Hits keep rollin' -->GNSS ($22~18) Reports Third Quarter Fiscal 2004 Financial Results
Thursday January 22, 4:11 pm ET
Record Revenues, Gross Margins Exceed Targets
SAN JOSE, Calif.--(BUSINESS WIRE)--Jan. 22, 2004--Genesis Microchip Inc. (Nasdaq:GNSS - News), a world leader in the development of display technologies for consumer and PC-display products, today announced its financial results for the third quarter of its fiscal year 2004, which ended December 31, 2003.
Financial highlights for the December 2003 quarter included:
Total revenues for the quarter were a record $56.5 million, which is up 17% sequentially from revenues of $48.2 million in the September 2003 quarter;
Gross margins were 39.6% in the December 2003 quarter, exceeding the company's target of 36% to 38% and unchanged from the September 2003 quarter;
Measured in accordance with generally accepted accounting principles, or GAAP, net income for the quarter was $179,000, or $0.01 per share, compared to a net loss of $3.8 million, or ($0.12) per share in the September 2003 quarter;
On a pro forma basis(1), the net income for the quarter was $2.5 million or $0.08 per share;
Net income, both on a pro forma and GAAP basis, includes net expenses of $3.2 million related to legal fees for intellectual property and patent defense.
(1) Pro forma net income differs from net income determined according to GAAP. A schedule reconciling these amounts is included in this news release. Differences between GAAP and pro forma results in the December 2003 quarter include certain non-cash operating costs, such as the amortization of acquired intangible assets and of deferred stock compensation expense, and related income tax adjustments.
"We are extremely pleased with our financial results for the December quarter, which exceeded our expectations for revenues, gross margins and profitability," said Genesis Microchip Interim CEO Eric Erdman. "We are also very encouraged by the traction we are experiencing as a result of our focus on the fast-growing LCD TV market." |
