DVID Nasadq 1.70...big qtr...looks like it may continue:
B: Digital Video Systems, Inc. Announces Second Quarter 2002 Ea
B: Digital Video Systems, Inc. Announces Second Quarter 2002 Earnings
SAN JOSE, Calif., Aug 12, 2002 /PRNewsire-FirstCall via Comtex/ -- Digital
Video Systems, Inc. (Nasdaq: DVID), a leading manufacturer of DVD loaders and
other DVD-based products, today reported its operating results for the second
quarter ended June 30, 2002.
Digital Video Systems, Inc. posted consolidated net revenues of $42,559,000 for
the second quarter ended June 30, 2002, compared to $33,583,000 for the quarter
ended June 30, 2001. Consolidated net income for the second quarter ended June
30, 2002 was $715,000 or $0.12 basic and diluted net income per share, compared
to consolidated net income of $584,000 or $.11 basic and $.10 diluted net income
per share for the quarter ended June 30, 2001.
For the six months ended June 30, 2002, the Company posted consolidated net
revenues of $65,426,000 compared to $50,015,000 for the six months ended June
30, 2001. The consolidated net loss for the six months ended June 30, 2002 was
$2,798,000 or $0.48 basic and diluted net loss per share, compared to
consolidated net income of $395,000 or $.08 basic and $.07 diluted net income
per share for the six months ended June 30, 2001.
During the quarter ended June 30, 2002, the Company has benefited from
significant reduction in costs of procured components. Additionally, the China
joint venture, Shanghai Fangyuan Digital Technology Ltd (SFDT), accounted for
nearly 20% of revenue helping the Company to realize substantial savings in the
labor content of its product. As a result, the gross margin in the quarter ended
June 30, 2002 has increased to 14% compared to 15.2% in the comparable quarter
last year and 0.6% during the first quarter of this year. The Company believes
that it can continue to reduce cost in the second half of 2002.
Three Months Ended Six Months Ended
June 30, June 30,
2002 2001 2002 2001
Revenue $42,559,000 $33,583,000 $65,426,000 $50,015,000
Net income (loss) 715,000 584,000 (2,798,000) 395,000
Basic net income
(loss) per share 0.12 0.11 (0.48) 0.08
Diluted net income
(loss) per share 0.12 0.10 (0.48) 0.07
Shares used in
computing basic
net income (loss)
per share 5,910,000 5,051,000 5,889,000 5,266,000
Shares used in
computing diluted
net income (loss)
per share 5,910,000 5,358,000 5,889,000 5,726,000
About DVS
Digital Video Systems, Inc., established in 1992, specializes in the development
and application of digital video technologies. The Company currently develops
and markets DVD loaders for DVD video players in the consumer electronics
market.
DVS is a publicly held company headquartered in San Jose, California, with
subsidiaries and branch offices in South Korea and China. |
