C-Cube Revenue Surpasses $100 Million, Sets Revenue Record in Third Quarter
DVD Chip Top 1 Million Mark for Second Consecutive Quarter
MILPITAS, Calif.--(BUSINESS WIRE)--Oct. 19, 1999--C-Cube Microsystems Inc. (Nasdaq:CUBE - news) today announced third quarter revenues of $101.4 million compare with $86.2 million for the same period in 1998 and $94.1 million for the second quarter of 1999.
Net income for the third quarter reached $14.0 million, or $0.32 diluted earnings per share. This compares with net income of $13.0 million, or $0.34 per share ($0.28 excluding extraordinary gain) a year ago; and $11.7 million, or $0.28 per share in the prior quarter.
''We are delighted with both our record revenue and another landmark achievement: For the second consecutive quarter, we shipped more than one million DVD decoder chips, a clear signal of DVD's growing impact in the consumer electronics industry,'' said Alexandre Balkanski, president and CEO of C-Cube.
''The earthquake in Taiwan had no impact on third quarter earnings. Clearly, there has been some supply effect on fourth quarter deliveries. However, we remain very optimistic regarding fourth quarter growth in our Semiconductor division.''(a)
Other third quarter business highlights include:
-- DiviCom was among a consortium of cable infrastructure component
makers that successfully tested its equipment to prove
interoperability with a point of delivery module and OpenCable
network interfaces -- a key development in giving consumers the
freedom to buy digital set-top boxes and integrated digital
televisions at electronics retail stores.
-- DiviCom provided transmission equipment for the first direct
broadcast satellite service in the People's Republic of China, a
70-channel system run by the government-owned China Central
Television (CCTV) network in Beijing.
-- DiviCom deployed the head-end equipment for Hong Kong satellite
service provider APT Satellite Holdings Limited.
-- C-Cube's semiconductor division topped its record setting second
quarter DVD chip shipments by 25%, representing the second
consecutive quarter of an industry-leading one million-plus
units.
-- C-Cube Microsystems and Samsung Electronics Co., Ltd.
demonstrated the industry's first DVD recorder that records video
onto a DVD-RAM disc in the MPEG-2 digital format.
-- C-Cube partnered with JVC to create the newest generation D-VHS
digital recorder, which is backward compatible with existing VHS
tape.
About C-Cube Microsystems
C-Cube Microsystems Inc. is the industry leader in the development and delivery of highly integrated digital video silicon and systems solutions. C-Cube's Semiconductor division delivers highly integrated digital video silicon and systems solutions for the communications and consumer electronics markets, including digital set-top boxes, VCD and DVD. C-Cube's DiviCom division is a leader in the deployment of digital video networks. DiviCom's products include audio/video encoding, data broadcast solutions, network management systems, consulting and integration services.
C-Cube is headquartered in Milpitas with offices in North America, Europe and Asia. The company's stock is traded on the Nasdaq exchange under the symbol CUBE. C-Cube may be reached at 408/490-8000 or on the World Wide Web at c-cube.com. C-Cube's DiviCom division is based in Milpitas and may be reached at 408/490-6700 or on the World Wide Web at divi.com.
Hear C-Cube's Earnings Conference Call Live at www.c-cube.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in the forward-looking statements as a result of the risk factors set forth in the Company's Forms 10-K and 10-Q reports. The Company has attempted to identify forward-looking statements in this press release by placing a note (a) following each sentence containing such statements |
