Tripath Technology Announces Third Quarter 2001 Results
Achieves 78% Growth in Revenue over Q2 2001, Announces Design Wins With Aiwa and Sanyo
SANTA CLARA, Calif., Oct. 22 /PRNewswire/ -- Tripath Technology Inc. (Nasdaq: TRPH - news) today reported financial results for its third quarter of fiscal 2001.
Revenues for the third quarter ended September 30, 2001, were $3.2 million, a 78 percent increase over revenues of $1.8 million for the second quarter of fiscal 2001 and an increase of 23 percent over revenues of $2.6 million for the third quarter of fiscal 2000. Revenues for the nine months ended September 30, 2001, were $10.3 million, a 91 percent increase over revenues for the corresponding prior year period.
Pro forma net loss for the third quarter, which excludes non-recurring restructuring charges related to the previously announced restructuring and deferred stock-based compensation, was $6.0 million or $(0.22) per share compared with $8.4 million or $(0.31) per share for the second quarter of fiscal 2001 and a pro forma net loss of $7.6 million or $(0.31) per share for the comparable 2000 quarter.
Net loss for the third quarter was $5.5 million or $(0.20) per share compared with a net loss of $8.8 million or $(0.32) per share for the second quarter of fiscal 2001 and a net loss of $10.1 million or $(0.47) per share for the comparable 2000 quarter.
``We are very pleased with our progress in the third quarter,'' said Dr. Adya Tripathi, Chairman, President, and CEO of Tripath. ``In the third quarter we took the appropriate steps to significantly reduce our burn rate while still maintaining all of our core personnel and intellectual property. We are well positioned to continue to attract new audio customers such as Aiwa and Sanyo, and are also poised to capitalize on the rebound in the DSL industry. Our short-term business focus will be on our core competencies in DSL and Audio, and our financial focus will be on driving the company to profitability based upon our revised budgets.''
Highlights For the Third Quarter Include:
-- Generated quarterly revenue of $3.2 million, a 78% sequential quarterly
increase
-- Announced design win in Aiwa's HT-DV90MP, DVD/CD AM/FM home
entertainment system
-- Announced design win in Sanyo's new "Vizion" plasma screen TVs
-- Completed 35% Expense Run-Rate Reduction |
