Better they are making progress.
Subj: IMP Announces Third Quarter Results; On-Going Customer...
Date: 98-01-28 06:47:19 EST
From: AOL News
BCC: Bigkid53
IMP Announces Third Quarter Results; On-Going Customer Revenues Continue Growth Trend
SAN JOSE, Calif.--(BUSINESS WIRE)--Jan. 28, 1998--IMP, Inc. (NASDAQ:IMPX) today announced its financial results for the third quarter of fiscal year 1998, ended December 28, 1997.
Revenues for the third quarter were $9.4 million, compared to $15.1 million reported in the same period last year. The net loss for the quarter was $1.1 million or $0.04 per share, compared to a loss of $2.1 million or $0.08 per share in the corresponding period of fiscal 1997. Included in the loss for the quarter was a $350,000 charge resulting from the expensing of certain product license fees.
"IMP continues to make progress in its restructuring plan," said Phil Ferguson, president and chief executive officer. "As we advised last quarter, the company experienced lower total revenue for the third quarter of fiscal 1998 than in the prior quarter, due to an anticipated decline of over $3 million in Iomega read-channel business. However, the Company was able to offset 50% of this decline with increased business from other customers. Excluding Iomega, revenues increased significantly for the third sequential quarter."
"Our cost control efforts allowed us to maintain a stable balance sheet, with more than $13 million in cash, while increasing our investment in new analog process technologies, new product development, and a previously announced $3.5 million upgrade of wafer fabrication equipment," continued Ferguson.
"We expect to resume revenue growth in our fiscal fourth quarter as demand improves for our CMOS and BiCMOS analog processes, particularly in the data communications and power management areas. However, visibility into IMP's customers is limited due to the uncertainty introduced by the financial problems in the Pacific region. IMP has little direct exposure in the general semiconductor industry in the Pacific area, but some of its customers do have exposure," concluded Ferguson.
Statements in this press release regarding IMP's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties, including, but not limited to demand for the Company's products, foundry utilization, the ability of the Company to develop new products, demand by end-users of the products produced by the Company's customers, and the other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission, including the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
IMP, Inc., designs, manufactures and markets standard-setting analog and mixed-signal integrated circuits and specialty analog wafer foundry processes for data communications interface and power management applications in computer, communications, and control systems world-wide. Products are manufactured on CMOS, BiCMOS, and EEPROM processes in the company's ISO 9001 qualified wafer fabrication plant in San Jose.
For further shareholder information on the Company, please visit our web site at impweb.com, or call IMP Investor Relations on 415/296-7383. -0- *T
IMP, Inc.
STATEMENT OF OPERATIONS
(amounts in thousands except per share data) (unaudited)
Three Months Ended Nine Months Ended
Dec 28, Dec 29, Dec 28, Dec 29, 1997 1996 1997 1996 Net revenues $9,398 $15,127 $31,425 $56,863
Cost of revenues 7,056 13,071 22,642 47,186 Research and development 2,400 2,494 6,355 8,228 Selling, general and
administrative 965 1,441 4,435 8,237 Restructuring charges -- -- -- 1,862 Operating costs and
expenses 10,421 17,006 33,432 65,513 Operating income (loss) (1,023) (1,879) (2,007) (8,650) Interest and other
expenses (net) (117) (254) (626) (936)
Income (loss) before
provision for
income taxes $(1,140) $(2,133) $(2,633) $(9,586) Provision for income taxes -- -- -- 70 Net income (loss) $(1,140) $(2,133) $(2,633) $(9,656)
Basic & diluted net
income (loss) per share $(.04) $(.08) $(.09) $(.34) Shares used to compute basic and diluted net income (loss) per share 28,246 28,134 28,224 28,096
IMP, Inc.
CONDENSED BALANCE SHEET
(amounts in thousands) (unaudited)
Dec. 28, 1997 March 30, 1997
ASSETS
Cash and cash equivalents $13,554 $13,306 Accounts receivable 5,508 6,112 Inventories 2,548 3,306 Other current assets 1,385 759
Total current assets 22,995 23,483 Leasehold improvements and
equipment, net 9,428 13,713 Other long term assets 75 75 Total assets $32,498 $37,271
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and
other current
liabilities $8,281 $6,424 Current portion of debt
and capital lease
Obligations and
notes payable 8,747 7,472
Total current liabilities 17,028 13,896 Long term debt and capital lease obligations 3,706 9,074 Total liabilities 20,734 22,970
Capital stock 70,400 70,304 Retained earnings (54,739) (52,106) Treasury stock (3,897) (3,897) Total liabilities and
stockholders' equity $32,498 $37,271
*T
--30--rab/sf* blm/sf
CONTACT:
IMP, Inc. (Editors)
George Rassam, 408/434-1256
or
Morgen-Walke Associates (Analysts)
Chris Danne/Jeannine Lewan, 415/296-7383
Vince Daniels/Deborah Szajngarten, 212/850-5600 or
212/850-5698
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