FREMONT, Calif.--(BUSINESS WIRE)--Jan. 15, 1998--SEEQ Technology Inc. (Nasdaq NM: SEEQ) Thursday announced financial results for its fiscal 1998 first quarter ended Dec. 31, 1997. For the quarter, net income rose to $1.1 million, or $0.03 per share, up from $34,000, or $0.00 per share, for the same period in fiscal 1997. Revenues for the 1998 period were $7.6 million, compared with $6.6 million for the corresponding quarter last year, a 15% increase. Commenting on the results, Phil Salsbury, SEEQ's president and chief executive officer, said: "We are pleased that both our revenues and net income improved over the same period last year. Looking at our results sequentially, however, inventory corrections at certain major customers led to lower revenues this quarter. "At the same time, we achieved higher gross margins, our best since 1988, while our book-to-bill ratio stayed well above unity. We continue to build momentum with design wins on our 100Base-Tx Physical Layer product and our Gigabit Ethernet Controller." SEEQ Technology is a leading manufacturer of data communications semiconductor products. With headquarters in Fremont, the company is a LAN pioneer, having introduced the first integrated Ethernet controller in 1982. SEEQ's product families include Gigabit Ethernet, Fast Ethernet (100Base-T) and ATM components. SEEQ leads the Ethernet Media Access Controller (MAC) market and offers the broadest line of Fast Ethernet MACs and PHYs in the industry. The company's Ethernet solutions are used in industry-leading applications, including network interface cards, hubs/bridges/routers, switches and test equipment. For further information about SEEQ and its products, please visit the company's world wide web site at seeq.com .
Not too happy |
