C-Cube Reports Record Revenue, Earnings for Q2 1995; Revenue Up 115 Percent, Net Income Up 309 Percent Over Prior Year.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)--July 19, 1995--C-Cube Microsystems Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CUBE) today announced record financial results for its second fiscal quarter ended June June: see month. 30, 1995. Revenues for the second quarter were $21.6 million, up 115 percent from the $10 million reported in the second quarter of 1994 and up 26 percent from the $17.1 million reported in the first quarter. Net income was $4.1 million, up 309 percent from the $1 million reported in the second quarter of the prior year and up 29 percent from the $3.2 million reported in the first quarter. Earnings per share were $0.24 on 17.2 million shares outstanding, compared with $0.06 per share on 15.8 million shares in the second quarter a year ago and with $0.19 on 16.8 million shares in the prior quarter. 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 Inc. designs and markets integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. that implement international standards for the compression compression, external stress applied to an object or substance, tending to cause a decrease in volume (see pressure). Gases can be compressed easily, solids and liquids to a very small degree if at all. of true-color images and full-motion video Video transmission that changes the image 30 frames per second (30 fps). Motion pictures are run at 24 fps, which is the minimum frequency required to eliminate the perception of moving frames and make the images appear visually fluid to the eye. . C-Cube Microsystems is headquartered in Milpitas, Calif. and has offices in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , 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.
The company employs 163 people worldwide. Further descriptions of the
company's business, competitive environment and financial condition
are available in its SEC filings. C-Cube stock is traded on the NASDAQ
National Market System under the symbol CUBE. -0-
Note to editors: C-Cube logo is a registered trademark of C-Cube Microsystems Inc. C-Cube is a trademark of C-Cube Microsystems Inc. All other trademarks are the property of their respective holders. -0-
C-CUBE MICROSYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts)
(Unaudited)
Quarter Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
Net revenues:
Product $21,054 $8,946 $37,515 $17,386
Development contracts 560 1,097 1,212 1,171
Total 21,614 10,043 38,727 18,557
Costs and expenses:
Cost of product revenues 10,480 4,139 18,273 7,660
Research and development 3,007 2,387 5,753 4,627
Selling, general and
administrative 4,235 2,689 7,988 4,904
Total costs and expenses 17,722 9,215 32,014 17,191
Income from operations 3,892 828 6,713 1,366 Other income (expense)-net 528 183 1,005 174 Income before income taxes 4,420 1,011 7,718 1,540 Income tax expense 285 -- 389 16 Net income $4,135 $1,011 $7,329 $1,524 Net income per share $0.24 $0.06 $0.43 $0.10 Shares used in computation 17,166 15,779 17,088 14,904
C-CUBE MICROSYSTEMS INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
June 30, June 30,
1995 1994
Current assets:
Cash and equivalents $29,269 $15,315
Short-term investments 21,228 28,313
Receivables 13,842 5,402
Inventories 6,082 5,639
Prepaid expenses and other
current assets 2,545 2,192
Total current assets 72,966 56,861
Property and equipment - net 5,497 3,324
Distribution rights - net 2,059 2,224
Other assets 406 847
Total $80,928 $63,256
Current liabilities:
Accounts payable $6,481 $3,120
Notes payable to banks 6,499 5,075
Current portion of long-term
obligations 1,247 1,627
Accrued liabilities 3,540 1,797
Total current liabilities 17,767 11,619
Long-term obligations 1,483 2,163
Total liabilities 19,250 13,782
Stockholders' equity:
Common stock 79,552 78,147
Unrealized gain (loss) on
investments 36 117
Deferred stock compensation (828) (1,305)
Notes receivable from
stockholders (468) (613)
Accumulated translation
adjustments (1,427) (872)
Accumulated deficit (15,187) (26,000)
Total stockholders' equity 61,678 49,474
Total $80,928 $63,256
CONTACT: C-Cube Microsystems Jim Burke Jim Burke may refer to:
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