                                       ----
<S>                                                                                                     <C>
PART I            FINANCIAL INFORMATION

     Item 1.      Condensed Consolidated Financial Statements............................................3

                  Notes to Condensed Consolidated Financial Statements...................................6

     Item 2.      Management's Discussion and Analysis of Financial Condition
                     and Results of Operations...........................................................8

     Item 3.      Quantitative and Qualitative Disclosures About Market Risk............................12

PART II           OTHER INFORMATION

     Item 6.      Exhibits and Reports on Form 8-K......................................................13

                  Signatures............................................................................14
</TABLE>
                                                                               2
<PAGE>

PART I.  FINANCIAL INFORMATION
Item 1.  Condensed Consolidated Financial Statements



                           ELANTEC SEMICONDUCTOR, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                      (In thousands, except per share data)
                                   (Unaudited)


                                                             Three Months Ended
                                                                December 31,
                                                            --------------------
                                                              1997       1996
                                                            -------     -------
Net revenues                                                $11,234     $ 8,001
Cost of revenues                                              5,858       4,810
                                                            -------     -------
   Gross profit                                               5,376       3,191


Operating expenses:
   Research and development                                   1,642       1,283
   Marketing, sales, general and administrative               2,587       2,106
                                                            -------     -------
   Total operating expenses                                   4,229       3,389
                                                            -------     -------


Income (loss) from operations                                 1,147        (198)
Interest and other, net                                         116          87
                                                            -------     -------
Income (Loss) before taxes                                    1,263        (111)
Provision for taxes on income                                   126         (14)
                                                            -------     -------
Net income (Loss)                                           $ 1,137     $   (97)
                                                            =======     =======

Net income (Loss) per share:
       Basic                                                $  0.13     $ (0.01)
       Diluted                                              $  0.12     $ (0.01)
                                                            =======     =======


Shares used in computing per share amounts:
       Basic                                                  9,062       8,759
       Diluted                                                9,623       8,759
                                                            =======     =======



   See accompanying notes to the condensed consolidated financial statements.

                                                                               3
<PAGE>

                           ELANTEC SEMICONDUCTOR, INC.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                 (In thousands)

                                                     December 31   September 30
                                                         1997         1997 (1)
                                                       -------       -------
                                                     (Unaudited)
Assets:  
Current assets:
   Cash and cash equivalents                           $ 8,036       $ 9,839
   Short-term investments                                8,308         6,089
   Accounts receivable, net                              4,097         3,315
   Inventories                                           6,881         7,369
   Prepaid expenses and other current assets               598           627
                                                       -------       -------
Total current assets                                    27,920        27,239
                                                                    
Property and equipment, net                              9,991         9,231
Other assets, net                                          606           621
                                                       -------       -------
Total assets                                           $38,517       $37,091
                                                       =======       =======
                                                                    
Liabilities and stockholders' equity:                               
Current liabilities:                                                
   Accounts payable and accrued liabilities            $ 5,386       $ 5,367
   Deferred revenue                                      2,680         2,094
   Current portion of long-term debt and capital                    
   lease obligations                                     1,421         1,491
                                                       -------       -------
Total current liabilities                                9,487         8,952
                                                                    
Long-term debt and capital lease obligations             3,013         3,336
                                                                    
Stockholders' equity                                    26,017        24,803
                                                       -------       -------
Total liabilities and stockholders' equity             $38,517       $37,091
                                                       =======       =======
                                                                    
                                                                
(1) The  information  in this  column was  derived  from the  Company's  audited
consolidated financial statements at September 30, 1997.


   See accompanying notes to the condensed consolidated financial statements.

