Vialta, Inc. Reports First Quarter Results
FREMONT, Calif., April 25 /PRNewswire-FirstCall/ -- Vialta, Inc. (OTC Bulletin Board: VLTAA - news) today reported a net loss of $6.5 million for the first quarter of 2002, compared to a net loss of $12.6 million for the fourth quarter of 2001, and $6.7 million for the same quarter the prior year. The net loss per share was $0.08 per share for the first quarter of 2002, compared to $0.15 per share for the prior quarter.
The decrease in net loss was due to a reduction of operating expenses, which totaled $6.9 million for the first quarter of 2002, $7.8 million for the fourth quarter of 2001 after excluding non-recurring charges, and $7.9 million for the same quarter the prior year.
After content purchase for Vialta's ViDVD player, primarily from the Artisan Entertainment library, and stock repurchase activity; Vialta exited the quarter with almost $60 million of cash and cash equivalents.
``We are reducing operating expenses over consecutive quarters through improved work efficiencies and focus, while continuing to develop innovative products,'' stated Didier Pietri, president and chief executive officer of Vialta. ``A good example is Beamer, the ground-breaking Phone Video Station®, which we plan to introduce in July 2002,'' Mr. Pietri continued.
New Product Families:
The Phone Video Station (PVS) represents a new family of phone-related products designed to enhance the consumers' phone experience. Beamer, the first member of the PVS family, gives consumers the ability to add full color motion video to their existing phone, using their existing home phone line. Beamer owners can talk to and see each other, for the same cost as a regular phone call.
``With today's hectic lifestyle, we aren't always able to visit the people we care about as often as we would like. With Beamer, consumers can now easily remain in touch with distant friends and relatives by sight as well as sound,'' Mr. Pietri concluded.
About Vialta
Vialta is a developer of consumer electronics and digital home entertainment products that embrace the convergence of entertainment, audio, video, communication and the Internet. The company was formed in July 1999 and is publicly traded on the OTC under the symbol VLTAA. The company is headquartered in Fremont, California, with offices in Los Angeles, Toronto, Beijing and Hong Kong.
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, 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 consumer products, 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 STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share)
Three months ended
Mar 31, 2002 Dec 31, 2001 Mar 31, 2001
Operating expenses:
Research and development $4,223 $9,913 $4,528
Amortization of content
licenses 253 -- --
Sales and marketing 614 743 995
General and administrative 1,812 2,290 2,357
Operating loss (6,902) (12,946) (7,880)
Interest income, net 363 520 1,230
Other expenses -- (165) (19)
Net loss $(6,539) $(12,591) $(6,669)
Net loss per share:
Basic and diluted $(0.08) $(0.15) $(1.07)
Weighted average common
shares outstanding 85,240 86,741 6,231
VIALTA, INC.
(A Development Stage Company)
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
(1)
Mar 31, 2002 Dec 31, 2001
Assets
Current assets:
Cash and cash equivalents $49,970 $61,886
Short-term investments 9,459 5,542
Receivables from related party 233 111
Inventory, net -- --
Prepaid expenses and other current assets 3,094 2,925
Total current assets 62,756 70,464
Property and equipment, net 6,307 7,831
Long term investments -- 4,064
Content licenses 6,131 1,342
Other assets 84 212
Total assets $75,278 $83,913
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $682 $760
Accrued expenses and other
current liabilities 2,981 2,827
Payable to related party 134 47
Total current liabilities 3,797 3,634
Redeemable convertible preferred stock,
$.001 par value -- --
Stockholders' equity:
Common stock, $0.001 par value 93 92
Additional paid-in capital 144,096 144,164
Deficit accumulated during the
development stage (66,626) (60,087)
Accumulated other comprehensive income 66 156
Treasury stock (6,148) (4,046)
Total stockholders' equity 71,481 80,279
Total liabilities and
stockholders' equity $75,278 $83,913
(1) Amounts in previous periods have been reclassified to conform to
current period amounts.
SOURCE: Vialta, Inc. |
