OPTi Reports Q3 1999 Results
MILPITAS, Calif.--(BUSINESS WIRE)--Oct. 11, 1999--OPTi Inc.
(Nasdaq:OPTI) announced today its third quarter financial results for
1999.
Revenues for the quarter ended September 30, 1999 were $5,635,000
as compared with $10,764,000 for the comparable quarter of 1998 and
$6,582,000 for the second quarter of 1999. Net loss for the third
quarter of 1999 was $(640,000) or $(0.06) per share, as compared to a
net loss of $(158,000), or $(0.01) per share, for the third quarter of
1998 and $(3,275,000) or $(0.30) per share for the second quarter of
1999. Total operating expenses for the third quarter of 1999 were
$3,230,000 as compared to $4,943,000 for the third quarter of 1998 and
$6,327,000 for the second quarter of 1999.
Net sales for the first nine months of 1999 were $19,373,000, as
compared to $29,241,000 for the comparable period in 1998. Net loss
for the first nine months of 1999 was $(4,699,000), or $(0.43) per
share, as compared to a net loss of $(4,051,000), or $(0.32) per share
in the first nine months of 1998. Shares used in computing basic and
diluted per share amounts for the three months ended September 30,
1999 and 1998 were 11,013,000 and 11,399,000, respectively. Nine month
basic and diluted share amounts at September 30, 1999 and 1998 were
10,900,000 and 12,660,000, respectively.
Bernard Marren, President and CEO of OPTi, stated, "During the
third quarter of 1999 we received the judgment against the Company for
the Crystal litigation in the amount of $4 million plus costs and post
judgment interest. Due to the additional reserves that the Company
took in the second quarter of this year we did not have to take any
additional charges during the third quarter. The reduction in the
operating expenses from the second quarter to the third quarter
reflects the decrease in legal expenses due to reserves and actual
legal expenses. For the quarter ended September 30, 1999, the Company
was able to maintain its goal of remaining cashflow neutral to
positive. Additionally, during this quarter the Company declared cash
dividends totaling $4.00 per share payable on November 17, 1999, to
shareholders of record on October 29, 1999. This dividend will be
classified as a return of capital." |
