OPTi Reports Q2 1999 Results
MILPITAS, Calif.--(BUSINESS WIRE)--July 21, 1999--OPTi Inc.
(Nasdaq:OPTI) announced today its second quarter financial results for
1999.
Revenues for the quarter ended June 30, 1999 were $6,582,000 as
compared with $8,632,000 for the comparable quarter of 1998. Net loss
for the second quarter of 1999 was $(3,275,000) or $(0.30) per share,
as compared to a net loss of $(2,063,000), or $(0.15) per share, for
the second quarter of 1998. Total operating expenses were $6,327,000
for the second quarter of 1999 as compared to $5,353,000 for the
second quarter of 1998.
Net sales for the first six months of 1999 were $13,738,000, as
compared to $18,477,000 for the comparable period in 1998. Net loss
for the first six months of 1999 was $(4,059,000), or $(0.37) per
share, as compared to a net loss of $(3,893,000), or $(0.29) per share
in the first six months of 1998. Shares used in computing basic and
diluted per share amounts for the three months ended June 30, 1999 and
1998 were 10,875,000 and 13,390,000, respectively. Six month basic and
diluted share amounts at June 30, 1999 and 1998 were 10,844,000 and
13,291,000, respectively.
Bernard Marren, president and CEO of OPTi, stated, "As previously
announced, during the quarter just ended the Company along with
Tritech Microelectronics International, Inc., and its Singapore parent
company, Tritech Microelectronics Pte, Ltd. were found to have
infringed the three patents owned by Crystal Semiconductor in regards
to a January 1997 patent infringement litigation. The parties have
made various motions for judgment following the jury's verdict. There
is no way to know when the Court will rule on these motions.
Subsequent to the jury verdict Tritech Microelectronics Pte, Ltd.
filed for Judicial Management, a form of bankruptcy, in the High Court
of the Republic of Singapore."
Michael Mazzoni, CFO of OPTi, added, "Legal expenses during the
second quarter of 1999 were approximately $3.2 million higher than the
corresponding period of 1998. This increase in legal expenses was
primarily the result of the ongoing litigation with Crystal
Semiconductor. The Company's objective is to try and remain
approximately cash flow neutral excluding the Crystal litigation." |
