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 March 31, 2000

[ ]  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. 000-26690


                           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 April 30, 2000,  19,545,106 shares of the Registrant's Common Stock, $0.01
par value, were issued and outstanding.

                                       1

<PAGE>


                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

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....................................11

     Item 3.   Quantitative and Qualitative Disclosures About Market Risk.....16

PART II OTHER INFORMATION

     Item 4.   Submission of Matters to a Vote of Security Holders............17

     Item 6.   Exhibits and Reports on Form 8-K...............................17

               Signatures.....................................................18

                                       2

<PAGE>


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


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


<CAPTION>
                                                                            Three Months Ended                Six Months Ended
                                                                                 March 31,                         March 31
                                                                          ------------------------         ------------------------
                                                                            2000            1999             2000             1999
                                                                          --------        --------         --------        --------
<S>                                                                       <C>             <C>              <C>             <C>
Net revenues                                                              $ 20,020        $ 12,721         $ 35,732        $ 23,374

Cost of revenues                                                             7,694           6,995           13,835          13,396
Cost of revenues - inventory write-down                                       --              --               --             1,008
                                                                          --------        --------         --------        --------
Gross profit                                                                12,326           5,726           21,897           8,970

Operating expenses:
   Research and development                                                  3,347           1,569            5,754           3,280
   Marketing, sales, general and administrative                              3,748           2,711            6,803           5,140
   Unusual charges                                                            --              --               --            12,009
                                                                          --------        --------         --------        --------
Total operating expenses                                                     7,095           4,280           12,557          20,429
                                                                          --------        --------         --------        --------

Income (loss) from operations                                                5,231           1,446            9,340         (11,459)
Interest and other income (expense), net                                       233             (20)             363             (28)
                                                                          --------        --------         --------        --------
Income (loss) before taxes                                                   5,464           1,426            9,703         (11,487)
Provision for (benefit from) income taxes                                    2,111             500            3,590          (4,389)
                                                                          --------        --------         --------        --------
Net income (loss)                                                         $  3,353        $    926         $  6,113        $ (7,098)
                                                                          ========        ========         ========        ========

Earnings (loss) per share:
     Basic                                                                $   0.18        $   0.05         $   0.32        $  (0.39)
                                                                          ========        ========         ========        ========
     Diluted                                                              $   0.14        $   0.05         $   0.27        $  (0.39)
                                                                          ========        ========         ========        ========

Shares used in computing per share amounts:
     Basic                                                                  19,144          18,424           19,004          18,410
                                                                          ========        ========         ========        ========
     Diluted                                                                23,386          19,210           22,874          18,410
                                                                          ========        ========         ========        ========

<FN>
See accompanying notes to the condensed consolidated financial statements.
</FN>
</TABLE>

                                                                 3

<PAGE>


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

                                                          Mar. 31       Sept. 30
                                                          2000(1)       1999(2)
                                                         --------      --------
Assets:
Current assets:
   Cash and cash equivalents                             $ 18,662      $ 17,459
   Short-term investments                                   1,038         1,204
   Trade receivables                                        9,936         4,946
   Inventories                                              4,674         3,300
   Deferred income taxes                                    2,478         3,278
   Prepaid expenses and other current assets                1,454         1,101
                                                         --------      --------
Total current assets                                       38,242        31,288

Property and equipment, net                                12,630         8,765
Other assets                                                  914           946
Noncurrent deferred income taxes                            2,872         2,872
                                                         --------      --------
Total assets                                             $ 54,658      $ 43,871
                                                         ========      ========

Liabilities and stockholders' equity:
Current liabilities:
   Accounts payable and accrued liabilities              $  9,872      $  6,054
   Deferred revenue                                         2,654         2,266
   Current portion of capital lease obligations
                                                            1,464         1,440
                                                         --------      --------
Total current liabilities                                  13,990         9,760

Long-term capital lease obligations                         2,110         2,840
Other long-term liabilities                                 1,730         1,745

Stockholders' equity:
    Common stock                                              194           191
    Additional paid-in capital                             36,151        34,964
   Retained earnings (deficit)                                521        (5,592)
   Accumulated other comprehensive loss                       (38)          (37)
                                                         --------      --------
Total stockholders' equity                                 36,828        29,526
                                                         --------      --------

Total liabilities and stockholders' equity               $ 54,658      $ 43,871
                                                         ========      ========

(1)  Unaudited
(2)  These  amounts  were  derived  from  the  Company's  audited   consolidated
     financial statements at September 30, 1999

See accompanying notes to the condensed consolidated financial statements.

