ESS Technology raises fourth-quarter outlook
biz.yahoo.com
Revenue and Earnings Expected to Exceed Previous Expectations
FREMONT, Calif., Dec. 18 /PRNewswire/ -- ESS Technology, Inc. (Nasdaq: ESST - news), a leading provider of silicon solutions for digital video, home networking, and digital home systems, today updated its guidance for the fourth quarter.
ESS expects fourth quarter revenue, margins and earnings to exceed previous guidance. The Company expects fourth quarter revenue to be approximately $77 - $80 million, which compares to our previous estimate of $74 - $76 million. The Company also expects gross margins to be above previous guidance and to report net income per diluted share of between $0.26 and $0.30 in the fourth quarter, compared to our previous guidance of $0.22 to $0.24.
Robert Blair, president and CEO of ESS Technology said, ``Shipments this quarter continue to exceed our forecasts. We attribute this growth in revenue and increase in our gross margins to our customers' success in the marketplace and the strong consumer demand for DVD players. We look forward to providing additional details and updates when we report our fourth quarter results in January 2002.''
About ESS Technology
ESS Technology, Inc., is a leading supplier of high-performance feature-rich products for the rapidly growing DVD and digital entertainment markets. The Company is also a leading provider of products that enable the emergence of digital home systems delivering and managing entertainment and information in the home.
ESS, headquartered in Fremont, California, has R&D, sales, and technical support offices worldwide. ESS Technology's common stock is traded on the Nasdaq under the symbol ESST. ESS Technology's web site address is: esstech.com .
The matters discussed in this news release include certain forward-looking statements that involve risks and uncertainties, including, but not limited to, the possible reduction of consumer spending occasioned by terrorist activity and armed conflict, the timely availability and acceptance of the Company's new products, the impact of competitive products and pricing, the dependence on continued growth in demand for PC and consumer multimedia products, the fact that the guidance is subject to future events in the fourth quarter and to review and completion of the year end audit the other risks detailed from time to time in the SEC reports of ESS, including the reports on Form 10-K and Form 10-Q. Actual results could differ materially from those projected in the forward-looking statements.
SOURCE: ESS Technology, Inc. |