                                                                               4
<PAGE>
                           ELANTEC SEMICONDUCTOR, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In thousands)
                                   (Unaudited)


                                                            Three Months Ended
                                                               December 31,
                                                            ------------------
                                                              1997      1996
                                                            -------    -------
Operating activities:
Net income                                                  $ 1,137    $   (97)

Adjustments  to  reconcile net  income  to  net  cash
   provided  by  operating activities:
      Depreciation and amortization                             618        474
      Changes in operating assets and liabilities:
          Accounts receivable                                  (782)      (380)
          Inventories                                           488       (247)
          Prepaid expenses and other current assets              29       (152)
          Accounts payable and accrued liabilities               19       (803)
          Deferred revenue                                      586         57
                                                            -------    -------
Net cash provided by (used in) operating activities           2,095     (1,148)

Investing activities:
Sale/maturity (purchase) of available-for-sale securities    (2,219)      (347)
Purchase of property and equipment                           (1,378)      (514)
Decrease in other assets                                         15          6
                                                            -------    -------
Net cash provided by (used in) investing activities          (3,581)      (855)

Financing activities:
Payments on capital lease and other debt                       (393)      (302)
Issuance of common stock                                         77         25
                                                            -------    -------
Net cash provided by (used in)financing activities             (317)      (277)

Increase (decrease) in cash and cash equivalents             (1,803)    (2,280)
Cash and cash equivalents at beginning of period              9,839      9,377
                                                            -------    -------
Cash and cash equivalents at end of period                  $ 8,036    $ 7,097
                                                            =======    =======

Supplemental disclosures of cash flow information:
Lease and installment financing for capital equipment       $     0    $   929
Interest paid                                               $   103    $    59
Taxes paid                                                  $    25    $    25




See accompanying notes to the condensed consolidated financial statements.

                                                                               5
<PAGE>

ELANTEC SEMICONDUCTOR, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
--------------------------------------------------------------------------------

NOTE 1.  BASIS OF PRESENTATION

The unaudited condensed  consolidated  financial statements included herein have
been  prepared  by the  Company  pursuant  to the rules and  regulations  of the
Securities and Exchange Commission. Certain information and footnote disclosures
normally included in financial  statements prepared in accordance with generally
accepted  accounting  principles have been condensed or omitted pursuant to such
rules and regulations. In the opinion of management, all adjustments (consisting
of normal recurring items)  considered  necessary for a fair  presentation  have
been included. The results of operations for the three months ended December 31,
1997 are not necessarily indicative of the results to be expected for the entire
year. These consolidated financial statements should be read in conjunction with
the  consolidated  financial  statements  and the notes thereto  included in the
Company's Annual Report on Form 10-K for the year ended September 30, 1997.

The  Company's  fiscal  year end is the  Sunday  closest  to  September  30. The
Company's  fiscal  quarters end on the Sunday closest to the end of the calendar
quarter.  For  convenience,  the Company has indicated  that its quarters end on
December 31, March 31, June 30 and September 30.

NOTE 2.  USE OF ESTIMATES

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect the amounts reported in the financial  statements and accompanying notes.
Actual results could differ from those estimates.

NOTE 3.  CASH AND CASH EQUIVALENTS

The Company  considers all highly liquid  investments with an original  maturity
(at the date of purchase) of three months or less to be the  equivalent  of cash
for purposes of balance sheet and statement of cash flows presentation. Cash and
cash equivalents are carried at cost, which approximates market value.

NOTE 4.  SHORT-TERM INVESTMENTS

The  Company's  policy is to  invest  in  various  short-term  instruments  with
investment  grade credit ratings.  Generally such  investments  have contractual
maturities of less than one year.  All of the Company's  marketable  investments
are  classified  as   "available-for-sale"   and  the  Company   classifies  its
available-for-sale  portfolio as available for use in its current operations. At
December 31, 1997, there was no significant  difference  between the fair market
value and the underlying cost of such securities.

NOTE 5.  INVENTORIES

Inventories  are  stated  at the lower of  standard  cost  (first-in,  first-out
method) or market and consist of the following balances in thousands:

                                                                               6
<PAGE>

                                        December 31,         September 30,
                                            1997                 1997
                                      -----------------    ------------------
      Raw materials                     $     302            $     431
      Work-in-process                       5,145                5,039
      Finished goods                        1,434                1,899
                                      -----------------    ------------------
                                        $   6,881            $   7,369
                                      =================    ==================


NOTE 6.  EARNINGS (LOSS) PER SHARE

Beginning in the current quarter (Q198),  Financial Accounting Standards No. 128
"Earnings Per Share" (FAS 128) required the Company to change the method used to
compute  earnings  per share and to  restate  all prior  periods.  Under the new
requirements  for calculating  basic earnings per share,  the dilutive effect of
stock options is excluded.  However,  diluted earnings per share is analogous to
the  methodology  the Company used in past  earnings per share  reporting and is
calculated  based on the weighted  average number of common and dilutive  common
share  equivalents  outstanding using the treasury stock method.  Thus,  diluted
income per share is the same  number the Company  previously  reported as income
per share.

