The following press release was published on Business Wire on February 10, 1999:
IMP REPORTS THIRD QUARTER FISCAL 1999 RESULTS
The first three paragraphs of the release state:
SAN JOSE, CA., February 10, 1999 -- IMP, Inc. (Nasdaq: IMPXD) today announced its financial results for the third fiscal quarter, ending December 27, 1998, of the 1999 fiscal year. Net revenue for the third fiscal quarter of 1999 was $9.8 million as compared to $6.7 million in the prior quarter and $9.4 million for the same period last year. The net loss for the quarter was $188,000, or $.07 per share, compared to a loss of $3.3 million, or $1.20 per share in the prior quarter, and a loss of $1.1 million, or $.40 per share for the same period last year. All per share results are calculated on the post-one-for-ten reverse stock split basis that was effective after the close of business on January 12, 1999.
"A 45% increase in revenue over the prior quarter allowed IMP to approach the financial breakeven point for the first time since the Company restructured its operations in fiscal 1997. This was aided by a high gross margin contribution from non-recurring process license fee revenues," said Phil Ferguson, President and CEO. "Orders received to date for shipment in the fourth fiscal quarter are ahead of those received at the same time for last quarter. We have limited visibility into demand for the first quarter and beyond as many customers continue to order only to meet their immediate needs."
At the end of the quarter, the Company's cash position remained low. The Company has recently completed an equity financing of approximately $2.4 million and continues to take measures to conserve its cash and is working with financial institutions to restructure its debt. In addition, the Company continues to evaluate possible strategic options for the Company's future.
The full text of the release is posted on the IMP website at impweb.com
Statements in this press release regarding IMP's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties, including, but not limited to demand for the Company's products, foundry utilization, the ability of the Company to develop, manufacture and market new products, demand by end-users for the products produced by the Company's customers, and the other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission, including the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. |
