LOGC...note the mention of HDTV and how it could figure in to LOGC's numbers going forward...ref this earn report i expect the company to be posting much better numbers the rest of the year:
(COMTEX) B: LOGIC Devices Reports Second Quarter of Fiscal 2002
B: LOGIC Devices Reports Second Quarter of Fiscal 2002
SUNNYVALE, Calif., May 14, 2002 (BUSINESS WIRE) -- LOGIC Devices Incorporated
(Nasdaq:LOGC), today reported revenue and earnings for its second quarter of
fiscal 2002. Revenues for the fiscal quarter were $1,120,300, a 56% decrease
from the $2,539,600 reported in the same quarter of fiscal 2001. The Company's
earnings fell from $11,900, or 0.00 per share, for the fiscal 2001 quarter, to a
loss of $840,300, or ($0.12) per share, for the fiscal 2002 quarter.
"Unfortunately, the deep down cycle in the semiconductor industry is
continuing," stated Bill Volz, president of LOGIC. "Commercial orders have been
erratic; up some weeks and down in others. Anticipated military orders have not
materialized as of this release date. There has been recent news that HDTV may
get a boost, as a result of an agreement among cable operators to begin carrying
significant high-definition programming. In addition, digital cinema has
received considerable attention pending the release of the new Star Wars Episode
Two movie. We are hopeful these recent announcements will lift our commercial
revenues as the year progresses."
"While we continue to focus on new product development, we have implemented
additional cost cutting to reduce our cash flow requirements during this period
of weak sales. During these difficult times, we believe the previous years'
difficult decisions, made to strengthen our balance sheet, have served us well,"
concluded Volz.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Any statements in this press release regarding expectations of future
events are "forward-looking statements" involving risks and uncertainties,
including, but not limited to, market acceptance risks, the effect of economic
conditions and shifts in supply and demand, the impact of competitive products
and pricing, product development, commercialization and technological
difficulties, availability of capital, and capacity and supply constraints.
Please refer to the Management Discussion and Analysis of Financial Condition
and Results of Operations (MD&A) for a discussion of risks in the most recent
LOGIC Devices Annual Report on Form 10-K and the quarterly report under Form
10-Q.
Established in 1983, LOGIC Devices is a fabless semiconductor manufacturer
providing high-performance, function-specific integrated circuits that are
utilized in smart weapons systems and in broadcast studio, medical imaging, and
digital telecommunications equipment.
FINANCIAL HIGHLIGHTS (unaudited):
Fiscal quarter ended
-------------------------
March 31, April 1,
2002 2001
----------- -----------
Net Revenues $ 1,120,300 $ 2,539,600
Gross Profit $ 205,000 $ 1,011,000
Net (Loss) Income $ (840,300) $ 11,900
Basic (Loss) Earnings Per Share $ (0.12) $ --
Basic Wtd. Avg. Number of Shares
Outstanding 6,851,138 6,841,888
CONTACT: LOGIC Devices Inc.
Bill Volz, 408/542-5400 (President)
Kimiko Lauris, 408/542-5400 (CFO)
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Copyright (C) 2002 Business Wire. All rights reserved.
-0-
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
HARDWARE
MANUFACTURING
EARNINGS
SOURCE:
LOGIC
Devices
Inc.
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