Very Good news.
16% increase in revenue, break-even quarter vs. (0.03) EPS loss last year.
Best parts -
fat new product pipeline ready to go,
bigger backlog than in recent quarters(but amount not mentioned),
expecting high volume orders.
Should be a busy day tomorrow!
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Wednesday April 29, 7:17 pm Eastern Time
Company Press Release
LOGIC Devices Reports First Quarter 1998
SUNNYVALE, Calif.--(BUSINESS WIRE)--April 29, 1998--LOGIC Devices Inc. (NASDAQ:LOGC - news), today
reported revenue and earnings for the three months ended March 31, 1998.
Revenues for the quarter were $3,245,000, up 16 percent from $2,803,000 recorded for the first quarter ended March 31,
1997. In the immediately preceding quarter ended Dec. 31, 1997, the Company recorded revenues of $3,512,000. For the
quarter ended March 31, 1998, the Company recorded earnings of $4,000, or $0.00 per share, compared to a net loss of
($221,200), or ($0.03) per share, in the quarter ended March 31, 1997, and earnings of $8,000, or $0.00 per share, in the
immediately proceeding quarter ended Dec. 31, 1997.
''The semiconductor industry is showing increasing evidence of slowing activity. While the industry tends to be exceptionally
sensitive to macro economic trends, we expect LOGIC Devices revenues to be relatively isolated from these slowing
conditions. Our target studio broadcast equipment manufacturers are expected to experience good growth during the current
year as broadcasters equip their studios in anticipation of the beginning of commercial digital broadcasting in November,''
reported Bill Volz, president of LOGIC Devices.
''Many of our recent product introductions facilitate the filtering and resizing of broadcast quality video images. These products
fill an industry requirement to resize video from the nearly rectangular 4 by 3 ratio of current analog television systems to the
wide screen 16 by 9 format that will be the HDTV standard. While our new product development pipeline remains full, we are
increasingly challenged to support customer's system level design-in efforts on our recent product introductions. This will tend
to stretch our engineering manpower and may limit the rate of new product introductions during 1998,'' continued Volz.
''We are entering the second quarter with a larger backlog of orders than we have enjoyed in recent quarters. We also
anticipate that customers will begin to place initial production quantity orders for our recently introduced products during the
quarter. These gains are likely to be at least partially offset by the pronounced slowing of which the industry is encountering,''
concluded Volz.
Established in 1983, Logic Devices develops and markets high performance integrated circuits. The company's products
include digital signal processing components and high speed static random access memories (SRAMs) that are used in
broadcast and medical video image processing applications, computers and workstations, telecommunications, instrumentation,
and smart weapons systems.
LOGIC DEVICES INC.
FINANCIAL HIGHLIGHTS
(unaudited)
Three Months Ended
March 31,
1998 1997
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Net Revenues $3,245,000 $2,803,000
Gross Profit 1,375,000 1,042,000
Income Before Taxes 4,800 (349,200)
Tax Provision 800 (138,000)
Net Income 4,000 (221,200)
Earnings Per Share $ 0.00 $ (0.03)
Weighted average
number of shares
outstanding 6,121,750 6,121,750
Contact:
LOGIC Devices Inc.
Bill Volz/Pres. - Mary deRegt/CFO, 408/542-5400
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Shane. |