                                       4

<PAGE>


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

<CAPTION>
                                                                                                          Six Months Ended
                                                                                                               March 31,
                                                                                                   --------------------------------
                                                                                                     2000                    1999
                                                                                                   --------                --------
<S>                                                                                                <C>                     <C>
Operating activities:
Net income (loss)                                                                                  $  6,113                $ (7,098)
Adjustments to reconcile net income (loss) to net cash
   provided by operating activities:
      Depreciation and amortization                                                                   1,521                   1,417
      Inventory write-down                                                                             --                     1,008
      Asset impairment                                                                                 --                    11,090
      Deferred income taxes                                                                             800                  (4,889)
      Changes in operating assets and liabilities:
          Accounts receivable                                                                        (4,990)                   (193)
          Inventories                                                                                (1,374)                  4,125
          Prepaid expenses and other current assets                                                    (364)                    228
          Accounts payable and accrued liabilities                                                    3,812                  (1,321)
          Deferred revenue                                                                              388                    (378)
                                                                                                   --------                --------
Net cash provided by operating activities                                                             5,906                   3,989

Investing activities:
Sale/maturity of available-for-sale securities                                                          167                     967
Purchase of property and equipment                                                                   (5,374)                   (613)
Decrease in other assets
                                                                                                         32                      92
                                                                                                   --------                --------
Net cash provided by (used in) investing activities                                                  (5,175)                    446

Financing activities:
Payments on capital lease                                                                              (721)                   (796)
Exercise of common stock options                                                                      1,193                      99
                                                                                                   --------                --------
Net cash provided by (used in) financing activities                                                     472                    (697)

Increase (decrease) in cash and cash equivalents                                                      1,203                   3,738
Cash and cash equivalents at beginning of period                                                     17,459                   5,815
                                                                                                   --------                --------
Cash and cash equivalents at end of period                                                         $ 18,662                $  9,553
                                                                                                   ========                ========

Supplemental disclosures of cash flow information:
Interest paid                                                                                      $    159                $    217
Taxes paid                                                                                         $  2,472                $    220

<FN>
See accompanying notes to the condensed consolidated financial statements.
</FN>
</TABLE>

                                                                 5

<PAGE>


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

1.   Basis of Presentation

We have  prepared the  unaudited  condensed  consolidated  financial  statements
included  herein  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 and six months ended March 31,
2000 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 our
Annual Report on Form 10-K for the year ended September 30, 1999.

All share and per share  information  has been  adjusted  for the  effect of our
two-for-one stock split which occurred on April 21, 2000.

Our  fiscal  year end is the  Sunday  closest  to  September  30 and our  fiscal
quarters  end on the Sunday  closest  to the end of the  calendar  quarter.  For
convenience,  we have  indicated that our quarters end on December 31, March 31,
June 30 and September 30.

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.

3.   Cash and Cash Equivalents

We consider 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.

4.   Short-term Investments

Our policy is to invest in various short-term  instruments with investment grade
credit ratings.  Generally such investments  have  contractual  maturity of less
than one year. Our marketable investments are classified as "available-for-sale"
and we classify our  available-for-sale  portfolio  as available  for use in our
current  operations.  At March 31,  2000,  there was no  significant  difference
between the fair market value and the underlying cost of such securities.

                                       6

<PAGE>


5.   Inventories

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

                                                     March 31,     September 30,
                                                       2000            1999
                                                      ------          ------
Raw materials                                         $   25          $   45
Work-in-process                                        3,523           1,645
Finished goods                                         1,126           1,610
                                                      ------          ------
                                                      $4,674          $3,300
                                                      ======          ======

6.   Earnings (loss) per share

<TABLE>
Earnings  (loss) per share  (EPS) is  computed  as basic EPS using the  weighted
average number of shares of common stock  outstanding  and diluted EPS using the
weighted   average  number  of  shares  of  common  stock  and  dilutive  common
equivalents  shares  outstanding  from stock options  (using the treasury  stock
method)  and  shares  issuable  under our  employee  stock  purchase  plan.  The
following  table sets forth the  computation  of basic and diluted  earnings per
share:

<CAPTION>
                                                                                         Three Months Ended      Six Months Ended
                                                                                              March 31,              March 31,
                                                                                         -------------------   --------------------
                                                                                           2000       1999       2000        1999
                                                                                         --------   --------   --------    --------
<S>                                                                                      <C>        <C>        <C>         <C>
Numerator for basic and diluted earnings (loss) per share:
  Net earnings (loss)                                                                    $  3,353   $    926   $  6,113    $ (7,098)
                                                                                         --------   --------   --------    --------

Denominator:
  Denominator for basic earnings (loss) per share
     -- weighted average shares                                                            19,144     18,424     19,004      18,410
  Effect of dilutive securities:
     Common stock options                                                                   4,221        786      3,860        --
     Shares issuable under Employee Stock Purchase Plan                                        21       --           10        --
                                                                                         --------   --------   --------    --------

