OPTi Reports Q2 1998 Results
MILPITAS, Calif.--(BUSINESS WIRE)--July 15, 1998--OPTi Inc. (NASDAQ/NMS:OPTI) announced today its second quarter financial results for 1998.
Revenues for the quarter ended June 30, 1998 were $8,632,000 as compared with $15,394,000 for the comparable quarter of 1997. Net loss for the second quarter of 1998 was $(2,063,000) or $(0.15) per share, as compared to a net loss of $(4,417,000), or $(0.35) per share, for the second quarter of 1997.
Total operating expenses were $5,353,000 for the second quarter of 1998 as compared to $8,652,000 for the second quarter of 1997, which included a restructuring charge of $1,213,000 related to downsizing operations.
Net sales for the first six months of 1998 were $18,477,000, as compared to $39,015,000 for the comparable period in 1997. Net loss for the first six months of 1998 was $(3,893,000), or $(0.29) per share, as compared to a net loss of $(4,676,000), or $(0.37) per share in the first six months of 1997.
Shares used in computing basic and diluted per share amounts for the three months ended June 30, 1998 and 1997 were 13,390,000 and 12,750,000, respectively. Six month basic and diluted share amounts at June 30, 1998 and 1997 were 13,291,000 and 12,718,000, respectively.
Bernard Marren, CEO and president of OPTi, stated, "In an attempt to maximize shareholder value in June we announced our intent to repurchase through the open market an amount up to 3.4 million shares of our common stock. To date we have been able to repurchase approximately 45% of our stated goal. We are at this time evaluating and exploring different alternatives in regards to our continuing goal of returning value to the shareholders."
Michael Mazzoni, CFO of OPTi, added, "While the second quarter was a difficult period for the Company, we have taken some necessary steps in order to readjust our operating expenses in an attempt to minimize the operating and cash losses for the remainder of the year." |
