Phoenix Technologies Reports First Quarter Results; Phoenix Completes Restructuring
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"Revenue for the quarter was $30,541,000, as compared to $30,090,000 in the first quarter of the previous fiscal year. In line with analysts' expectations, net income for the quarter was $902,000, or $0.03 per diluted share.
Excluding a pretax restructuring charge of $1,944,000, pro forma net income was $2,224,000, or $0.08 per diluted share. This figure compares to net income of $4,477,000, or $0.16 per diluted share in the prior year, which was restated to include the results of Award Software International Inc., which was acquired in a pooling of interests in September 1998.
"Our first quarter is an important milestone for Phoenix, as it ushers in what appears to be a very encouraging year after a most challenging 1998," said Jack Kay, President and CEO. "Our last fiscal year was punctuated by declining PC prices, a slowdown in Asia and a very time-consuming and expensive process to get government approval of the Award merger.
"Internally, we have reorganized the Company to take full advantage of the talent of the three companies -- Phoenix, Award and Sand Microelectronics -- and the integration of the products and people is nearly complete. We are now seeing positive signs of growing strength in the PC market as well as improvements in the economic situation in Asia, and we are very optimistic about the prospects for the PC, information appliance and semiconductor IP markets that we serve."
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