   Denominator for diluted earnings (loss) per share                                       23,386     19,210     22,874      18,410
                                                                                         ========   ========   ========    ========

Basic earnings (loss) per share                                                          $   0.18   $   0.05   $   0.32    $  (0.39)
                                                                                         ========   ========   ========    ========

Diluted earnings (loss) per share                                                        $   0.14   $   0.05   $   0.27    $  (0.39)
                                                                                         ========   ========   ========    ========
</TABLE>


At March 31, 2000,  outstanding  options to purchase  15,912  shares at exercise
prices between $29.75 and $41.38 were excluded from the  computation of earnings
(loss) per share as the option price was greater  than the average  market price
of the common shares and,  therefore,  would be antidilutive  under the treasury
stock method.

                                       7

<PAGE>


At March 31, 1999,  outstanding  options to purchase  887,346 shares at exercise
prices  between $2.50 and $4.50 were excluded from the  computation  of earnings
(loss) per share as the option price was greater  than the average  market price
of the common shares and,  therefore,  would be antidilutive  under the treasury
stock method.

7.   Comprehensive Income (loss)

There were no material  differences between  comprehensive income (loss) and net
income (loss) for all periods presented.

8.   Segment Information

In the fourth  quarter of fiscal year 1999,  the Company  adopted  Statement  of
Financial  Accounting  Standards  No. 131, "  Disclosures  about  Segments of an
Enterprise and Related  Information"  (FAS 131). FAS 131 establishes  annual and
interim  reporting  standards for an enterprise's  business segments and related
disclosures about its products, services,  geographic areas and major customers.
Based  upon the  criteria  of SFAS  131,  the  Company  has a single  reportable
segment.

<TABLE>
The Company  markets its products in the United States and in foreign  countries
through its sales personnel, independent sales representatives and distributors.
The  Company's  geographic  sales,  as a  percentage  of net  revenues,  were as
follows:

<CAPTION>
                                                                          Three Months Ended                    Six Months Ended
                                                                                March 31,                           March 31,
                                                                         ----------------------              ----------------------
                                                                         2000              1999              2000              1999
                                                                         ----              ----              ----              ----
<S>                                                                       <C>               <C>               <C>               <C>
Domestic                                                                   30%               37%               28%               40%
Export:
       Europe                                                              11%               13%               11%               13%
       Japan                                                               33%               42%               40%               40%
       Other Pacific Rim Countries                                         26%                8%               21%                7%
                                                                          ---               ---               ---               ---
                                                                          100%              100%              100%              100%
                                                                          ---               ---               ---               ---
</TABLE>


The Company's assets located outside the United States are insignificant.

The  Company's  products  are  sold  to a wide  variety  of  original  equipment
manufacturers through a direct sales force and to a network of distributors.

<TABLE>
Customers comprising 10% or greater of the Company's net revenues are summarized
as follows:

<CAPTION>
                                                           Three months ended     Six months ended
                                                                  March 31,            March 31,
                                                              ---------------       ---------- ----
                                                              2000       1999       2000       1999
                                                              ----       ----       ----       ----
<S>                                                             <C>        <C>        <C>        <C>
Microtek International, Inc. - Japan                            29%        31%        33%        32%
Insight Electronics, Inc. - United States                       10%         8%        10%         8%
</TABLE>

                                                 8

<PAGE>


As of March 31, 2000, Microtek  International and Insight Electronics  accounted
for 25% and 12%,  respectively,  of the Company's  trade  receivables.  The same
customers  accounted  for 44% and  11%,  respectively,  of the  Company's  trade
receivables at September 30, 1999.

9.   Recent Accounting Pronouncements

Derivative  Instruments  and Hedging  Activities.  In June 1998,  the  Financial
Accounting  Standards  Board (FASB)  issued  Statement  of Financial  Accounting
Standards  (SFAS) No.133,  "Accounting  for Derivative  Instruments  and Hedging
Activities"  (SFAS  133).  SFAS 133  provides  a  comprehensive  and  consistent
standard  for the  recognition  and  measurements  of  derivatives  and  hedging
activities.  We are  required to adopt SFAS 133, as  amended,  beginning  in the
first  quarter  of  fiscal  2001.  Although  we  have  not  fully  assessed  the
implication  of SFAS 133, we do not expect the adoption of the statement to have
a  significant  effect  on  our  consolidated  financial  position,  results  of
operations or cash flows.

