One of my wifes' stocks that she is long, should be looked at.
Tuesday January 23, 4:10 pm Eastern Time
Press Release
Pixelworks Reports Record Fourth Quarter Revenue and Earnings
Raises First Quarter Revenue Outlook
TUALATIN, Ore.--(BUSINESS WIRE)--Jan. 23, 2001--Pixelworks, Inc. Nasdaq:PXLW--
Selected Highlights
-- Record fourth quarter revenue of $18.1 million triples
year-over-year, up 19 percent over third quarter
-- Gross profit margin in fourth quarter of 42.1 percent improves for
fourth consecutive quarter
-- First quarter business outlook strengthens; revenue projection
increased to $19.5 million
-- Company announces new design wins with InFocus Corporation and
Sony
Pixelworks, Inc. (Nasdaq:PXLW - news), the leading provider of system-on-a-chip ICs for the advanced display market, today announced record financial results for the fourth quarter and year ended Dec. 31, 2000.
Revenue for the quarter totaled $18.1 million, a 199 percent increase over revenue of $6.1 million in the fourth quarter of 1999 and a 19 percent increase over revenue of $15.3 million in the third quarter of 2000. Revenue for the year totaled $52.6 million, a 311 percent increase over revenue of $12.8 million in 1999.
Net income for the fourth quarter was $2.2 million or $0.06 per diluted share. This compared to a net loss of $2.8 million or ($0.38) per diluted share in the fourth quarter of 1999, and net income of $1.8 million or $0.05 per diluted share in the third quarter of 2000.
Net income for the fourth quarter, excluding non-cash charges for amortization of deferred stock compensation expense, was $2.8 million or $0.07 per diluted share. This compared to a net loss of $1.0 million, or ($0.14) per diluted share in the fourth quarter of 1999, excluding non-cash charges for amortization of deferred stock compensation and accretion of preferred stock redemption preference. Excluding non-cash charges for amortization of deferred stock compensation expense, fourth quarter net income increased 19 percent over third quarter 2000 net income of $2.4 million, or $0.06 per diluted share.
Net income for the year, excluding non-cash charges related to the amortization of deferred stock compensation, patent settlement expenses, preferred stock beneficial conversion feature charges, and accretion of preferred stock redemption preference, was $5.7 million or $0.17 per diluted share which compared to a net loss in 1999, excluding non-cash charges related to the amortization of deferred stock compensation and accretion of preferred stock redemption preference, of $4.3 million, or ($0.72) per diluted share.
``Our fourth quarter financial performance was exceptional with solid increases in revenue, profits, and market share,'' said Allen Alley, president, CEO and chairman of Pixelworks.
``We remain confident of our near-term outlook and for a number of reasons believe that business in the first quarter will be better than we previously anticipated,'' Alley added.
``We continue to successfully execute on our strategy of expanding from the most technologically demanding, high-end markets into high-volume, mass markets. We now are the market share leader in the multimedia projector market and the fastest-growing segment of the LCD monitor market, the 17-inch SXGA segment. With innovative products including the recently unveiled PW111 and our strategic acquisition of Panstera, we are now targeting the XGA market with the same sense of purpose that has made us successful in other market segments,'' Alley said.
Today, Pixelworks is announcing several new design wins. InFocus Corporation, the worldwide leader in digital projection, is now using Pixelworks ImageProcessor ICs on multiple products across the InFocus, ASK, and Proxima branded product lines. Projectors using Pixelworks ImageProcessor ICs span the price-performance gamut from full-featured conference room projectors to the newest sub-three pound microportable projectors.
Sony is now using Pixelworks ImageProcessor ICs in a new line of stunning 42-inch hang-on-the-wall plasma displays. These flat-screen plasma displays can be used for computer graphics and video sourcing including HDTV and DVD. The new plasma products follow the integration of Pixelworks ImageProcessor ICs in Sony's critically acclaimed and popular projector products.
``As Pixelworks enters 2001 we have the vision, products, technology, and customer relationships to capitalize on three powerful market waves: the first is the revolution in digital displays for LCD monitors and multimedia projectors; the second is the emergence of the advanced television market; and the third is the proliferation of Internet-enabled, multimedia displays that will touch every aspect of our lives at home, at work and on the road,'' Alley concluded. |
