SUNNYVALE, Calif.--(BUSINESS WIRE)--April 29, 1999--LOGIC Devices Inc. (Nasdaq:LOGC), today reported revenue and earnings for the three months ended March 31, 1999. Revenues for the quarter were $3,256,100, up six percent from $3,070,900 recorded in the preceding quarter ended December 31, 1998, and up one percent from $3,245,000 in the quarter ended March 31, 1998. For the quarter ended March 31, 1999, the Company recorded earnings of $40,200 or $0.01 per share, compared to $4,000, or $0.00 per share, in the quarter ended March 31, 1998. In the immediately preceding quarter ended December 31, 1998, the Company recorded net income of $6,700, or $0.00 per share.
"Just after the close of the quarter, LOGIC Devices announced that it had entered into an agreement with All American Semiconductor to
outsource all of its order fulfillment activities for North America to All American. This is a new type of relationship for the semiconductor
industry. It allows LOGIC Devices to focus on product definition, product development and customer design-in support, while relieving
LOGIC Devices of customer service and order processing activities. It allows LOGIC Devices to leverage the thirty-three All American field
sales offices throughout the United States," stated Bill Volz, President of LOGIC Devices.
"The National Association of Broadcasters Annual Convention and trade show was completed April 23, 1999. HDTV is now becoming one of
the hottest areas in electronics. Our customers, studio equipment manufacturers, demonstrated a broad range of composition, editing,
switching, and conversion products that address the digital video market. Based on the FCC mandate that commercial U.S. broadcast stations begin digital broadcasting, our customers indicate that their systems, which incorporate our chips, should begin production shipments almost immediately," concluded Volz.
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Not Bad. Already showing a profit and our customers are just beginning to ship product with our products on board. I've had experience with All American Semi in the past, as a stockholder. They are the sixth or seventh largest distributor of electronic parts in the country or world (not sure, although I think it's akin to having the sixth or seventh largest army in the world i.e. there a few big players, and a pretty big drop-off to the second tier) they have been growing agressively also, but their stock is range bound in the $1-$3 area (this is still SEMI I'm talking about) and they have been at the low end lately.
All in all looks OK for LOGC. Good luck. |
