Digital Video Systems Reports Third-Quarter Results
All I can say is ..... uh oh ....
biz.yahoo.com
Friday November 14, 6:04 pm ET
PALO ALTO, Calif., Nov. 14 /PRNewswire-FirstCall/ -- Digital Video Systems, Inc. (DVS) (Nasdaq: DVID - News), a leading manufacturer of DVD loaders and other DVD-based products, today reported operating results for its fiscal year 2003 third quarter and for the nine-month period ended September 30, 2003.
For the third quarter ended September 30, 2003, Digital Video Systems, Inc. posted consolidated net revenues of $19.7 million as compared to $47.8 million for the third quarter ended September 30, 2002. Consolidated net loss for the third quarter ended September 30, 2003 was $1.6 million or $0.20 per basic and diluted share, versus net income of $1.8 million, or $0.31 per basic and diluted share, for the third quarter ended September 30, 2002.
For the nine months ended September 30, 2003, the Company posted consolidated net revenues of $70.6 million as compared to $113.2 million for the corresponding nine months of fiscal 2002. Consolidated net loss for the nine months ended September 30, 2003 was $4.5 million, or $0.63 per basic or diluted share versus a net loss of $951,000, or $0.16 per basic and diluted share, for the corresponding period in the prior year.
Management attributed results primarily to the Company's ongoing investment in new technology and markets following the shift in strategic focus away from the Company's traditional DVD loader business, with investments in research and development up 40% for the quarter compared with the year-earlier period. These new product developments, including a line of automotive and home DVD players and rewriteable/recordable devices, are targeted at the Company's traditional customers as well as new markets in the U.S. and India, and initial customer shipments have begun from DVS manufacturing facilities in Korea and China. Operating results reflect this shift in focus, with gross margins having improved from 9.6% for the third quarter of 2002 to 11.2% for the quarter ended September 30, 2003.
DVS Chief Executive Officer, Douglas T. Watson, commented, "2003 has been a tough year for us in terms of earnings, but I am pleased to see the progress we are making with our new product offerings and the new geographic markets we are entering. This is a powerful combination for any company."
Conference Call
Digital Video Systems ("DVS" or the "Company") will hold a conference call on its third-quarter fiscal year 2003 financial results on Monday, November 17, 2003 at 4:15 p.m. EST (1:15 p.m. PST).
To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 877-299-8279. International callers should dial 706-634-6508. There is no pass code required for this call.
...... In addition to losing money, apparently their 10Q says they will have to raise money to finance their business. |