Revenue  Recognition.  In December 1999, the Securities and Exchange  Commission
(SEC) released Staff Accounting Bulletin (SAB) No. 101, "Revenue  Recognition in
Financial  Statements." This bulletin  summarizes  certain  interpretations  and
practices followed by the Division of Corporation  Finance and the Office of the
Chief Accountant of the SEC in administering the disclosure  requirements of the
federal securities laws in applying generally accepted accounting  principles to
revenue recognition in financial statements. Although we have not fully assessed
the  implications  of SAB No. 101, our management  does not believe  adoption of
this  bulletin  will  have  a  material  impact  on our  consolidated  financial
position, results of operations or cash flows.

10.  Unusual Charges

During the first  quarter of fiscal  1999,  the  Company  implemented  a plan to
restructure  its  manufacturing  operations in response to a shift in the mix of
products  fabricated  internally  compared  to  products  fabricated  by outside
foundries.  During the several quarters preceding the restructuring,  production
volume and revenue from products  fabricated by outside  foundries had generally
increased,  while the volume and revenue  from  internally  fabricated  products
generally  declined.  As a result,  the Company was in a position of significant
over-capacity  in  its  internal   fabrication  facility  located  in  Milpitas,
California.

In response to the aforementioned,  the Company decided to move gradually toward
a primarily  outsourced  model  through a period of several  years.  The Company
further  decided  to  discontinue   development  of  future  dielectric  process
technology in favor of silicon-on-insulator  technology, where volume production
will be outsourced.  Based on the change in manufacturing  strategy, the Company
estimated the future  nondiscounted  cash flows  relating to the internal  wafer
fabrication  facility  and  concluded  under  FAS No.  121 that  impairment  was
indicated.

The Company engaged  independent  valuation  consultants to assist in evaluating
the fair value of these assets to be held and used in the facility. The Company,
based on the  valuations  wrote-down the carrying value of the equipment by $4.3
million and leasehold improvements by $6.8 million.

                                       9

<PAGE>


The book values of assets,  by category,  before and after the write-down was as
follows (in thousands):

                                             Balances at December 31, 1998
                                         ---------------------------------------
                                         Before Write-Down      After Write-Down
                                         -----------------      ----------------
Machinery & equipment                         $ 5,444                $ 1,159
Furniture & Fixtures                               51                     11
Leasehold Improvements                          8,595                  1,830
                                              -------                -------
Total                                         $14,090                $ 3,000
                                              =======                =======


The Company  also  believed  that its  decision to  discontinue  development  of
future-generation  products using dielectric isolation technology would obsolete
certain  existing  products and capitalized  patents.  Accordingly,  the Company
recorded a pretax  charge of $1.0 million  related to a write-down  of inventory
and $0.2 million related to a write-down of patents.

The restructuring also included  operating  initiatives to improve the Company's
cost structure  including a reduction of approximately 10% of the Company's work
force. The Company recorded a pretax charge of $0.6 million related to severance
and $0.1 million related to a legal settlement with AMP Incorporated.

These unusual  charges  resulted in pretax charges of $12.0 million to operating
expenses and $1.0  million to cost of goods sold in the first  quarter of fiscal
1999.  Remaining  cash payments  related to these  activities are expected to be
$0.1 million for the remainder of fiscal 2000.  The following  table  summarizes
the restructuring and other charges in thousands:

                                                         Utilized
                                             Total       through      Balance
                                         Restructuring   Mar. 31,    at Mar. 31,
                                             Charge        2000         2000
                                            -------      -------      -------
Asset impairment                            $11,090      $11,090      $  --
Write-down of inventory                       1,008        1,008         --
Payments to employees
   involuntarily terminated                     638          554           84
Write-down of patents                           174          174         --
Legal settlement                                107          107         --
                                            -------      -------      -------
Total                                       $13,017      $12,933      $    84
                                            =======      =======      =======

                                       10

<PAGE>


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

The following discussion contains forward-looking  statements that involve risks
and uncertainties.  Our 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 our 1999 Form 10-K filed with the Securities
and Exchange Commission.

<TABLE>
Results of Operations - The following  table sets forth,  as a percentage of net
revenues,  certain  consolidated  statement of  operations  data for the periods
indicated.

<CAPTION>
                                                Three          Three           Six              Six
                                            Months Ended   Months Ended    Months Ended    Months Ended
                                            Mar. 31, 2000  Mar. 31, 1999  Mar. 31, 2000    Mar. 31, 1999
                                            -------------- -------------- --------------- ----------------
<S>                                             <C>            <C>             <C>             <C>
Net revenues                                    100%           100%            100%            100%
Cost of revenues                                 38%            55%            39%              58%
Cost of revenues-inventory
  write down                                      -              -              -               4%
Gross profit                                     62%            45%            61%              38%

Operating expenses:
   Research and development                      17%            13%            16%              14%
   Marketing, sales, general
   and administrative                            19%            21%            19%              22%
   Unusual charges                                -              -              -               51%
    Income (loss) from operations                26%            11%            26%             (49%)
    Income (loss) before income taxes            27%            11%            27%             (49%)
    Net income (loss)                            17%            7%             17%             (30%)
</TABLE>


Net Revenues.  During the second quarter of fiscal 1999,  the Company  generated
net  revenues  of $20.0  million,  an  increase  of 57% from the  $12.7  million
reported in the same quarter of the previous  year.  This increase was due to an
increase  in unit  shipments  which was  partially  offset  by a decline  in the
average selling prices of our products. Sales increased in all geographic areas.
Revenue  contribution  from the  communications  market  has  shown  significant
growth, exceeding 10% of our quarterly revenue.

