NEWS RELEASE
Press Contact: Bob McMullan
Chief Financial Officer
GlobeSpan, Inc.
+ 1-732-345-7558
GlobeSpan Announces Record Third Quarter Revenues
Red Bank, New Jersey – October 25, 1999 -- GlobeSpan, Inc. (NASDAQ:GSPN), a leading worldwide developer of advanced digital subscriber line (DSL) chipsets, today announced its results for the third quarter and nine months ended September 30, 1999.
GlobeSpan reported net revenues of $17,032,000, an increase of 119% over revenues of $7,765,000 for the third quarter of 1998. Net loss for the quarter was $258,000 or $0.01 basic loss per common share. Net loss for the 1998 third quarter was $1,728,000 or $0.15 basic loss per share.
For the nine months ended September 30, 1999, GlobeSpan reported net revenues of $35,107,000, an increase of 53% over $23,016,000 reported for the same period last year. Net loss was $9,957,000 or $0.68 basic loss per common share attributable to common shareholders, including a one-time preferred stock deemed dividend and accretion of $3,466,000 or $0.24 basic loss per share, compared to a loss of $2,390,000 or $0.20 basic loss per common share in the 1998 period.
“We are beginning to see past design wins translate into revenues, stated Armando Geday, president and CEO. Our accelerated growth resulted from adding 18 new customers over the second quarter count and our expanding the number of products we supplied Cisco, our largest customer. We realized impressive growth in all our products: HDSL, SDSL, and both CAP and DMT ADSL. Our focus on performance and programmability has enabled our customers to minimize their time to market and maximize return on R&D investment by addressing multiple markets with single design platforms. As a result, we have significantly increased the number of revenue-producing customers in the third quarter of 1999. We are now shipping products for both symmetric and asymmetric segments of the DSL markets (HDSL, HDSL2, SDSL and ADSL) using 2B1Q, PAM, CAP and DMT line codes.”
|
