INTERNET--(esecurities.W)--April 29, 1999 - TMSR Releases Q1 With 50% ($0.05) Positive Earnings Surprise*, 32% Revenue Growth.
SG&A reduced 39.9% q1 '98 to q1 '99
ThrustMaster Reports First Quarter Results
PORTLAND, Ore.--(BUSINESS WIRE)--April 29, 1999--"ThrustMaster, Inc. (Nasdaq:TMSR - news) today reported first quarter revenues of $8.3 million, compared to $6.3 million in the first quarter of 1998, an increase of 32%.
The operating loss (before interest expense and taxes) for the quarter was $178,000, compared to an operating loss (before interest expense and taxes) for the first quarter of 1998 of $1.9 million. Net loss for the quarter was $258,000, or $0.05 per diluted share, compared to a net loss of $1.2 million, or $0.29 per diluted share, in the same quarter a year ago.
Demand for the Company's products in the first quarter of 1999 was robust across all product categories, channels and geographic locations. Europe demonstrated notable strength, accounting for nearly 50% of the Company's revenues for the quarter. The introduction of new hardware and software products and growth in the Company's OEM and eCommerce channels also contributed to increased sales.
''While we are disappointed that we did not deliver positive earnings to our shareholders in the first quarter of 1999, we are pleased with the progress we have made in the execution of our turn-around plan and our WeCanTalk.com strategy. Solid channel appetite, refined sales and channel marketing tactics, coupled with stringent expense controls, resulted in notable progress in year-over-year and sequential quarterly metrics,'' said Frank G. Hausmann, ThrustMaster's President and CEO. ''The mounting opportunities being presented to us in all channels with respect to our WeCanTalk.com product strategy will drive our business model for the balance of 1999, added Hausmann..."
SOURCE: © 1999 Thursday April 29, 4:08 pm Eastern Time
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*Consensus Estimates
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