International  revenues  during  the second  quarter of fiscal  2000 were 70% of
total  revenues,  compared to 63% of total  revenues  for the second  quarter of
fiscal  1999.  The  increase in  international  revenue  over the prior year was
primarily due to strong video and optical storage product demand in Asia.

In the second quarter of fiscal 2000, domestic revenues were 30% compared to 37%
in the  second  quarter  of  1999  because  we  discontinued  our  military  and
commercial  hybrid  product  line at the end of fiscal  1999.  This product line
accounted for 5% of product revenues in the second quarter of fiscal 1999. We do
not expect the  discontinuance of this product line to have a material impact on
our fiscal 2000 operating results.

                                       11

<PAGE>


For the first  six-months  of fiscal  2000,  net revenue was $35.7  million,  an
increase of 53% from the $23.4 million reported in the  corresponding  period of
fiscal 1999. This increase over the prior year was due to a significant increase
in total  units  shipped  despite a decline in  average  selling  prices.  Sales
increased in all geographic areas, especially in Asia.

Gross margin.  Gross margin was 62% and 61% for the second quarter and first six
months of fiscal 2000 respectively, compared to 45% and 38% in the corresponding
periods in fiscal 1999. The improvement in gross margin was primarily due to the
allocation  of  fixed  manufacturing  costs  across a  higher  revenue  base and
improvements in manufacturing efficiencies and yields.

Also,  the  improvement  in gross  margin in the first six months of fiscal 2000
over fiscal 1999, was due to our conclusion in the first quarter of fiscal 1999,
that our change in  strategy,  as  discussed  in  "Unusual  Charges"  below,  to
discontinue development of future-generation products using dielectric isolation
technology would, more likely than not, obsolete certain existing  products.  Of
the $1.0 million  write-down  of inventory in the first  quarter of fiscal 1999,
approximately  $0.8 million  related to work in process and  approximately  $0.2
million  related to finished goods.  The dielectric  inventory value at December
31, 1998 prior to the  write-down  consisted  of $3.2 million in work in process
and $0.6 million in finished  goods.  The amount of dielectric  inventory on the
balance sheet, after the write-down,  at March 31, 2000 was $1.8 million in work
in process and $0.6 million in finished goods.

Research and development  expenses.  Research and development  expenses  ("R&D")
increased by $1.8 million or 113% and $2.5 million or 75% for the second quarter
and  first  six  months  of  fiscal  2000,  respectively,  as  compared  to  the
corresponding periods in fiscal 1999. The increase in R&D expenses in the second
quarter and first six months of fiscal  2000 as compared to the same  periods of
fiscal  1999  was  due   primarily  to  an  increase  in  staffing  and  related
compensation of $1.0 million and $1.4 million respectively,  particularly design
engineering  personnel,  and higher  spending of $0.8  million and $1.1  million
respectively, on new product designs.

Marketing,  selling,  general and administrative expenses.  Marketing,  selling,
general and  administrative  expenses ("SG&A")  increased by $1.0 million or 38%
and $1.7  million or 32% for the second  quarter  and first six months of fiscal
2000, respectively, as compared to the corresponding periods in fiscal 1999. The
increase in SG&A  expenses in the second  quarter and first six months of fiscal
2000 as compared  to the same  periods of fiscal  1999 was due  primarily  to an
increase in staffing and related  compensation  of $0.6 million and $1.2 million
respectively, particularly sales and marketing personnel, and higher commissions
paid to outside manufacturers'  representatives of $0.6 million and $0.7 million
respectively,  due to increase in revenue. These increases were partially offset
by a decrease in outside services of $0.2 million each in the second quarter and
first six months of fiscal 2000 compared to the same periods in fiscal 1999.

Unusual Charges.  During the first quarter of fiscal 1999, we implemented a plan
to restructure our manufacturing operations in response to a shift in the mix of
products  fabricated  internally  compared  to  products  fabricated  by outside
foundries.  During  several  quarters  preceding the  restructuring,  production
volume and revenue from products  fabricated by outside  foundries had generally
increased,  while the volume and revenue  from  internally  fabricated  products
generally  declined.  As  a  result,  we  were  in  a  position  of  significant
over-capacity  in  our  internal   fabrication  facility  located  in  Milpitas,
California.

