OPTi Reports Q3 2000 Results
Santa Clara, California - November 2, 2000 -- OPTi Inc. (NASDAQ/NMS: OPTI) announced today its third quarter financial results for 2000.
Revenues for the quarter ended September 30, 2000 were $2,415,000 as compared with $5,635,000 for the comparable quarter of 1999. Net income for the third quarter of 2000 was $891,000 or $0.08 per share, as compared to a net loss of $640,000, or $0.06 per share, for the third quarter of 1999. Total operating expenses were $1,017,000 for the third quarter of 2000 as compared to $3,230,000 for the third quarter of 1999. Shares used in computing basic and diluted per share amounts for the three months ended September 30, 2000 were 11,646,000 and 11,670,000, respectively. 11,013,000 shares were used in computing basic and diluted per share amounts for the three months ended September 30, 1999.
Net revenues for the nine months ended September 30, 2000 were $21,093,000, as compared to $19,373,000 for the comparable period of 1999. September 30, 2000 revenues included net license revenues of $13,311,000 resulting from a one-time non-exclusive licensing fee for certain OPTi patents. Basic and diluted net income for the nine months ended September 30, 2000 was $10,979,000, or $0.94 per share, as compared to a net loss of $4,699,000, or $0.43 per basic and diluted share for the comparable period in 1999. Year-to-date basic and diluted share amounts for 2000 were 11,640,000 and 11,653,000 respectively. Year-to-date basic and diluted share amounts for 1999 were 10,900,000.
Tripath Technology, Inc., an investment held by OPTi, became publicly traded in August 2000. This investment is reflected in the Company’s September 30, 2000 balance sheet at its fair market value of $48,987,000 with a credit to Shareholder’s Equity of $48,262,000 to reflect the unrealized gain. There was no impact related to Tripath in the Company’s income statement.
Bernard T. Marren, CEO and President of OPTi, stated, “the Company continues to pursue a policy of licensing our intellectual properties. We plan to continue to enforce OPTi’s patent rights. The settlement of the Crystal Semiconductor Corporation litigation has allowed us to move forward as a company.” |
