Big IMProvement? But what is it in Presplit terms?
Subj: IMP Reports Third Quarter Fiscal 1999 Results
Date: 2/10/99 7:45:35 AM Eastern Standard Time
From: AOL News
BCC: Bigkid53
IMP Reports Third Quarter Fiscal 1999 Results
SAN JOSE, Calif.--(BUSINESS WIRE)--Feb. 10, 1999--IMP, Inc.
(Nasdaq:IMPXD) today announced its financial results for the third
fiscal quarter, ending Dec. 27, 1998, of the 1999 fiscal year.
Net revenue for the third fiscal quarter of 1999 was $9.8 million
as compared to $6.7 million in the prior quarter and $9.4 million for
the same period last year. The net loss for the quarter was $188,000,
or $.07 per share, compared to a loss of $3.3 million, or $1.20 per
share in the prior quarter, and a loss of $1.1 million, or $.40 per
share for the same period last year.
All per share results are calculated on the post-one-for-ten
reverse stock split basis that was effective after the close of
business on Jan. 12, 1999.
"A 45% increase in revenue over the prior quarter allowed IMP to
approach the financial breakeven point for the first time since the
Company restructured its operations in fiscal 1997. This was aided by
a high gross margin contribution from non-recurring process license
fee revenues," said Phil Ferguson, president and CEO.
"Orders received to date for shipment in the fourth fiscal
quarter are ahead of those received at the same time for last quarter.
We have limited visibility into demand for the first quarter and
beyond as many customers continue to order only to meet their
immediate needs."
At the end of the quarter, the company's cash position remained
low. The company has recently completed an equity financing of
approximately $2.4 million and continues to take measures to conserve
its cash and is working with financial institutions to restructure its
debt. In addition, the company continues to evaluate possible
strategic options for the company's future.
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, manufacture and market new products, demand by end-users for
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 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 information on the company, please call IMP's
interactive Shareholder Information Service on 1-888-323-2019 or visit
IMP's Web site at impweb.com.
Company headquarters are located at 2830 N. First St., San Jose,
CA 95143-2071. Telephone 408/432-9100. Fax 408/434-0335.
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IMP, Inc.
STATEMENT OF OPERATIONS
(amounts in thousands)
(unaudited)
Three Months Ended
Dec. 27, 1998 Dec. 28, 1997
Net revenues $ 9,755 $ 9,398
Cost of revenues 5,901 7,056
Gross Profit 3,854 2,342
Expenses:
Research & development 2,748 2,400
Selling, general & administrative 1,048 965
3,796 3,365
Total Operating Costs & Expenses 9,697 10,421
Operating Income (Loss) 58 (1,023)
Interest & other expenses (net) (246) (117)
Income before taxes (188) (1,140)
Provision for income taxes -- --
Net income (loss) $ (188) $ (1,140)
Basic & diluted income
(loss) per share $ (.07) $ (.40)
Weighted average shares outstanding 2,833 2,825
IMP, Inc.
CONDENSED BALANCE SHEET
(amounts in thousands)
(unaudited)
Dec. 27, 1998 March 29, 1998
ASSETS
Cash and cash equivalents $1,356 $11,819
Accounts receivable 7,544 5,357
Inventories 5,519 3,064
Other current assets 1,189 950
Total current assets 15,608 21,190
Net leasehold improvements and
equipment 8,691 10,384
Other long term assets 319 375
Total assets $24,618 $31,949
LIABILITIES AND STOCKHOLDERS'
EQUITY
Accounts payable and other current
liabilities $8,709 $8,248
Current portion of debt and capital
lease obligations and notes payable 6,703 6,930
Total current liabilities 15,412 15,178
Long term debt and capital lease
obligations 5,360 6,173
Total liabilities 20,772 21,351
Capital stock 70,453 70,400
Retained earnings (62,710) (55,905)
Treasury stock (3,897) (3,897)
Total liabilities and
stockholders' equity $24,618 $31,949
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CONTACT:
IMP, Inc.
David A. Laws, 408/434-1283 (Editor & Analyst Contact)
or
IMP Investor Relations, 888/323-2019 (Reader Contact)
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