The following table sets forth the computation of basic and diluted earnings per
share:

                                                   Three Months Ended
                                                      December 31,
                                                   ------------------
                                                     1997       1996
                                                   ---------  -------
Numerator for basic and diluted income per share:
     Net income                                     $ 1,137    $  (97)
                                                    =======    ====== 
               
Denominator:
     Denominator for basic income per share           9,062     8,759
     Effect of dilutive securities:
          Common stock options(1)                       561        --
                                                    -------    ------
     Denominator for diluted earnings per share       9,623     8,759
                                                    -------    ------

Basic income per share                              $  0.13    $(0.01)
                                                    =======    ====== 

Diluted income per share                            $  0.12    $(0.01)
                                                    =======    ====== 

(1)  Effect  of  common  stock   options  is  excluded  in  1996  as  effect  is
     antidilutive.

NOTE 7.  RECENT ACCOUNTING PRONOUNCEMENTS

Capital  Structure.  In February 1997, the FASB released  Statement of Financial
Accounting   Standards  No.  129,   "Disclosure  of  Information  about  Capital
Structure"  (FAS 129).  FAS 129  consolidates  the existing  guidance  regarding
disclosure relating to a company's capital structure and is effective for fiscal
years  beginning  after December 15, 1997.  Adoption of FAS 129 will not have an
impact on the Company's consolidated financial statements.

Comprehensive  Income.  In June 1997,  the FASB released  Statement of Financial
Accounting  Standards No. 130, "Reporting  Comprehensive  Income" (FAS 130). FAS
130 establishes  standards for the reporting and display of comprehensive income
and its components in a full set of general purpose financial  statements and is
effective  for fiscal years  beginning  after  December  15,  1997.  The Company
believes  that  adoption  of FAS 130  will  not have a  material  impact  on the
Company's consolidated financial statements

Segment  Information.  In June 1997,  the FASB  released  Statement of Financial
Accounting  Standards No. 131, " Disclosures about Segments of an Enterprise and
Related  Information"  (FAS 131).  FAS 131 will change the way companies  report
selected segment  information in annual  financial  statements and also requires
those  companies to report  selected  segment  information in interim  financial
reports to  stockholders.  FAS 131 is effective for fiscal years beginning after
December 15, 1997. The Company has not completed the determination of the impact
of the new rule on the Company's consolidated financial statements.

                                                                               7
<PAGE>


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
         AND RESULTS OF OPERATIONS

Except  for  the  historical   information  contained  herein,  certain  matters
discussed in this Form 10-Q, including discussions related to the discontinuance
of the company's military and commercial hybrid products and the development and
use of SOI technology, may contain forward-looking statements that involve risks
and  uncertainties.  The Company's actual future results could differ materially
from those  discussed  here.  Factors  that could  cause or  contribute  to such
differences include, but are not limited to, those discussed in this section, as
well as in the section entitled "Business" in the Company's 1997 Form 10-K filed
with the Securities and Exchange Commission.

The table below  states the income  statement  items for the three  months ended
December  31, 1997 and 1996 as a  percentage  of net  revenues  and provides the
percentage change in absolute dollars from the previous year:

                                  Three               Three         Dollar %
                              Months Ended        Months Ended       Change
                            --------------------------------------------------
                            December 31, 1997   December 31, 1996
                            ------------------  ------------------
Net revenues                     100.0%              100.0%           40%
Cost of revenues                  52.1%               60.1%           22%
   Gross profit                   47.9%               39.9%           68%

Operating expenses:
   Research and development       14.6%               16.0%           28%
   Marketing, sales, general
        and administrative        23.0%               26.3%           23%

Results of  Operations  - During the first fiscal  quarter of 1998,  the Company
generated  net  revenues  of $11.2  million,  an  increase  of 40% from the $8.0
million  reported in the same quarter of the  previous  year.  This  increase is
attributed to a shift in sales mix to higher priced market segment  products and
an overall increase in unit sales volumes.

