C-Cube Reports Fourth Quarter and Fiscal 2000 Results; C-Cube Ships Over 6 Million DVD Units During 2000.Business Editors MILPITAS Milpitas (mĭl'pē`təs), city (1990 pop. 50,686), Santa Clara co., W Calif., a suburb of San Jose, southeast of San Francisco; inc. 1954. Manufactures include computers and paint. , Calif.--(BUSINESS WIRE)--Jan. 23, 2001 C-Cube C-Cube Microsystems was pioneer in video compression technology and the implementation of that technology into cost-effective semiconductors. C-Cube was the first company to deliver on the market opportunity presented by the conversion of image and video data from analog to digital Microsystems (Nasdaq:CUBE) today announced results for the fourth quarter and fiscal 2000. Revenues for the quarter totaled $74.0 million compared with $64.0 million for Q4 99 and $69.0 million for Q3 00. Total revenues for 2000 reached $265.0 million compared with $222.1 million for 1999. Net income for the fourth quarter was $8.3 million, or $0.16 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share compared with $10.4 million or $0.19 per diluted share for Q3 00. "During 2000, we increased our market share in both of our expansion platforms, DVD DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. and set-top box The cable TV box that sits on "top" of the TV "set," although it is often located several feet away in an equipment rack. The set-top box descrambles the premium channels and provides a tuner for the higher cable numbers that very old TVs did not support. by more than doubling unit shipments in each platform, said Umesh Padval, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of C-Cube. "With the introduction of eight new products and an expanding customer base, we are well positioned to take advantage of our growth markets as and when macroeconomic mac·ro·ec·o·nom·ics n. (used with a sing. verb) The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. conditions improve."* During 2000, C-Cube took advantage of the exploding consumer DVD market, experiencing well over 100% growth in number of units shipped over 1999. With an estimated 18 million units shipped worldwide during 2000, C-Cube estimates that it increased its market share to above 30%. C-Cube's set-top box solution also realized substantial unit growth in 2000. During the year, we expanded our presence from European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. customers to U.S. cable customers with important design wins at Sony SONY Standard Oil of New York (common, but untrue; it's an urban legend) for U.S. cable and Motorola (Motorola, Inc., Schaumburg, IL, www.motorola.com) A leading manufacturer of semiconductor devices, electronics, telecommunications and satellite systems. Founded in Chicago in 1928 by Paul V. for their European deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation. . Earlier this month at CES, C-Cube unveiled the C-Cube DoMiNo(TM) Network Media Processor architecture, a highly integrated, flexible and powerful system-on-chip See SoC. architecture combining audio-video (AV) processing with network connectivity A generic term for connecting devices to each other in order to transfer data back and forth. It often refers to network connections, which embraces bridges, routers, switches and gateways as well as backbone networks. . This architecture will enable C-Cube and its customers to expand into emerging markets such as DVD recorders (1) A recordable or rewritable DVD drive that is connected to the computer. It may be an internal or external device. See DVD drives, DVD-R, DVD-RW, DVD+R and DVD+RW. (2) , personal video recorders See DVR. (PVRs), interactive digital set-top boxes, home media gateways and home media servers. A demonstration can be viewed on our web site at www.c-cube.com. Earnings Conference Call C-Cube has scheduled a conference call for today at 4:30 EST EST electroshock therapy. EST abbr. electroshock therapy to discuss the results of the fourth quarter and year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. results. To listen to the call, please visit www.c-cube.com for the live audio web cast or dial 212-346-0248 (no passcode) at least 5 minutes prior to the call. The call will be available to replay for 48 hours following its completion by dialing 1-800-633-8284 (passcode: 17539676). About C-Cube Microsystems The company is a worldwide leader in digital media processing See media control. and is leading the way with new communication processors and networked consumer products. With a focus on DVD, set-top boxes and codec (1) (enCOder/DECoder) A hardware circuit that performs analog-to-digital conversion (ADC) and digital-to-analog (DAC) conversion. When analog signals are entered into a computer, cellphone or other device via a microphone or video source such as VHS tape or analog TV, enabled products, C-Cube is driving the technology for the "networked digital home." C-Cube is headquartered in Milpitas, California Milpitas (IPA pronunciation: mɪlpitʌs; inhabitants are called 'Milpitans') is a city in Santa Clara County, California. It is located with San Jose to its south and Fremont to its north, at the eastern end of Highway 237 and generally between Interstate freeways 680 and and has offices in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , and Asia. For more information please visit our
web site at www.c-cube.com. C-Cube and the C-Cube logo are registered
trademarks of C-Cube Microsystems Inc. All other trademarks or
registered trademarks are the property of their respective owners.
