OAKT earnings Part I............
Oak Technology Announces First Fiscal Quarter 1998 Earnings
Business Wire - October 23, 1997 16:15
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SUNNYVALE, Calif.--(BUSINESS WIRE)--Oct. 23, 1997--Oak Technology, Inc. (NASDAQ:OAKT), a provider of
high-performance multimedia semiconductors and related software, today reported results for the first fiscal quarter of 1998
ending September 30, 1997.
The Company reported net sales of $43.3 million, an increase of 129% over first fiscal quarter 1997 net sales of $18.9 million.
Net income of $6.2 million compares to net loss of $1.7 million for the comparable period a year ago. Net income per share
of $0.15 compares with net loss per share of $0.04 in the first quarter of fiscal 1997. Net income for the quarter included
non-operating income of $2.6 million or $0.04 per share from a favorable settlement of a legal proceeding.
Revenue for the quarter was led by the Company's optical storage products which include CD-ROM and CD-R/RW
(Recordable/ReWritable) controllers. During the quarter, the Company's customers continued to make a transition to its latest
generation block decoder, the OTI-912. In addition, shipments of the OTI-975 CD-R/RW controller continued to increase.
During the quarter, Oak introduced its first controller targeted for the DVD-ROM market, the OTI-9800. This device is the
first in the market to integrate full CD ECC/EDC support, a universal DVD-DSP interface and an integrated CSS processor.
"We are pleased with the expansion of our optical storage business which includes discrete block decoders, CD-R/RW
decoders, integrated CD-ROM controllers, and now, our first controller for DVD-ROM drives," stated David D. Tsang,
president and CEO of Oak Technology. "In addition, we began our first audio controller shipments this quarter and continued
to grow our Pixel Magic business in the digital office equipment market."
The foregoing statements contain forward-looking statements made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Factors that could cause actual outcome to differ materially from those set forth
include, without limitation, market conditions in the personal computer and semiconductor industries, the degree of
competitiveness of the Company's customers, levels of inventory held by the Company's customers, the rate at which the PC
industry moves to higher speed drives as well as DVD-ROM drives, and the Company's customers' perceptions thereof, the
diversification of the Company's product and market mix, product development schedules, the Company's ability to control
expenses, and other risks that are contained in documents which the Company files with the Securities and Exchange
Commission. For a discussion of such risks, see the Company's most recent SEC form 10-K and 10-Q.
About Oak Technology
Founded in 1987, Oak Technology, Inc. designs, develops, and markets high-performance multimedia semiconductors and
related software to original equipment manufacturers worldwide who serve the PC, consumer electronics, and digital office
equipment markets. Oak has a software design center in Boca Raton, Florida, a mixed signal design center in Austin, Texas,
and subsidiaries in Japan (Oak Technology K.K.), Taiwan (Oak Technology, Taiwan), and Andover, Massachusetts (Pixel
Magic, Inc.). The Company completed its initial public offering in February 1995. Additional information about Oak
Technology and its products can be found on the World Wide Web at www.oaktech.com .
Note to Editors: Oak Technology and the Oak logo are registered trademarks of Oak Technology, Inc. Pixel Magic is a
trademark of Oak Technology. |