Cost of goods sold decreased to 52% of net sales for the first quarter of fiscal
1998 compared to 60% for the first quarter of fiscal 1997.  The decrease in cost
and corresponding  increase in gross margin for the first quarter of fiscal year
1998 is primarily due to improved  manufacturing  variances  and higher  average
selling prices, offset in part by provisions to increase inventory reserves.

Research and development expenses increased by $0.4 million in the first quarter
of fiscal  1998 from the amount  reported  in the first  quarter of fiscal  1997
largely due to increased  expenditures for foundry silicon,  engineers  salaries
and  other  materials.   As  the  Company  moves  to  the  "SOI"  technology  as
contemplated  (see discussion  below),  absolute dollar research and development
expenses are increasing.

Marketing, selling and general and administrative expenses for the first quarter
of fiscal 1998  increased by $0.5 million,  consistent  with the increase in net
revenues. Expense increases were primarily due to increased sales representative
commissions,  travel expenses,  marketing expenses,  audit, legal and recruiting
expense.

                                                                               8
<PAGE>

The Company's provision for income taxes for the first quarter of fiscal 1998 is
lower than the statutory  rate,  principally due to the benefit of net operating
loss and tax credit carry forwards offset by state taxes and foreign withholding
taxes.

In July 1997, the Company  announced that it would  discontinue its military and
commercial  hybrid  product.  This product line  accounted  for 7.8% and 8.0% of
product  revenues  during  the first  quarters  of 1998 and 1997,  respectively.
Orders for these  discontinued  products will be accepted  through the middle of
1998 with last shipments from the factory  through Q1 1999. The Company  expects
higher  revenues and gross  margins from  last-buy  orders  during  fiscal 1998.
However,  the Company does not expect the discontinuance of this product line to
have a material impact on the Company's annual 1999 results from operations.

Factors Affecting Future Results - Elantec's operating results have been, and in
the future  may be,  subject to  fluctuations  due to a wide  variety of factors
including  the  timing  of or  delays  in new  product  and  process  technology
announcements  and  product  introductions  by the  Company or its  competitors,
competitive pricing pressures,  fluctuations in manufacturing yields, changes in
the mix of product sold,  availability  and costs of raw materials,  reliance on
subcontractors, the cyclical nature of the semiconductor industry, industry-wide
wafer  processing  capacity,   political  and  economic  conditions  in  various
geographic   areas,   and  costs   associated   with  other   events,   such  as
under-utilization  or expansion of production  capacity,  intellectual  property
disputes, litigation, or environmental regulation.

From time to time, the Company has experienced production difficulties that have
caused delivery delays and quality problems.  There can be no assurance that the
Company will not experience  manufacturing  problems and product delivery delays
in the  future as a result  of,  among  other  things,  changes  to its  process
technologies, ramping production, installing new equipment at its facilities and
constructing new facilities in Milpitas, California.

The  semiconductor   industry  is  highly  cyclical  and  has  been  subject  to
significant economic  fluctuations at various times that have been characterized
by rapidly fluctuating product demand,  periods of over and under capacity,  and
accelerated   erosion  of  average   selling   prices.   A  material  change  in
industry-wide  production  capacity,  shift in industry capacity toward products
competitive with the Company's  products,  rapidly  fluctuating demand, or other
factors could result in a rapid decline in product pricing or unit volumes which
could adversely affect the Company's operating results.

The  Company  is in the  process of an  extensive  production  expansion  at its
primary  manufacturing  facility in Milpitas,  California.  The expansion,  when
completed,  will  result  in a  significant  increase  in  fixed  and  operating
expenses.  These additional  expenses could reduce gross margins.  Specifically,
the Company could incur  substantial  operating costs and  depreciation  expense
relating to the expanded  facility  before  production of substantial  volume is
achieved.  If  revenue  levels do not  increase  sufficiently  to  offset  these
additional  expense levels,  or if the Company is unable to achieve gross margin
greater than or  comparable  to the Company's  current  products,  the Company's
future  results of operations  could be adversely  impacted.  Additionally,  the
project  faces a number of  substantial  risks  including,  but not  limited to,
project termination,  delays in construction, cost overruns, equipment delays or
shortages, manufacturing start-up or process problems, or difficulties in hiring
key managers and technical personnel.

