SANTA CLARA, Calif.--(BUSINESS WIRE)--Nov. 13, 2001--OPTi Inc. (Nasdaq:OPTI) announced today its third quarter financial results for 2001.
Revenues for the quarter ended September 30, 2001 were $1,272,000 as compared with $2,415,000 for the third quarter of 2000. Net income for the third quarter of 2001 was $6,000 or $0.00 per share, as compared to net income of $891,000, or $0.08 per share, for the third quarter of 2000. Total operating expenses were $1,295,000 for the third quarter of 2001 as compared to $1,017,000 for the third quarter of 2000. Shares used in computing basic and diluted per share amounts for the three months ended September 30, 2001 were 11,634,000. 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.
Net revenues for the nine months ended September 30, 2001 were $5,044,000, as compared to $21,093,000 for the same nine month period of 2000. Revenues for the nine month period ending September 30, 2000 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, 2001 was $497,000, or $0.04 per share, as compared to net income of $10,979,000, or $0.94 per basic and diluted share for the same nine month period in 2000. Year-to-date basic and diluted share amounts for 2001 were 11,639,000 and 11,641,000 respectively. Year-to-date basic and diluted share amounts for 2000 were 11,640,000 and 11,653,000, respectively.
On September 11, 2001, the Company announced its plan to liquidate the Company. The Company is tentatively scheduling its Annual Shareholders Meeting to vote on this proposal on January 12, 2002.
Bernard T. Marren, CEO and President of OPTi, stated, "During the quarter ended September 30, 2001, the Company continued to see a decline in its revenue from prior periods. Also, during the quarter ended September 30, 2001, the Company had a wider than anticipated operating loss due to the decline in sales and higher expenses due to termination costs and legal and accounting costs associated with our planned liquidation. The Company believes that it may see a revenue increase in its fourth quarter due to an increase of last time buys for core logic products by some of our customers in anticipation of our liquidation. The Company believes due to the lack of successful product development over the past year that it will be very difficult for it to remain cash flow neutral over the coming quarters. It is due to this and other factors that the Board has announced the Plan of liquidation." |
