Gross margins were horrible (-25%). Does anyone think SyQuest makes money on any of their drives?
Joon
>>>>
FREMONT, Calif, Feb 11 (Reuter) -
CONSOLIDATED CONDENSED STATEMENT OF RESULTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Dec. 31, Dec. 31, Sep 30,
1997 1996 1997
Net revenue $ 32,061 $ 48,312 $ 25,917
Cost of revenue 40,633 37,267 25,478
Gross Profit (loss) (8,572) 11,045 439
Operating Expenses:
Selling, general and administrative
23,740 11,328 14,076
Research and development 3,878 5,100 2,566
Total operating expenses 27,618 16,428 16,642
(Loss) from operations (36,190) (5,383) (16,203)
Net interest income (expense) (625) (1,431) (913)
(Loss) before income taxes (36,815) (6,814) (17,116)
Provision for income taxes -- -- 350
Net (loss) (36,815) (6,814) (17,466)
Value assigned to warrants issued
in conjunction with preferred stock
offerings (2,100) -- --
Preferred stock dividend (80) (573) (280)
Embedded yield on preferred stock -- (5,300) --
Net (loss) applicable to common
stockholders (38,995) (12,687) (17,746)
Basic and diluted (loss) per share (0.57) (0.86) (0.33)
Weighted average shares 68,939 14,673 53,806
The computation of net loss per share for the quarter ended
December 31, 1997 includes adjustments related to the
computation of earnings per share applicable to common
stockholders of $2.1 million, representing the value assigned
to warrants issued in connection with Series 5 preferred stock,
and $0.08 million, representing preferred stock dividends.
Absent these financing adjustments, the net loss per share
applicable to the operation of the business was $0.53. The
actual number of common shares outstanding at December 31, 1997
was 71.9 million shares. The actual number of common shares
outstanding at January 30, 1998 was 72.0 million shares.
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