SGI Reports Second-Quarter Results
Tuesday January 21, 4:05 pm ET
MOUNTAIN VIEW, Calif., Jan. 21 /PRNewswire-FirstCall/ -- SGI (NYSE: SGI - News) today announced results for its second fiscal quarter, which ended December 27, 2002. Revenue for the quarter was $263 million, an increase of 9% compared with $242 million in the September quarter. Gross margin increased to 43.5% of revenue, compared with 40.3% in the September quarter. Operating expenses were $123 million. On a GAAP basis, this resulted in an operating loss of $8.6 million, compared with a loss of $40.4 million in the September quarter, and a net loss of $17 million or $0.08 per basic and diluted share.
"We are encouraged by our Q2 financial results, exceeding the guidance we gave in October," said Bob Bishop, chairman and CEO of SGI. "We have seen strong market response to our recently announced high-performance computing products, we have been named the 34th most desirable company to work for by FORTUNE magazine and our Alias|Wavefront subsidiary has earned an Academy Award, all of which we believe bodes well for our future prospects."
As of December 27, 2002, unrestricted cash, cash equivalents and marketable investments were $182 million, compared with $191 million the previous quarter. Working capital increased by $7.5 million to $69.1 million.
SGI will conduct a conference call today at 2 p.m. PST to provide additional details. The dial-in number is 888-208-1824 and the Webcast site is www.sgi.com. An audio replay of this call will be available after 5 p.m. PST today at 888-203-1112 (passcode: 501449) and will be available for seven days. All links to the archived Webcast and audio replay are available through SGI's Web site at www.sgi.com/company_info/investors/. International investors can dial 719-457-2633. The international replay number is 719-457-0820 (passcode: 501449)....
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