-$.01 V.S. -$.46 last quarter, just as advised by Sigma IR. Would have been profit except for dividend for prefered:
Sigma Designs Inc. Reports Third Quarter
Results
FREMONT, Calif.--(BUSINESS WIRE)--Nov. 24, 1997--Sigma Designs
Inc. (NASDAQ:SIGM - news) today announced results for its third fiscal
quarter ended Oct. 31, 1997.
Revenues for the third quarter of fiscal 1998 were $10,022,000
compared to $12,727,000 reported for the same period in fiscal 1997
and up 17% from $8,593,000 for the second quarter of fiscal 1998. The
company reported a net loss of $64,000 or $0.01 per share in the third
quarter of fiscal 1998, compared to net income of $1,062,000 or $0.09
per share in the third quarter of fiscal 1997. Excluding the mandatory
dividend on preferred stock, the company reported income of $293,000
for the third quarter of fiscal 1998.
Year-to-date revenues for fiscal 1998 were $27,122,000 compared to
$31,541,000 in the nine-month period last year. The net loss for the first
nine months of fiscal 1998 was $5,068,000 or $0.46 per share,
compared to net income of $1,307,000 or $0.12 per share in the first
nine months of fiscal 1997.
Thinh Tran, chairman and chief executive officer, stated, ''During the
third quarter, demand for MPEG and DVD products strengthened, and
we exited the quarter with sales, order, and product development
momentum. While there were early delays in developing industry
standards for the DVD arena, there are now several DVD products --
including DVD upgrade kits and DVD-enabled PCs using Sigma's
REALmagic Hollywood DVD technology -- that are currently available
in the market.
''We continue to partner with major training and corporate customers
using MPEG-1 in various applications. For example, our REALmagic
MPEG-1 decoder card is being used in breakthrough education
programs, as described in Forbes magazine; and we recently announced
that Diebold, Incorporated -- the leading supplier of automated teller
machines (ATMs) in the United States -- has selected Sigma's
REALmagic MPEG-1 technology to add multimedia functionality to the
ATM experience.
''We believe this type of MPEG-1 base business could provide a
foundation upon which we can build. Our REALmagic Hollywood
DVD/MPEG-2 card was selected by both Sony and Philips -- leaders in
multimedia technologies -- for use in their PC DVD upgrade kits.
Following the close of the quarter, we announced that NewCom, a
leading supplier of upgrade peripherals to the retail channel, has also
selected the REALmagic Hollywood DVD/MPEG-2 card for inclusion in
its PC DVD upgrade kit.
''In addition, ASE Technologies -- one of the largest notebook exporters
in Taiwan -- has chosen Sigma's DVD/MPEG-2 playback solution for
integration in ASE's latest line of notebook computers,'' Tran concluded.
Sigma Designs, headquartered in Fremont, is an acknowledged leader in
the fast-growing multimedia market. Sigma entered the multimedia field
in 1993 with products based on the MPEG (Moving Picture Experts
Group) standard for compressing and decompressing digital audio and
video signals. Sigma is a driving force in advancement of the MPEG
technology used in most multimedia PCs on the market today.
Sigma Designs' products, marketed under the REALmagic trade name,
are sold worldwide through a direct sales force and a network of
manufacturers' representatives, VARs, and distributors. For more
information, visit the company's Web site at
sigmadesigns.com .
Except for the historical information contained herein, the matters
discussed in this release are forward-looking statements subject to risks
and uncertainties, including the timely introduction and market
acceptance of Sigma's MPEG/DVD and other related products, the
development of markets for the Company's products, the impact of
competitive products and pricing, and other risk factors detailed from
time to time in the Company's SEC reports, including the report on Form
10-K for the year ended January 31, 1997 and on Form 10-Q for the
quarter ended July 31, 1997. |
