Found this article, hope it is not a repeat.
(UPDATE) Investors Continue To Applaud Graphic-Chip Maker S3's Recent Hire
Dow Jones Online News, Wednesday, November 25, 1998 at 16:54
NEW YORK -(Dow Jones)- Analysts continued to rave about S3 Inc.
Wednesday after the graphics-chip design company's selection last month
of "turnaround-man" Kenneth Potashner as its president, chief executive
officer and chairman.
Shares of S3 (SIII) advanced $1.1875, or 25%, to settle at $5.875 on
volume of 5.3 million shares, compared with the daily average of
547,000. Analyst Dan Scovel of Fahnestock & Co. said the rise was likely
a delayed reaction to Potashner's appointment.
Potashner is a "very well-regarded executive who has a lot of
experience," Henvy Voskoboynik, who follows S3 for Forum Capital
Markets, said shortly after Potashner's hiring. "People believe in him
and his ability - that perhaps he'll perform a similar miracle with S3."
Potashner joined S3 from Maxwell Technologies Inc. (MXWL), a maker of
purification and power-conversion systems.
Potashner says S3 "needs to define its strategy." He has yet to offer
details, but recently said S3 "has many choices" because it has
financial and technical strength that will carry the company into an
upside for the future.
Potashner succeeds Terry Holdt who returned in January from a
17-month retirement to assume the role of interim president, chief
executive and chairman. Holdt will remain active as vice chairman of the
board.
S3 recently announced a giant loss for the third quarter that was
even worse than analysts' grim expectations on a 60% plunge in revenue.
S3 posted a net loss of $35.4 million, or 69 cents a diluted share,
compared with net income of $4.4 million, or eight cents a diluted
share, in the year-earlier period. Revenue fell to $47.3 million from
$119.6 million a year ago.
S3 specializes in three-dimensional graphics accelerators,
specialized microprocessors that do one set of tasks very quickly and
very well.
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