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To: D.B. Cooper who wrote (12699)	4/18/2001 12:09:15 AM
From: D.B. Cooper	Read Replies (3) \| Respond to of 13572

Once again Tuesday April 17, 4:13 pm Eastern Time Press Release Pixelworks Reports Record Revenue In First Quarter On Strong Demand For ImageProcessor ICs TUALATIN, Ore.--(BUSINESS WIRE)--April 17, 2001--Pixelworks, Inc. Nasdaq:PXLW-- Selected Highlights Record first quarter revenue of $21.3 million triples year-over-year, up 18 percent over fourth quarter Gross profit margin of 43.4 percent improves for fifth consecutive quarter Pro forma net income(a) of $3.0 million increases for the seventh consecutive quarter (a) Pro-forma net income (loss) represents net income (loss) excluding non-cash expenses for the amortization of goodwill and assembled workforce, patent settlement expense, in-process research and development expense, amortization of deferred stock compensation, accretion of preferred stock redemption preference and preferred stock beneficial conversion feature. Net income (loss) excluding these expenses differs from net income (loss) according to generally accepted accounting principles. Pixelworks, Inc. (Nasdaq:PXLW - news), the leading provider of system-on-a-chip ICs for the advanced display market, today announced financial results for the first quarter ended March 31, 2001. Revenue for the first quarter of 2001 was $21.3 million, a 202 percent increase over revenue of $7.1 million in the first quarter of 2000 and an 18 percent increase over revenue of $18.1 million in the fourth quarter of 2000. Pro-forma net income(a) for the first quarter was $3.0 million, or $0.07 per diluted share, an increase of $3.7 million over the pro-forma net loss of $0.6 million, or $0.08 per share, in the first quarter of 2000. Pro-forma net income for the first quarter increased 7 percent over fourth quarter 2000 pro-forma net income of $2.8 million, or $0.07 per diluted share. Non-cash charges recorded in the first quarter of 2001 in accordance with generally accepted accounting principles included $32.4 million for the write-off of in-process research and development, $2.9 million for amortization of goodwill and assembled workforce, and $1.8 million for amortization of deferred stock compensation. Including these non-cash charges, net loss for the first quarter of 2001 was $34.1 million, or $0.87 per share, compared to a net loss of $17.3 million, or $2.19 per share, in the first quarter of 2000 and net income of $2.2 million, or $0.06 per diluted share, in the fourth quarter of 2000. Total non-cash charges in the first quarter resulting from the acquisition of Panstera, Inc. totaled $36.8 million. ``Our first quarter financial performance was exceptional with solid increases in revenue, pro forma profits, and market share,'' said Allen Alley, president, CEO, and chairman of Pixelworks. ``Results like these are particularly gratifying given the challenging economic environment.'' ``Our products are in high demand and we are rapidly gaining market share in the LCD monitor market. Our unit sales into the flat panel monitor business increased 50 percent this quarter. This is three times the estimated growth rate for the industry,'' Alley said. ``We are exiting the first quarter focused on the future. We are financially strong and have a rich and growing portfolio of technologies to bring to bear on the markets we serve,'' Alley concluded.