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Technology Stocks : C-Cube -- Ignore unavailable to you. Want to Upgrade?

To: John Rieman who wrote (49136)	4/24/2000 8:10:00 PM
From: Maya	Read Replies (1) \| Respond to of 50808

John, Looks like they purposely want to confuse so that price won't be hiked up till the spinoff is completed. Look at the PR at their site. It gives only three hightlights for the Q, one of them AB one of the 21 DVD pioneers. Some kind of joke? DiViT, C-Cube has a link to a pdf which does show up as well. C-Cube Reports Stockholder Approval of DiviCom-Harmonic Merger, First Quarter Earnings Milpitas, Calif. - April 24, 2000 - C-Cube Microsystems Inc. (Nasdaq:CUBE) today announced the stockholder approval of the merger of C-Cube's DiviCom business with Harmonic, a manufacturer of fiber-optic solutions for cable television companies, which will be preceded by the spin-off of C-Cube's semiconductor business into a stand-alone company that, following the merger, will continue the C-Cube Microsystems name. "We are very pleased to have obtained stockholder approval today," said Alex Balkanski, president and CEO of C-Cube Microsystems. Due to the approval of the merger with Harmonic, we are reporting revenue from our semiconductor division only. Our reported financials will reflect DiviCom as discontinued operations. Additionally, as a result of the merger, we also incurred extraordinary one-time taxes in the semiconductor division. Revenue for the first quarter revenues was $61 million. Income from continuing operations (semiconductor division), which included a $3.4 million tax related to extraordinary options exercises as a condition of the merger of DiviCom with Harmonic, for the first quarter was $7.1 million. Net income for C-Cube Microsystems, Inc. was $1.3 million, or $0.03 diluted earnings per share, which includes the net income from discontinued operations and the loss on disposal of DiviCom, equaling $5.8 million. There were significant expenses related to the transaction included in the sum, such as taxes and consulting. The DiviCom-Harmonic merger creates a broadband networking company that will provide open solutions for voice, video and data infrastructure. C-Cube Semiconductor, a pure play audio/video company, is expected to build on its strength of designing and manufacturing silicon solutions for DVD and digital VHS players, personal video recorders, digital set-top boxes, video production equipment and television broadcasting systems.* "We are excited about the spin-off of the semiconductor business," said Umesh Padval, who will take over as C-Cube CEO after the merger closes in early May. "We have made significant progress globally with our customers and strategic partners in our expansion platforms: DVD, Set-top box and CODEC." Other first-quarter achievements include: C-Cube announced collaboration with Sony Corporation to develop MPEG CODEC solutions for professional VTRs (Video and Tape Recorders). Digital video hardware and software leaders Matrox and Pinnacle selected C-Cube silicon for new nonlinear editing products. C-Cube CEO and co-founder Dr. Alex Balkanski was named one of the 21 most influential DVD executives for his seminal contribution to the development of MPEG, the standard at the very heart of the DVD format. About C-Cube C-Cube Semiconductor Inc. is the industry leader in the development and delivery of highly integrated digital video silicon. C-Cube's delivers digital video silicon and systems solutions for the communications and consumer electronics markets. C-Cube is headquartered in Milpitas, California with offices in North America, Europe, and Asia. Its stock is traded on the Nasdaq under the symbol CUBE. C-Cube can be reached at +1.408.490.8000 or at c-cube.com. # # # This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements involve risk and uncertainties. Actual results could differ materially from those projected in the forward-looking statements as a result of the risk factors set forth in the Company's Forms 10-K and 10-Q reports and in C-Cube Semiconductor Inc.'s Registration Statement on Form S-1. The Company has attempted to identify forward-looking statements in this press release by placing an asterisk(*) following each sentence containing such statements The Company assumes no obligation to update any forward-looking statements. Click Here to View Financial Table Alan Markow Public Relations (408) 490-8707 alan.markow@c-cube.com Steven Horwitz Investor Relations (408) 490-8561 steven.horwitz@c-cube.com