NightOwl:
RESULTS OF OPERATIONS
QUARTER ENDED MARCH 31, 2002 COMPARED TO THE QUARTER ENDED MARCH 31, 2001.
REVENUES. Total revenues for the quarter ended March 31, 2002 increased $9.2 million, or 265%, from the quarter ended March 31, 2001.
Revenue from product sales increased $7.2 million, or 227%, for the quarter ended March 31, 2002, as compared to the same period in 2001. FRAM product revenues for the quarter ended March 31, 2002 increased $3.9 million to $4.6 million, from the quarter ended March 31, 2002. Increased FRAM product revenue is primarily attributable to increased shipments into the Ampy/ENEL utility meter program as this program began its production ramp. The Company shipped approximately two million units into the Ampy/ENEL program during the quarter. Between two and three million units are expected to ship into this program during the quarter ended June 30, 2002.
Product revenues at the Company's Mushkin subsidiary increased $3.3 million during the first quarter, or 160%, compared to the same period in 2001. This increase is primarily attributable to progress in penetrating larger accounts and specialty personal computer manufacturers.
Product revenues at the Company's Enhanced Memory Systems subsidiary were $358,000 and $346,000 for the three months ended March 31, 2002 and 2001, respectively. Low product sales volume is the result of the Company's 4-megabit product line nearing end-of-life. The Company is no longer
manufacturing its 4-megabit product and expects to sell its remaining inventories of these products during 2002.
The Company recognized $1.4 million in license and development fee revenue during the quarter ended March 31, 2002. Such revenue is primarily related to a FRAM licensing and technology development program with Texas Instruments, Inc. No license and development fees were recorded for the quarter ended March 31, 2001.
The Company recognized royalty revenue of $69,000 in the quarter ended March 31, 2002. In the same period of 2001, royalty revenues of $59,000 were recognized. Royalty income in 2002 and 2001 is attributable to a FRAM licensing agreement with an existing licensee.
Customer-sponsored research and development revenues are primarily attributable to EMS' product development programs with Cypress Semiconductor Corp. and Hewlett Packard Co. The Company recognized customer-sponsored research and development revenues of $783,000 and $227,000 during the quarters ended March 31, 2002 and 2001, respectively."
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A melodic refrain from above: "The Company shipped approximately two million units into the Ampy/ENEL program during the quarter. Between two and three million units are expected to ship into this program during the quarter ended June 30, 2002." A goodly chunk of the $3 million surprise???
Mushkin good for another saintly mill??? (and a classic,if only u = y)...
Topped up with another 1/2 mill in FRAM licensing and development program with TXN???
$15 million lookin' good...
Was that a "green" twig that dove was carrying??? |
