The educating of Jim Patterson.
3D use is increasing, which means the need for faster CPUs will increase.
Diamond Multimedia Reports Strong Results for the First Quarter Ended March 31, 1998
SAN JOSE, Calif.--(BUSINESS WIRE)--April 9, 1998--Diamond Multimedia Systems, Inc. (NASDAQ:DIMD), a leader in the interactive multimedia acceleration, today reported financial results for the first quarter ended March 31, 1998.
For the quarter, net revenues were $186.2 million, up 66 percent from $112.4 million for the first quarter of 1997. Net income for the first quarter was $7.9 million, or $0.22 per share on a fully diluted basis, compared to a net loss of $6.0 million, or $0.17 per share in the first quarter of 1997.
"We are pleased with the progress we made this quarter. We achieved strong results in both revenues and profits. We launched a number of new products during the quarter, including the award winning Monster 3D II graphics accelerator, our first V.90 and PCI modems and our family of PCI DirectSound audio products. And, we announced a number of new OEM relationships, including Dell Computer," said William J. Schroeder, president and CEO.
"While first quarter revenues were essentially the same sequentially, up about $300,000 from a strong fourth quarter, net income was up 13 percent due to higher gross margins and lower operating expenses," stated James M. Walker, senior vice president and CFO.
"Continued demand for both high-performance multimedia acceleration and communications products contributed to a 22.4 percent gross margin for the quarter. We also improved our cash position by about $10 million during the quarter and our overall balance sheet remains strong. <snip>
Greg
. |
