Hate to ruin the conference call, but to me, the Q looked like this..
Revenue:
VCD/DVD $43M (they're going to start reporting to this way. VCD is flat at $15M, DVD $28M, very little in the PC.)
STB $13M
Encoders $7M
Divi $56M
Total = $119M
Revenue $119M
COG 53.6M
Gross $65.4M (55% margins, maybe higher)
R&D 21.6M
SG&A 18.2M
Operating $25.6M
Interest income 2.5M
Before tax $28.1M
tax 8.4M
net $19.7M
45.5M shares = $.43 per share. The share count after the spin will be 48.3M. Options still to be vested.
Both DVD and settop OEMs had difficulty finding parts, it cut sales slightly.
C-Cube shipped 5M DVD chips in 1999, 3.8M in Players, and 1.2M in PCs.
The New Consumer codec, and new settop wins, will add to sales, but, only in the second 1/2 of the year:-)
I'm usually a little high in my est. C-Cube takes reserves against sales of more than $2M a Q, and it moves up at unexpected times. |
