3DFX INTERACTIVE ANNOUNCES 2ND QUARTER 1998 FINANCIAL RESULTS
(Comtex 07/15 16:12:07)
3Dfx Posts Another Record Quarter, Eighth Consecutive
Quarter of Revenue Growth
SAN JOSE, Calif., July 15 /PRNewswire/ -- 3Dfx Interactive, Inc.
(Nasdaq: TDFX) released today financial results for the second quarter
of 1998, which ended on June 30, 1998.
Revenues for the second quarter rose to $58,643,000 an increase from
total revenues of $6,507,000 for the second quarter of fiscal 1997.
Net income for the second quarter was $9,032,000, or $.54 per diluted
share when 16,763,000 shares were used in the per diluted share
calculation. This compares with a net loss of $1,753,000 or $.19 per
diluted share in the second quarter of fiscal 1997 when 9,261,000
shares were used in the per diluted share calculation.
Revenues for the first six months of 1998 were $108,651,000 as compared
to $11,754,000 for the first six months of 1997. Net income for the
first half of 1998 was $16,495,000 or $1.04 per diluted share as
compared to a net loss of $2,916,000 or $.33 per diluted share for the
same period in 1997. Shares used in the diluted per share calculation
were 15,909,000 and 8,972,000 respectively, for the first half of 1998
and 1997.
3Dfx Interactive, a publicly traded company, designs and markets high
performance, cost-effective 3D media processors, software and related
technology that are designed to enable a highly immersive, interactive
and realistic 3D experience across interactive electronic entertainment
platforms, including the personal computer, coin-operated arcade
systems and location-based entertainment ("LBE") systems. 3Dfx
Interactive products include the Voodoo family of accelerator chipsets,
Voodoo Graphics(TM), Voodoo 2 and Voodoo Rush(TM) and the recently
announced Voodoo Banshee(TM).
NOTE: The 3Dfx Interactive logo, Voodoo Graphics, Voodoo Rush and
Voodoo Banshee are trademarks of 3Dfx Interactive, Inc. All other
brand names mentioned are trademarks or registered trademarks of their
respective holders, and are hereby acknowledged. The company's website
is accessible at 3dfx.com.
3DFX INTERACTIVE, INC.
CONDENSED CONSOLIDATED
BALANCE SHEETS
(in thousands)
(unaudited)
June 30, December 31,
1998 1997
Assets:
Cash and cash equivalents $ 85,243 $ 28,937
Short-term investments 8,001 5,984
Accounts receivable, net 39,914 13,387
Inventory 27,901 3,845
Other current assets 1,992 2,400
Total current assets 163,051 54,553
Property and equipment, net 10,674 6,816
Other assets 439 548
$174,163 $ 61,917
Liabilities and Shareholders' Equity:
Line of credit $ 195 $ 777
Accounts payable 45,736 12,573
Accrued liabilities 10,545 2,969
Current portion of capitalized
lease obligations 599 778
Total current liabilities 57,075 17,097
Capitalized lease obligations,
less current portion 183 546
Shareholders' equity:
Common Stock 122,611 66,717
Warrants 242 242
Deferred compensation (939) (1,181)
Accumulated deficit (5,009) (21,504)
Total shareholders' equity 116,905 44,274
$174,163 $ 61,917
3DFX INTERACTIVE, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1998 1997 1998 1997
Revenues $ 58,643 $ 6,507 $108,651 $ 11,754
Cost of revenues 30,443 3,278 56,172 5,860
Gross profit 28,200 3,229 52,479 5,894
Operating expenses:
Research and development 8,308 2,397 14,134 4,351
Selling, general and
administrative 8,041 2,521 17,679 4,368
Total operating expenses 16,349 4,918 31,813 8,719
Income/(loss) from operations 11,851 (1,689) 20,666 (2,825)
Interest and other income
(expense), net 1,052 (64) 1,565 (91)
Income/(loss) before
income taxes 12,903 (1,753) 22,231 (2,916)
Provision for income taxes 3,871 -- 5,736 --
Net income/(loss) $ 9,032 $ (1,753) $ 16,495 $ (2,916)
Net income/(loss) per share
Basic $ 0.59 $ (0.19) $ 1.16 $ (0.33)
Diluted $ 0.54 $ (0.19) $ 1.04 $ (0.33)
Shares used in net income/(loss)
per share calculations
Basic 15,238 9,261 14,212 8,972
Diluted 16,763 9,261 15,909 8,972
SOURCE 3Dfx Interactive, Inc.
-0- 07/15/98 /CONTACT: investors, Dave
Zacarias, 408-935-4380, or dzacarias@3dfx.com, or editorial, Steve
Schick, 408-935-4366, or steve@3dfx.com, both of 3Dfx Interactive,
Inc./
/Company News On-Call: prnewswire.com or fax, 800-758-5804,
ext. 123070/
/Web site: 3dfx.com (TDFX)
CO: 3Dfx Interactive, Inc. ST: California IN: CPR MLM SU: ERN
S.CX TDFX LDAKA-O |