                                                                               9
<PAGE>

New products, process technology and start-up costs associated with the Milpitas
wafer  fabrication  facility will require  significant  research and development
expenditures.  However,  there can be no assurance that the Company will be able
to develop and introduce new products in a timely manner, that new products will
gain market  acceptance  or that new process  technologies  can be  successfully
implemented.  If the  Company  is unable to  develop  new  products  in a timely
manner,  and to sell them at gross margins  comparable to the Company's  current
products, the future results of operations could be adversely impacted.

Part of the Company's future bipolar product  development  strategy includes the
development of an alternative form of  silicon-on-insulator  ("SOI")  technology
called bonded wafers.  The Company currently  believes that, if successful,  the
bonded wafer technology  could provide  technologically  advanced  products at a
lower  cost  than  the  current  dielectric  isolation   complementary   bipolar
technology.  There can be no  assurance  that  bonded  wafer  technology  can be
successfully accomplished in a timely manner or that it will provide the desired
improvements  over the  Company's  current  technology.  Significant  delays  or
cancellation  of  the  development  of  the  bonded  wafer   technology   and/or
manufacturing  problems  associated  with  transferring  the  Company's  current
product  line to this  technology  would have a material  adverse  affect on the
Company's   business  and  results  of  operations.   In  addition,   delays  or
cancellation of the development of this  technology  could adversely  affect the
Company's new product development program.

The   semiconductor   industry  is  extremely  capital   intensive.   To  remain
competitive,  the Company  must  continue  to invest in  advanced  manufacturing
equipment  and  process  technologies.  If the  decision  to move ahead with the
aforementioned  capacity  expansion  and  technology  improvement  is made,  the
Company  may be  required  to expend  approximately  $12.3  million  in  capital
expenditures.  Additionally,  the  Company  anticipates  significant  continuing
capital  expenditures in the next several years.  There can be no assurance that
the  Company  will not be  required  to seek  financing  to satisfy its cash and
capital needs or that such financing will be available on terms  satisfactory to
the  Company.  If such  financing  is required  and if such  financing  were not
available  on  terms  satisfactory  to the  Company,  its  operations  would  be
materially adversely affected.

Vigorous  protection and pursuit of  intellectual  property rights or positions,
which  have  resulted  in  significant   and  often   protracted  and  expensive
litigation,  characterize the semiconductor industry. In recent years, there has
been a growing  trend of  companies  to resort to  litigation  to protect  their
semiconductor  technology from unauthorized use by others.  The Company believes
its products do not infringe upon any valid  patents.  However,  there can be no
assurance that the Company's  position in these matters will prevail.  There can
be  no  assurance  that  additional  future  claims  alleging   infringement  of
intellectual  property  rights will not be asserted  against  the  Company.  The
intellectual property claims that have been made, or may be asserted against the
Company in the future,  could  require that the Company  discontinue  the use of
certain processes or cease the manufacture, use and sale of infringing products.
Additionally,  the Company may incur significant litigation costs and damages to
develop  noninfringing  technology.  There can be no assurance  that the Company
would  be able to  obtain  such  licenses  on  acceptable  terms  or to  develop
noninfringing technology without a material adverse effect on the Company.

The  Company  is  subject  to a variety  of  regulations  related  to  hazardous
materials  used in its  manufacturing  process.  Any  failure by the  Company to
control  the use of, or to  restrict  adequately  the  discharge  of,  hazardous
materials  under present or future  regulations  could subject it to substantial
liability or could cause its manufacturing operations to be suspended.

