Correction -- Vialta, Inc.
In the news release, Vialta, Inc. (OTC Bulletin Board: VLTA) Reports Fourth Quarter Results, issued earlier today over PR Newswire, we are advised by the company that the following financial tables should have been included.
Complete, corrected release follows:
Vialta, Inc. Reports Fourth Quarter Results
FREMONT, Calif., Jan. 28 /PRNewswire-FirstCall/ -- Vialta (OTC Bulletin Board: VLTA - news) today reported a net loss for the fourth quarter ended December 31, 2001 of $12.6 million, or $0.15 per share, compared to a net loss of $7.4 million, or $1.19 per share for the same quarter in 2000.
The loss included non-recurring charges of $5.8 million, primarily related to the valuation of inventories due to an absence of significant sales history. Excluding the non-recurring charges, the loss was $6.8 million, or $0.08 per share for the fourth quarter, compared to $7.2 million, or $0.11 per share for the third quarter. The decrease of $400,000 from the third quarter's loss excluding non-recurring charges is the result of actions taken in the third quarter to streamline operations.
``We continue to take positive steps in building a solid foundation to grow Vialta in a number of arenas,'' said Didier Pietri, president and chief executive officer of Vialta. ``We recently announced a product licensing and marketing alliance with Apex Digital that should significantly expand distribution of ViDVD players among national retailers. In addition, the new Vi330 model was recently introduced at the Consumer Electronics Show.''
``Vialta also plans to launch two new products -- BEAMER(TM) and ViMagazine(TM) -- in early summer of this year, as part of its ongoing commitment to provide consumers with innovative, affordable and easy-to-use digital home entertainment products and services,'' Mr. Pietri concluded.
About Vialta
Vialta, Inc. is a developer of consumer electronics and digital home entertainment products that embrace the convergence of entertainment, audio, video, communications and the Internet. The company's products offer an effective, convenient and secure means of delivering digital content and information to the consumer. Vialta was formed in July 1999 with an initial funding of $140 million, and is publicly traded on the OTC Bulletin Board under the symbol ``VLTA.'' The company is headquartered in Fremont, California with offices in Los Angeles, Toronto, Hong Kong and Beijing. More information about Vialta can be found at www.vialta.com .
The matters discussed in this news release include certain forward-looking statements that involve risks and uncertainties, including, but not limited to, the possible reduction of consumer spending occasioned by terrorist activity and armed conflict, the timely availability and acceptance of the Company's new products, the impact of competitive products and pricing, the dependence on continued growth in demand for PC and consumer multimedia products, the fact that the initial determinations described herein are subject to further review and appeal, and the other risks detailed from time to time in the SEC reports of Vialta, including the reports on Form 10-K and Form 10-Q. Actual results could differ materially from those projected in the forward-looking statements.
VIALTA, INC.
(A Development Stage Company)
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Dec 31, 2001 Dec 31, 2000
(audited) (audited)
Assets
Current assets:
Cash and cash equivalents $61,886 $109,378
Short-term investments 5,289 27,112
Receivables from related parties 111 650
Inventory, net -- 2,057
Prepaid expenses and other current
assets 4,520 4,207
Total current assets 71,806 143,404
Property and equipment, net 7,831 9,230
Long Term Investments 4,064
Other assets 212 1,057
Total assets $83,913 $153,691
Liabilities, Redeemable Convertible
Preferred Stock and Shareholders'
Equity (Deficit)
Current liabilities:
Accounts payable $760 $1,376
Accrued expenses and other current
liabilities 2,827 2,218
Payable to related party 47 30,000
Total current liabilities 3,634 33,594
Redeemable convertible preferred stock,
$.001 par value -- 142,600
Shareholders' equity (deficit):
Common Stock, $.001 par value 92 6
Additional Paid-in-Capital 144,164 1,629
Treasury Stock (4,046) --
Other Comprehensive Income 156 --
Deficit accumulated during the
development stage (60,087) (24,138)
Total shareholders' equity
(deficit) 80,279 (22,503)
Total liabilities, redeemable
convertible preferred stock
and shareholders' equity
(deficit) $83,913 $153,691
VIALTA, INC.
(A Development Stage Company)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share)
Three months
ended
December 31
2001 2000
Operating expenses:
Research and development $9,913 77% $6,120 69%
Sales and marketing 743 6% 946 11%
General and administrative 2,290 18% 1,846 29%
Operating loss (12,946) 100% (8,912) 100%
Interest income, net 520 4% 1,778 20%
Other income (expenses) (165) -1% (339) -4%
Loss before income tax benefit (12,591) -97% (7,473) -84%
Income tax benefit -- 0% 65 1%
Net loss $(12,591) -97% $(7,408) -83%
Net loss per share:
Basic and diluted $(0.15) $(1.19)
Weighted average common
shares outstanding 86,741 6,227
VIALTA, INC.
(A Development Stage Company)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share)
For the year
ended
December 31
2001 2000
Operating expenses:
Research and development $25,250 66% $19,558 67%
Sales and marketing 3,738 10% 2,927 10%
General and administrative 9,306 27% 6,699 23%
Operating loss (38,294) 100% (29,184) 100%
Interest income, net 3,606 9% 7,688 26%
Other income (expenses) (1,266) -3% (1,682) -6%
Loss before income tax benefit (35,954) -94% (23,178) -79%
Income tax benefit -- 0% 260 1%
Net loss $(35,954) -94% $(22,918) -79%
Net loss per share:
Basic and diluted $(0.83) $(3.68)
Weighted average common
shares outstanding 43,283 6,222
SOURCE: Vialta, Inc. |
