V3 announces impressive results for the quarter ending June 30. Their revenue growth is awesome and will grow exponentially as the design wins go into their production phase. V3 has a great product pipeline with more design releases scheduled in Q3 and Q4.
Here is the release:
Wednesday July 28, 7:09 am Eastern Time
Company Press Release
V3 Semiconductor Announces Nine Month Results For 1999
SANTA CLARA, Calif. & TORONTO--(BUSINESS WIRE)--July 28, 1999--V3 Semiconductor (NASDAQ:VVVI - news) announced today nine month results for 1999. The results for
the first nine months of 1999 are as follows:
Quarter Ending Quarter Ending
Jun. 30, 1999 Jun. 30, 1998
Revenue $1,663,372 $950,007
Net income $34,737 $11,053
No. shares outstanding 5,591,296 5,507,996
Diluted earnings per share $0.01 $0.00
Nine Months Ending Nine Months Ending
Jun. 30, 1999 Jun. 30, 1998
Revenue $4,779,949 $2,766,875
Net income $146,707 $279,253
No. shares outstanding 5,591,296 5,507,996
Diluted earnings per share $0.03 $0.06
Revenues for the third quarter of 1999 were $1,663,372, an increase of 75%, compared to revenues of $950,007 for the third quarter of 1998. Net income for the third quarter of 1999
increased by 214% to $34,737 from $11,053 during the same period in 1998. During the first nine months of 1999 revenues increased by 73% to $4,779,949 compared to $2,766,875 for
the first nine months of 1998. Net income decreased by 47% to $146,707 during the first nine months of 1999, from $279,253 during the same period last year.
''I am really delighted with the nine month results. The technological infrastructure continues to grow, as indicated by R&D expenditures of $1,070,825 or 24% of revenues. At the same time,
we were able to increase revenues by 73% compared to the same nine month period during 1998. Most importantly, we sustained a positive net income throughout. Design wins and, more
significantly, production wins at key strategic customers look very promising and we anticipate continued robust sales growth,'' says John Zambakkides, V3's President & CEO.
V3 SEMICONDUCTOR INC., the Embedded Intelligence Company, is a manufacturer of integrated circuits for the embedded systems market. V3 Semiconductor's clients include: ATI
Technologies Inc., Cisco Systems, Data General Corporation, Eastman Kodak Company, Hewlett Packard Company, Hitachi America Ltd., Intel Corporation, International Business
Machines (IBM), Lucent Technologies, Nortel Networks, Matsushita Corporation (Panasonic), Samsung Telecommunications, Toshiba Corporation, Xerox Corporation and other large
corporations. To contact us please call V3 Semiconductor at 1-800-488-8410 or visit our Internet Web site at vcubed.com for current product information and ongoing
announcements.
V3 Semiconductor Corporation 2348 Walsh Avenue, Suite G Santa Clara, CA 95051 Phone: (408) 988-1050 Fax: (408) 988-2601 Toll Free: (800) 488-8410 (Canada and US) World
Wide Web: www.vcubed.com
(c) 1999 V3 Semiconductor, Inc. is a registered trademark of V3 Semiconductor. Any other names mentioned herein are the property of their respective owners.
Contact:
Investor Relations Contact:
Ann McMichael
Corporate MarCom & Investor Relations Manager
Tel: 416/497-8884
Email: ann@vcubed.com
or
Editorial Contact:
Emily Juan
Communications Manager
Tel: 408/988-1050
Email: emilyj@vcubed.com
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