NeoMagic's Q3 net loss $12.5 M

By siliconindia   |   Tuesday, 19 November 2002, 08:00 Hrs
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SANTA CLARA: NeoMagic Corporation (Nasdaq: NMGC) Tuesday reported net sales of $655 thousand for the third quarter of fiscal 2003, ended October 31, 2002. Net loss for the third quarter of fiscal 2003 was $12.5 million, or $0.43 per share, which includes a one-time charge of $4.2 million for the cumulative effect of a change in accounting principle.

The company exited the third fiscal quarter with $74.3 million in cash, cash equivalents and short-term investment.

"During the third quarter, NeoMagic received further validation that we are pursuing a large and growing market opportunity as demonstrated by increased consumer demand for multimedia-intensive mobile phones and PDAs," said Prakash Agarwal, NeoMagic's president and chief executive officer. "The introduction in October of our MiMagic 5 Applications Processor and our breakthrough APA architecture continues a product and technology roadmap that addresses the market's key challenges of multimedia performance, cost and power consumption. As a result, we have achieved steady progress in market engagements and customer penetration," Agarwal concluded.

Net sales for the third quarter of fiscal 2003 were $655 thousand, compared to net sales of $83 thousand for the third quarter of fiscal 2002. On a sequential basis, net sales increased 33 percent from $494 thousand reported for the second quarter of fiscal 2003.

Total pro forma operating expenses for the third quarter of fiscal 2003 were $7.0 million. This amount is comprised of $5.0 million in research and development, and $2.0 million in sales, general and administrative expenses. The amount excludes deferred compensation of $0.2 million, impairment of acquired intangibles of $0.5 million, and acquisition related amortization of $0.4 million.

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