In response we decided to move  gradually  toward a primarily  outsourced  model
through a period of several years. We also decided to discontinue development of
future   dielectric   process

                                       12

<PAGE>


technology in favor of silicon-on-insulator  technology, where volume production
is expected to be outsourced.

Our  restructuring  activities  consisted  primarily  of a write down of certain
equipment,  a write-down  of  inventory,  severance  costs,  and a write-down of
previously  capitalized  patent  costs  (see  Note  10  of  Notes  to  Condensed
Consolidated Financial Statements).  These actions resulted in pretax charges of
$12.0  million to  operating  expenses and $1.0 million to cost of goods sold in
the first quarter of fiscal 1999. Approximately $0.1 million was utilized in the
second quarter of fiscal 2000.

Interest and Other  Income.  Interest and other income was $0.2 million and $0.4
million in the second  quarter and first six months of fiscal 2000,  an increase
of $0.3 million and $0.4 million respectively, over the corresponding periods of
fiscal 1999.  The  increase in interest  and other  income was due  primarily to
higher levels of cash, cash equivalents and short-term investments.

Provision/Benefit  for Taxes on Income. The Company's effective tax rate for the
first six months of fiscal 2000 was 37% compared to 38% for the comparable prior
year period.  Provision  for income taxes in the first six months of fiscal 1999
benefited from the unusual charges recorded by us in the first quarter of fiscal
1999.

Factors Affecting Future Results

Except for historical  information  contained  herein,  the matters set forth in
this Form 10-Q,  including  the  statements  in the  following  paragraphs,  are
forward-looking statements that are dependent on certain risks and uncertainties
including  such  factors  as,  among  others,  delays in new product and process
technology  announcements  and product  introductions  by us or our competitors,
competitive pricing pressures,  fluctuations in manufacturing yields, changes in
the mix or markets in which  products  are 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 and other factors
described below.

Our past  performance  may not be a good indicator of future  performance due to
factors  affecting  us, our  competitors,  the  semiconductor  industry  and the
overall  economy.   The   semiconductor   industry  is  characterized  by  rapid
technological  change,  price erosion,  cyclical markets,  periodic  oversupply,
occasional   shortages  of  materials,   capacity   constraints,   variation  in
manufacturing  efficiencies and significant  expenditures for capital  equipment
and  product  development.  Furthermore,  new product  introductions  and patent
protection of existing products are critical factors for future sales growth and
sustained profitability.

Our business is growing and the outlook is positive. As previously mentioned the
communications  market has  started  contributing  significantly  to our revenue
growth.  This is a market  segment that is still being defined and is attracting
intense  competition.  We are  investing  in  technical  talent to maximize  our
opportunities  in this  market.  However,  there  can be no  assurance  that the
products we define and manufacture for this market will meet customer acceptance
or that these products will perform to specifications.  Also, 85% of our revenue
in the first six months of fiscal 2000 were  derived  from the video and optical
storage markets.  These markets are highly dependent on consumer spending.  As a
result,  any  significant  downturn  in the  economic  climate  could  lead to a
slowdown  of orders  from our  customers.  Also,  a  significant  portion of the
revenue  generated from the video and optical storage market is driven by design

                                       13

<PAGE>


wins with application  specific standard products  ("ASSPs").  Should our ASSP's
get  designed  out by some of our  customers,  our  operating  results  could be
adversely affected.

We sell our products to distributors  and  manufacturers in Asian countries that
have  experienced  severe  economic  problems in the past.  Sales to this region
represented  59% and 61% of our net revenues in the second quarter and first six
months of fiscal  2000  compared  to 50% and 47% in the same  periods  of fiscal
1999.  Additionally,  29% and 33% of the net revenues in the second  quarter and
first six months of fiscal  2000 were to Microtek  International,  Inc. in Japan
(See Note 8 of Notes to Condensed Consolidated Financial Statements). Should the
region experience another economic slowdown,  there can be no assurance that our
results of operations will not be adversely impacted in the future. In addition,
we give most of our customers in Asia extended credit terms, should any of these
customers (especially Microtek International,  Inc.) fail to make timely payment
of our invoices, our operating results could be adversely affected.

We use various external  foundries for the production of CMOS and bipolar wafers
as well as certain process steps in the  manufacturing  of dielectric  isolation
wafers.  The number of foundries  with  capability to process  bipolar wafers is
limited.  Additionally,  we rely on an external vendor for a key process step in
our dielectric  isolation process.  Manufacturing  problems encountered with our
outside foundries may have a material adverse effect on our business and results
of operations.

