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Technology Stocks : Thrustmaster (NASDAQ:TMSR) -- Ignore unavailable to you. Want to Upgrade?

To: esecurities(tm) who wrote (1923)	3/19/1999 7:34:00 PM
From: esecurities(tm)	Respond to of 2443

TMSR Q1 '99, In Perspective:Q1 1998... THRUSTMASTER REPORTS FIRST QUARTER RESULTS PORTLAND OR, April 22, 1998 -- ThrustMaster, Inc. (NASDAQ:TMSR) today reported first quarter revenues of $6.3 million, equal to first quarter 1997 revenues. The Company experienced higher than expected product returns and a significant increase in merchandising expenses which resulted in a loss of $1.2 million ($0.29 per share) for the quarter compared to net income of $289,000 ($0.06 per share) for the same quarter last year. The Company previously reported on April 2, 1998 that it had anticipated a number of significant orders to materialize very late in the quarter, but that these orders were not realized as retailers tightened purchasing as their sales expectations were not met. The Company also previously reported (1) that it had experienced an increase in product returns which was due to development of retail channels where customers unexpectedly return products at higher rates than it had historically experienced, (2) higher than average rates of return of the Millennium 3D Inceptor joystick product introduced in 1997, and (3) that the Company had encountered design and manufacturing problems in its Formula 1 Racing wheel, which the Company believes have been corrected, but which affected first quarter results. "The Company's April 2nd release announced that we expected a loss for the first quarter of $0.20 per share," said Stephen Aanderud, President and CEO of ThrustMaster. "Further analysis in closing the books, showed that our merchandising expenses were also greater than expected which caused the actual loss for the quarter to be $0.29. Specifically, we underestimated the costs of Company funded rebate programs and co-operative customer advertising programs..." source: © 1998 ThrustMaster thrustmaster.com