Mosaid released their 1st quarter results today (Aug 26, 99) & it is good news compared to previous results. Here is the narrative of the release and you can visit the Mosaid site for the actual balance sheet view:
Now to see if the stock price goes up a bit!!
FOR: MOSAID TECHNOLOGIES INCORPORATED
TSE SYMBOL: MSD
AUGUST 26, 1999
MOSAID announces first quarter results Return to
profitability on strong revenue growth
OTTAWA, ONTARIO--MOSAID Technologies Inc. (TSE:MSD) today reported revenues of $9,672,000 for its first fiscal quarter ended July 30, 1999, more than double the $4,101,000 for the same period last year, and representing an increase of 136 percent.
Net earnings for the quarter were $497,000 compared to a net loss of $5,400,000 for the same period last year ($2,430,000 without restructuring charges). Net earnings per share, on a basic and a fully diluted basis, were $0.07 for the quarter, compared to a loss per share of $0.75 (fully diluted) for the corresponding quarter last year ($0.34 loss per share without restructuring charges).
The Company's increased revenues include strong new revenue
sources from the Company's fabless semiconductor activities and patent licensing program. In the fabless arena, MOSAID announced on May 18 that it had entered into an agreement with Toshiba Corporation, in which Toshiba would contribute to the development, design and production of the Company's networking switch-on-a-chip product. In the licensing realm, MOSAID announced on July 8 that it expected revenues of approximately $13 million for the current fiscal year from the signing of its first three patent licensing
agreements.
"We finished the quarter with three patent licensing deals
consummated, and we have put four more companies on notice," said George Cwynar, President and CEO of MOSAID Technologies. "Our conviction as to the strength and breadth of applicability of our inventions has been confirmed as our patent licensing program gains momentum and our intellectual property is being realized as a strong contributor to revenue and profitability."
MOSAID is listed as one of the top fifty R&D performers of all publicly traded Canadian companies, as recognized by the Globe and Mail's Report on Business, based on fiscal 1998 results. The Company continues a strong commitment to its research and development program, investing more than $4 million in the first quarter. Contributing to the increased level of R&D in the quarter were the new operating costs associated with Accelerix Incorporated. The Company's acquisition of Accelerix, concluded on May 31, has resulted in the gain of a strong ASIC design team, a variety of tools and valuable intellectual property.
"We are beginning to realize the fruits of our R&D labours,"
continued Mr. Cwynar. "In July, we launched four new test
products at SEMICON West, including our MS4155 tester, designed to test and analyze PC 133, single and double data rate SDRAM memory devices. We also believe that the marketing and R&D investment in our networking products was responsible for attracting Toshiba to the MOSAID switch-on-a-chip project, convincing them to sign on as
our foundry partner and to invest in the product development
themselves."
For more information, visit the Company's web site at
www.mosaid.com. |
