Ampex Corporation Reports Second Quarter 2002 Financial Results
REDWOOD CITY, Calif., Aug 14, 2002 (BUSINESS WIRE) -- Ampex Corporation (AMEX:AXC) reported a net loss from continuing operations of $0.7 million or $0.01 per diluted share for the second quarter of 2002. In the second quarter of 2001, the Company reported a net loss from continuing operations of $3.2 million or $0.05 per diluted share.
Revenues from the Company's continuing operations, which are comprised of royalties from licensing its patents and product sales of its Data Systems subsidiary, totaled $9.3 million in the second quarter of 2002 compared to $10.3 million in the second quarter of 2001. Royalty income from licensing totaled $1.3 million and contributed an operating profit of $1.1 million or $0.02 per diluted share in the second quarter of 2002 compared to royalty income of $2.2 million and operating profit of $2.0 million or $0.03 per diluted share in the second quarter of 2001. Operating income from Data Systems amounted to $0.02 per diluted share in the second quarter of 2002 and interest expense and other financing costs, net accounted for $0.03 loss per diluted share. In the second quarter of 2001, Data Systems generated an operating loss of $0.02 per diluted share and interest and other financing costs, net accounted for $0.03 loss per diluted share.
In June 2001, the Company's Internet video operations were discontinued. In the second quarter of 2001, the loss from discontinued operations amounted to $0.06 per diluted share.
Giving effect to both continuing and discontinued operations discussed above and the benefit from extinguishment of preferred stock, the Company reported net income applicable to common stockholders of $0.3 million or $0.01 per diluted share in the second quarter of 2002 versus a net loss applicable to common stockholders of $15.8 million or $0.27 loss per diluted share in the second quarter of 2001.
Ampex Corporation, www.Ampex.com, headquartered in Redwood City, California, is one of the world's leading innovators and licensors of technologies for the visual information age. |
