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TRID is one of my favorite semi companies. They just had a great report in the face of bad news for some of the other semi cos. Trident Microsystems Reports Record Third Quarter Results; Revenue Up 54%, Net Income Up 63% MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--April 18, 1996--Trident Microsystems, Inc. (Nasdaq: TRID) today announced its sixth consecutive quarter of record sales. Sales for the third quarter of fiscal 1996 were $46,007,000 compared to $41,348,000 for the prior quarter and $29,801,000 for the third quarter of the prior fiscal year. Record net income for the third quarter was $5,581,000 or $0.42 per share compared to $5,156,000 or $0.38 per share for the prior quarter and net income of $3,414,000 or $0.26 per share for the third quarter of the prior fiscal year. Compared to the prior quarter, sales increased 11 percent. Compared to the same quarter of the prior year, sales increased by 54 percent. Weighted average common shares for the quarter totaled 13,370,000, versus 13,591,000 in the prior quarter and 13,134,000 for the third quarter of fiscal 1995. Sales for the first nine months of fiscal 1996 were $123,921,000 compared to $75,684,000 for the same period of the prior fiscal year, a 64 percent increase. Net income for the first nine months of fiscal 1996 was $15,242,000, or $1.14 per share compared to $5,416,000 or $0.42 per share for the same period of the prior fiscal year. Weighted average common shares outstanding for the first nine months of fiscal 1996 was 13,424,000 compared with 12,995,000 for the same period of the prior year. "We are pleased to see revenue growth driven by new products with higher average selling prices, said Frank Lin, president and CEO. "We are especially pleased to see the acceptance of our new 64-bit video graphics accelerator products for the notebook market with design wins from Fujitsu, IBM, NEC, and Seiko-Epson." During the quarter, Trident announced two new products designed for the 3D market place. The ProVidia 9695 is a single chip solution combining 3D capability with TV-Out and high-performance 2D/video graphics acceleration for the desktop. The Cyber9395 is the industry s first announced single chip solution combining 3D capability with TV-Out and high-performance 2D/video graphics acceleration for the laptop. These products are designed to help computer manufacturers bring personal computing into the living room. Trident announced that its ProVidia video graphics product line for desktop computers and Cyber video graphics product line for notebook computers will be optimized for Intel Corporation s MMXd technology and Accelerated Graphics Port (AGP) bus architecture specifications to provide better bandwidth for 3D operations. Trident completed the acquisition of Omega Micro, Inc., a manufacturer of PCMCIA products, during the quarter. With completion of the merger, Trident emerges with a larger technology and product base allowing it to offer a wider product portfolio to notebook PC manufacturers. Cash, cash equivalents and short-term investments decreased to $46.3 million as of March 31, 1996 from $60.6 million as of June 30, 1995 principally reflecting deposits of $16.8 million made for additional foundry capacity and capital contributions of $13.8 million in a foundry venture with UMC, offset, in part, by $15.3 million of cash from profitable operations. The Company expects to make additional capital contribution to the foundry venture of $30 million and $15 million by the end of calendar 1996 and the middle of calendar 1997, respectively. Accounts receivable increased by $10.0 million primarily because of higher sales levels. Inventory increased $16.1 million, in part to support the Company's increased sales level, and in part due to higher than expected yields. The increased inventory is primarily work in process of products which are currently shipping in high volume. Accounts payable increased by $19.5 million primarily reflecting the increased deliveries from foundries during the third fiscal quarter. Statements regarding future sales of products are forward looking statements and actual results are subject to certain risks and could vary depending upon a number of factors, including, in particular, trends in the PC industry, design wins and competitive pressures including pricing and new product introduction. Trident Microsystems, Inc. designs, develops and markets integrated circuit graphical user interface accelerators, graphics controllers, and multimedia video processors for IBM-compatible PCs. | ||||||||||||||
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