                                                                              10
<PAGE>

The Company's Common Stock has experienced substantial price volatility and such
volatility   may   occur  in  the   future,   particularly   as  a   result   of
quarter-to-quarter  variations in the actual or anticipated financial results of
the  Company,  the  companies  in the  semiconductor  industry or in the markets
served by the  Company,  or  announcements  by the  Company  or its  competitors
regarding  new  product  introductions.   In  addition,  the  stock  market  has
experienced  extreme price and volume fluctuations that have affected the market
price of many  technology  companies'  stock in  particular.  These  factors may
adversely affect the price of the Common Stock.

The Company has  initiated a year 2000  remediation  plan during FY 1997 to make
the Company's  operating and ancillary  systems year 2000  compliant.  This plan
included  implementing  operational and financial  application  software that is
year 2000  compliant.  The software  have been  purchased and the portion of the
project has already been implemented and full  implementation  is expected to be
completed  during  fiscal 1998.  The costs of  implementing  such a plan are not
expected to be material to the Company's operating results.

The  Company  has  initiated  formal  communications  with  all its  significant
suppliers  and will be  working  with  them to  ensure  that  they are year 2000
compliant.

The Company's  current revenue is generated from products that will not generate
any product warranty or product defect liability issues related to the year 2000
compliance.

The cost of the 2000 project and the date on which the company  believes it will
complete the year 2000  modification  are based on management's  best estimates,
which were derived utilizing  numerous  assumptions of future events,  including
the continued  availability  of certain  resources and other  factors.  However,
there can be no  guarantee  that these  estimates  will be  achieved  and actual
results could differ  materially from those  anticipated.  Specific factors that
might  cause such  material  differences  include,  but are not  limited to, the
availability  and cost of personnel  trained in this area, the ability to locate
and correct all relevant computer codes, and similar uncertainties.


Liquidity  and Capital  Resources - The Company's  management  believes that its
current cash and equivalents,  short-term investments, lines of credit, and cash
generated from operations, if any, will satisfy its expected working capital and
capital  expenditure  requirements  through fiscal 1998.  During the first three
months of fiscal  1998,  the Company  financed  its  operations  primarily  from
existing cash and  short-term  investment  balances.  At December 31, 1997,  the
Company had approximately $16.3 million of cash and short-term investments.

Cash and cash  equivalents were $8.0 million at December 31, 1997, a decrease of
$1.8 million from September 30, 1997. The decrease is primarily a result of cash
generated  by  operations  of $2.1  million  which was more than  offset by cash
outflows from investing activities,  including cash outflows of $3.6 million for
capital expenditures.

Accounts receivable  increased 24% from September 30, 1997 to December 31, 1997,
while sales grew by 40% over the same period.  Inventories  decreased 7% between
September 30, 1997 and December 31, 1997,  associated  with increased  inventory
reserves.  Inventory management remains an area of focus as the Company balances
the need to maintain strategic inventory levels to ensure competitive lead times
versus the risk of inventory obsolescence because of rapidly changing technology
and customer requirements.

                                                                              11
<PAGE>

Deferred  revenue  increased by 28% at September 30, 1997 over December 31, 1997
primarily due to higher deferred revenue on domestic distributor sales.

Capital  expenditures  were $1.4  million  during the three month  period  ended
December 31, 1997.  At December  31, 1997 there was  approximately  $6.2 million
available  credit  under lease  lines.  There were  outstanding  commitments  to
purchase capital assets and leasehold improvements of approximately $8.2 million
at December 31, 1997.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable



                                                                              12
<PAGE>



PART II - OTHER INFORMATION

ITEM 6. - EXHIBITS AND REPORTS ON FORM 8-K

(a)      The following exhibits are filed as part of this report:

         Exhibit 27.1 - Financial Data Schedule

(b)      Reports on Form 8-K:

         The  Company  filed no reports on Form 8-K  during  the  quarter  ended
         December 31, 1997.

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<PAGE>

SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

ELANTEC SEMICONDUCTOR, INC.
(Registrant)



Date: February 13, 1998                     By: /s/ Ephraim Kwok
                                                -------------------
                                            Ephraim Kwok
                                            Chief Financial Officer
                                            (duly authorized officer and
                                            principal financial officer)


                                                                              14
<PAGE>


                                  EXHIBIT INDEX

Exhibit
-------

27.1              Financial Data Schedule



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