DVS Announces Improved Operating Results for 1ST Quarter of Fiscal Year 2000
MOUNTAIN VIEW, Calif., Aug. 3 /PRNewswire/ -- Digital Video Systems, Inc. (Nasdaq: DVIDC - news) today reported 1st quarter revenues of $6.4 million, compared with $2.4 million for the same period in fiscal year 1999. Revenues from ''ongoing'' product lines increased six-fold from $1.0 million in the quarter ending June 30, 1998 to $6.4 million in the quarter ending June 30, 1999,an increase of 532%.
Operating expenses were reduced from $5.5 million for the quarter ending June 30, 1998 to $1.8 million for the quarter ending June 30, 1999; a reduction of 68% to about one third that of the same quarter a year ago.
The net loss was also reduced, from $4.9 million for the like quarter a year ago to $1.4 million for the quarter ending June 30, 1999; a reduction of 72%, to less than one third that of the same period in the previous year.
For a more detailed explanation of the 1st quarter results, please refer to the company's Form 10QSB filed with the SEC on August 2, 1999.
''More work remains to be done but we are pleased that our efforts of the recent past are now being reflected,'' said Mali Kuo, Co-Chairman and CEO of DVS. ''We are sized properly, our product direction is clear, our teams are motivated and productive, and with our strategic alliance in place, we have the key elements to be successful.'' As reflected in the 10Q report, if the Company is to reach profitability in the near term, we must (1) Increase revenues substantially with sustaining order input; (2) Reduce costs of current products through value engineering, volume procurement, and low production costs; and (3) Initiate production in China with strategic alliances to increase
production capacity, reduce production costs and, most importantly, to obtain the necessary working capital to fuel the growth. We are focused and working hard to complete these additional tasks in our program for the turnaround of DVS.
Well...at least it's GOOD news...now about that price!
Love to see that CEE off the symbol...looks like we now have a decent chance of that.
chris |