The   semiconductor   industry  is  extremely  capital   intensive.   To  remain
competitive,  we may  have  to  continue  investing  in  advanced  manufacturing
equipment  and process  technologies.  Our  management  anticipates  significant
continuing capital expenditures during the following several years. There can be
no  assurance  that we will not be required to seek debt or equity  financing to
satisfy our cash and capital needs or that such  financing  will be available on
terms  satisfactory  to us. If such  financing is required and if such financing
were  not  available  on  terms  satisfactory  to us,  our  operations  would be
materially adversely affected.

New products and process technology require significant research and development
expenditures. However, there can be no assurance that we 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 we are unable to develop new products in a timely manner, and to
sell them at gross  margins  comparable  to our  current  products,  the  future
results of operations could be adversely impacted.

Part of our future bipolar product development strategy includes the development
of  silicon-on-insulator  ("SOI")  technology.  Currently,  we believe  that, if
successful,  the SOI technology could provide technologically  advanced products
at a lower cost than our  current  dielectric  isolation  complementary  bipolar
technology.  However, there can be no assurance that SOI wafer technology can be
successfully  implemented in a timely manner or that it will provide the desired
improvements over our current technology.  Significant delays or cancellation of
the  development of the SOI technology  could have a material  adverse affect on
our business and results of operations.  In addition,  delays or cancellation of
the  development  of this  technology  could  adversely  affect our new  product
development program.

From time to time, we have experienced production  difficulties that have caused
delivery delays and quality problems. There can be no assurance that we will not
experience manufacturing problems and product delivery delays in the future as a
result of,  among other  things,  changes to our process  technologies,  ramping
production and equipment  failures.  We depend on outside

                                       14

<PAGE>


foundries for majority of our revenue. Any product delivery delays,  quality and
manufacturing problems from these foundries could adversely affect our operating
results.

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.  We  believe  our
products  do not  infringe  upon any  valid  patents.  However,  there can be no
assurance  that our  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  us. The  intellectual  property
claims that have been made, or may be asserted  against us in the future,  could
require  that  we  discontinue  the  use  of  certain  processes  or  cease  the
manufacture,  use and sale of infringing  products.  Additionally,  we may incur
significant  litigation costs and damages to develop  noninfringing  technology.
There  can be no  assurance  that we will be able to  obtain  such  licenses  on
acceptable  terms or to  develop  noninfringing  technology  without a  material
adverse effect on us.

We are subject to a variety of federal, state and local governmental regulations
related to the use,  storage,  discharge  and  disposal  of toxic,  volatile  or
otherwise  hazardous  chemicals used in its manufacturing  process.  Although we
believe  that our  activities  conform  to  presently  applicable  environmental
regulations,  the failure to comply  with  present or future  regulations  could
result in fines being imposed on us,  suspension of production or a cessation of
operations.  There can be no  assurance  that  regulatory  changes or changes in
regulatory  interpretation  or  enforcement  will  not  render  compliance  more
difficult  and  costly.  Any  failure  on our  part to  control  the use of,  or
adequately restrict the discharge of, hazardous substances,  or otherwise comply
with  environmental   regulations,   could  subject  us  to  significant  future
liabilities.

Our  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,
the companies in the  semiconductor  industry or in the markets served by us, or
announcements by us or our 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.   Most   times,   these   fluctuations   have  been   unrelated   or
disproportionate to the operating performance of these companies.  These factors
may adversely affect the price of our Common Stock.

Liquidity and Capital Resources

Our primary  sources of liquidity are cash and cash  equivalents  and short-term
investments of $19.7 million at March 31, 2000. Additionally, at March 31, 2000,
we had a  revolving  credit  line of $5.0  million,  all of which was unused and
available.  The line of credit expires June 30, 2000. The line bears interest at
the  bank's  prime  rate.  Borrowings  under  this line are  secured  by a first
priority  security  interest  in  virtually  all our assets  except for  certain
capital  assets  previously  acquired  under  lease  agreements.  The  agreement
contains  certain  covenants that include a restriction on the  declaration  and
payment of cash dividends and restrictions on business mergers, acquisitions and
investments. We were in compliance with all covenants at March 31, 2000.

Cash and cash equivalents were $18.7 million at March 31, 2000,  representing an
increase of $1.2 million from  September  30, 1999.  The increase is primarily a
result of cash generated from operations of $5.9 million,  net sale of available
for sale securities of approximately  $0.1 million and proceeds from exercise of
employee  stock  options of $1.2  million.  These cash  inflows  were

                                       15

<PAGE>


offset by capital  expenditures of approximately  $5.4 million primarily for new
process development, assembly and test facilities and payments on capital leases
of approximately $0.7 million.