* This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements involve risk and uncertainties. Actual results could differ materially from those projected in the forward-looking statements as a result of the risk factors set forth in the Company's Forms 10-K and 10-Q reports and in C-Cube Semiconductor Inc.'s Registration Statement on Form S-1. The Company has attempted to identify forward-looking statements in this press release by placing an asterisk (1) See Asterisk PBX. (2) In programming, the asterisk or "star" symbol (*) means multiplication. For example, 10 * 7 means 10 multiplied by 7. The * is also a key on computer keypads for entering expressions using multiplication. (*) following each sentence containing such statements The Company assumes no obligation to update any forward-looking statements.
C-CUBE MICROSYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Quarter Ended Year Ended
December 31, December 31,
2000 1999 2000 1999
Net revenues $73,982 $64,047 $265,049 $222,148
------- ------- -------- --------
Costs and expenses:
Cost of revenues 34,627 25,140 119,581 88,235
Research and development:
Research and development 14,877 14,632 59,553 54,260
Warrant issuance -- -- 12,632 --
Selling, general and
administrative:
Selling, general and
administrative 13,301 11,066 47,515 37,238
Stock-based compensation
and merger/spin-off related
payroll taxes -- -- 20,827 --
------- ------- -------- --------
Total 62,805 50,838 260,108 179,733
------- ------- -------- --------
Income from operations 11,177 13,209 4,941 42,415
Other income (expense), net (34) 3,079 7,863 9,229
------- ------- -------- --------
Income from continuing
operations before income
taxes and minority interest 11,143 16,288 12,804 51,644
Income tax expense for
continuing operations (2,969) (4,580) (3,407) (14,550)
------- ------- -------- --------
Income from continuing
operations before minority
interest 8,174 11,708 9,397 37,094
Minority interest in net income
(loss) of subsidiary (96) 61 72 442
------- ------- -------- --------
Income from continuing
operations 8,270 11,647 9,325 36,652
Discontinued operations:
Income (loss) from operations
of DiviCom business, net of
taxes -- 6,973 (10,087) 20,626
Loss on disposal of DiviCom
business, net of taxes -- -- (6,190) --
Net income (loss) 8,270 18,620 (6,952) 57,278
====== ====== ====== ======
Basic earnings per
share amounts:
Income from continuing
operations $ 0.17 $ 0.28 $ 0.20 $ 0.92
Income (loss) from
discontinued operations -- 0.17 (0.21) 0.52
Loss on disposal of
discontinued operations -- -- (0.13) --
Net income (loss) $ 0.17 $ 0.45 $(0.15) $ 1.44
====== ====== ====== ======
Diluted earnings per
share amounts:
Income from continuing
operations $ 0.16 $ 0.25 $ 0.20 $ 0.82
Income (loss) from
discontinued operations -- 0.15 (0.21) 0.46
Loss on disposal of
discontinued operations -- -- (0.13) --
Net income (loss) $ 0.16 $ 0.40 $(0.15) $ 1.29
====== ====== ====== ======
Basic shares used
in computation 49,597 41,459 47,503 39,891
====== ====== ====== ======
Diluted shares used
in computation 51,511 47,424 47,503 44,571
====== ====== ====== ======
C-CUBE MICROSYSTEMS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
December 31, December 31,
2000 1999
ASSETS
Current assets:
Cash and cash equivalents $ 49,736 $123,145
Short-term investments 2,798 167,403
Receivables - net 23,273 12,516
Inventories 17,505 8,966
Other current assets 21,620 17,395
-------- --------
Total current assets 114,932 329,425
Property and equipment - net 17,908 20,355
Production capacity rights 23,560 4,985
Distribution rights - net 1,153 1,318
Purchased technology - net 1,466 2,307
Deferred taxes and other assets 63,540 2,393
Net assets of discontinued operations -- 101,157
-------- --------
Total $222,559 $461,940
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 19,435 $ 24,138
Accrued liabilities 29,979 17,925
Income taxes payable 5,863 2,855
Current portion of long-term
obligations 28,744 727
--------- ---------
Total current liabilities 84,021 45,645
Long-term obligations 1,299 16,842
--------- ---------
Total liabilities 85,320 62,487
--------- ---------
Minority interest in subsidiary 543 471
Stockholders' equity:
Common stock 136,209 323,756
Accumulated other comprehensive loss (1,757) (2,014)
Accumulated earnings 2,244 77,240
--------- ---------
Total stockholders' equity 136,696 398,982
--------- ---------
Total $222,559 $461,940
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