Accounts  receivable  has doubled since  September 30, 1999.  This increase is a
reflection of the increased  shipments to our customers in Asia. These customers
typically  require  extended  credit  terms.   Inventories  increased  42%  from
September 30, 1999 to March 31, 2000.  Inventory  management  remains an area of
focus as management  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.

Our  management  believes  that our  current  cash and  equivalents,  short-term
investments,  line of  credit,  borrowing  capacity,  and  cash  generated  from
operations  will satisfy our expected  working  capital and capital  expenditure
requirements for the next twelve months.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Except for the historical information contained herein, the following discussion
contains  forward-looking  statements that involve risks and uncertainties.  Our
actual 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  "Factors
Affecting Future Results".  We are exposed to market risks related to changes in
interest rates and foreign  currency  exchange  rates.  We do not use derivative
financial instruments for speculative or trading purposes.

Interest  Rate  Sensitivity.  We  maintain  a  short-term  investment  portfolio
consisting mainly of income securities with an average maturity of less than one
year. These available-for-sale  securities are subject to interest rate risk and
will fall in value if market interest rates  increase.  If market interest rates
were to increase  immediately  and  uniformly by 10 percent from levels at March
31,  2000,  the fair value of the  approximately  $1.0 million  portfolio  would
decline by an immaterial  amount. We intend to hold our fixed income investments
until  maturity,  and therefore we do not expect our  operating  results or cash
flows  to be  affected  to any  significant  degree  by the  effect  of a sudden
short-term change in market interest rates on our securities portfolio.

At March 31, 2000, we had approximately $3.6 million of outstanding  obligations
under capital lease  arrangements.  As the lease payments  associated with these
arrangements  do not have variable  interest rates, an increase of 10 percent in
short-term  interest rates would not have a material impact on our net income or
cash flows. We do not hedge any interest rate exposures.

Since we do not have any significant exposure to changing interest rates because
of the low levels of marketable securities with maturities more than 90 days, we
did not undertake any specific  actions to cover  exposure to interest rate risk
and we are not a party to any interest rate risk management transactions. We did
not purchase or hold any derivative financial instruments for trading purposes.

Foreign  Currency  Exchange  Risk.  The Yen is the  functional  currency  of our
subsidiary in Japan and we denominate  certain  sales  transactions  in Japanese
Yen. We have established a foreign currency-hedging  program,  utilizing foreign
currency forward exchange contracts, or forward contracts of various duration to
hedge trade receivables  denominated in Japanese Yen. Under this

                                       16

<PAGE>


program, gains and losses on the forward contracts mitigate the risk of material
foreign currency  transaction gains and losses and offset increases or decreases
in our foreign currency receivables. We do not use forward contracts for trading
purposes.  We believe  that the use of foreign  currency  financial  instruments
should  reduce the risks that arise from  conducting  business in  international
markets.


PART II - OTHER INFORMATION

ITEM 4. - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The 2000 Annual Meeting of  Stockholders  of the Company  ("Annual  Stockholders
Meeting") was held on January 14, 2000, in Milpitas,  California.  At the Annual
Stockholders  Meeting the stockholders elected members of the Company's Board of
Directors;  amended the 1995  Equity  Incentive  Plan to increase  the number of
shares of Common Stock reserved for issuance by 470,000 shares; and ratified the
Company's appointment of Deloitte & Touche LLP as independent auditors.

The vote for nominated directors was as follows:

          Nominee                  In Favor              Withheld
----------------------------  -------------------  ---------------------
Chuck K. Chan                     7,841,944              308,969
James V. Diller                   7,843,013              307,900
Alan V. King                      7,842,919              307,994
Umesh Padval                      7,844,313              306,600

The results of voting for approval of an amendment to the 1995 Equity  Incentive
Plan to increase the number of shares  reserved  for issuance by 470,000  shares
were:

                                                                    Broker
       For                  Against              Abstain          Non-Votes
-------------------     -----------------     --------------    ---------------
    6,075,850              2,062,020             13,043               -

The results of voting for  ratification  of appointment of Deloitte & Touche LLP
as independent auditors for the Company for the next fiscal year were:

       For                  Against              Abstain
-------------------     -----------------     --------------
    8,144,877                1,157                4,879


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 for the six months ended March
         31, 2000.

(b)      Reports on Form 8-K:

         None.

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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: May 12, 2000                               By: /s/ Ephraim Kwok
                                                     ---------------------------
                                                 Ephraim Kwok
                                                 Chief Financial Officer (duly
                                                 authorized officer and
                                                 principal financial officer)

                                       18

<PAGE>


                                  EXHIBIT INDEX

Exhibit
-------

27.1     Financial Data Schedule

                                       19