CORRECTING and REPLACING Tvia Reports First Quarter Earnings.Business Editors/High-Tech Writers CORRECTION...by Tvia, Inc. SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--July 29, 2003 Please replace BW5788 issued July July: see month. 29, 2003 (CA-TVIA) Tvia Reports First Quarter Earnings, with the following revised release. The corrected release reads: TVIA REPORTS FIRST QUARTER EARNINGS Tvia, 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 :TVIA), a leading provider of display processors for the advanced television and emerging display markets, announced today financial results for the quarter ended June June: see month. 30, 2003. Revenue for the first quarter of fiscal 2004 was $580,000, compared to $706,000 for the first quarter of fiscal year 2003, ended June 30, 2002. Net loss was $2,064,000, or 9 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to a net loss of $3,712,000, or 17 cents per share, for the first quarter of fiscal year 2003. "I am pleased with our progress this past quarter. I believe these results clearly reflect our company's effort and commitment to achieving profitability," said Eli Porat, Tvia's president and chief executive officer. "I also believe the advanced de-Interlace See deinterlace. and scalar scalar, quantity or number possessing only sign and magnitude, e.g., the real numbers (see number), in contrast to vectors and tensors; scalars obey the rules of elementary algebra. Many physical quantities have scalar values, e.g. technologies incorporated in our products will give us a leading position in the emerging display marketplaces in China and Asia Pacific. As part of our marketing efforts, we have established an office and a television lab in Shenzhen Shenzhen (shĕn`jŭn`), city (1994 est. pop. 695,600), S Guangdong prov., China, on the South China Sea, N of Hong Kong. Designated a special economic zone in 1979, the city's spectacular economic growth led China to create over a dozen more China, to help us develop strategic partnerships with the leading manufacturers in China of Progressive TV and LCD TV A flat panel TV that uses LCD technology or a rear-projection TV that is based on LCD microdisplay panels. See flat panel TV, rear-projection TV and LCD. ." Tvia also announced that on July 3, 2003, it concluded the sale of its software business and software-related assets to MediaTek MediaTek Inc (Chinese: 聯發科技, usually referred to as MTK) is a fabless semiconductor company located in Taiwan. It began as a supplier of integrated circuits for digital media and storage, especially DVD. , Inc., of Taiwan Taiwan (tī`wän`), Portuguese Formosa, officially Republic of China, island nation (2005 est. pop. 22,894,000), 13,885 sq mi (35,961 sq km), in the Pacific Ocean, separated from the mainland of S China by the 100-mi-wide (161-km) Taiwan , for $10 million in cash. These software assets included Home IT, advanced digital video broadcasting (DVB (Digital Video Broadcasting) An international digital television (DTV) standard that is the European and Far Eastern counterpart of the North American ATSC standard. ), MPEG (Moving Pictures Experts Group) An ISO/ITU standard for compressing digital video. Pronounced "em-peg," it is the universal standard for digital terrestrial, cable and satellite TV, DVDs and digital video recorders (DVRs). 4 software player, SDK (Software Developer's Kit) See developer's toolkit and Windows SDK. SDK - Software Developers Kit (or "Software Development Kit"). software, and software drivers. As part of this acquisition, MediaTek hired approximately 75 former Tvia employees from the software division of Tvia's China subsidiary and a few from the U.S. headquarters. Management will host a conference call at 2:00 p.m. pacific daylight time on July 29, 2003, to discuss Tvia's results for the quarter ended June 30, 2003. The call can be accessed by calling 303-205-0033 or by visiting www.tvia.com. A replay of the conference call will be available by calling 303-590-3000, access code 542862# or by visiting Tvia's web site. About Tvia Tvia, Inc. is a leading provider of display processors for the advanced television and emerging display markets, enhancing a viewer's experience by simultaneously presenting multiple, independent media streams on one or more displays. Tvia's display processors accept video, graphics and audio signals from terrestrial Dealing with the earth. See terrestrial link. broadcast, narrow-band telephone lines, cable, satellite and Ethernet Ethernet Telecommunications networking protocol introduced by Xerox Corp. in 1979. It was developed as an inexpensive way of sending information quickly between office machines connected together in a single room or building, but it rapidly became a standard computer to deliver high quality, interactive picture and audio. Tvia's semiconductor products are targeted at advanced television and emerging display markets, enabling and enhancing services such as video-on-demand The ability to deliver a movie, sports event or other video program to a TV set whenever the customer requests it. Video-on-demand (VOD) typically refers to free and paid programs from the cable TV companies or the telephone companies that offer video over DSL lines. (VOD See video-on-demand. VoD - video on demand ), electronic program guides (EPGs), security systems, video conferencing See videoconferencing. (communications) video conferencing - A discussion between two or more groups of people who are in different places but can see and hear each other using electronic communications. and other applications for picture-in-picture or multiple-image display. More information about Tvia is available at www.tvia.com. Information in this release that involves Tvia's expectations, beliefs, hopes, plans, intentions or strategies regarding the future are 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. that involve risks and uncertainties. Forward-looking statements in this press release include statements as to Tvia's focus, cost reduction efforts, Tvia's development of new products, the features and benefits of Tvia's products, and product acceptance and introduction by customers. All forward-looking statements included in this release are based upon information available to Tvia as of the date of this release, and Tvia assumes no obligation to update any such forward-looking statements. These statements are not guarantees of future performance, and actual results could differ materially from out current expectations. Factors that could cause or contribute to such differences or risks associated with our business are discussed in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended March 31, 2003 filed with the Securities and Exchange Commission ("SEC") on June 24, 2003, and in other reports filed from time to time with the SEC. These risks include, but are not limited to, the slower than anticipated emergence of the interactive television market, our ability to specify, develop or acquire, complete, introduce, market and transition to volume production new products and technologies in a timely manner, and the extent and duration of the current economic and business environment.
TVIA INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, March 31,
2003 2003
(Unaudited)(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $9,769 $11,080
Short term investments 17,555 13,337
Accounts receivable, net 268 331
Inventories 889 1,055
Restricted cash 600 ---
Other current assets and prepaid expenses 440 411
-------- --------
Total current assets 29,521 26,214
Property and equipment, net 2,865 3,209
Other assets 1,720 1,770
-------- --------
Total assets $34,106 $31,193
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $452 $632
Accrued liabilities and other 910 1,175
Short-term portion of capital leases 135 134
Advance cash received 5,533 ---
-------- --------
Total current liabilities 7,030 1,941
Long-term liabilities 336 486
-------- --------
Total liabilities 7,366 2,427
-------- --------
Stockholders' equity 26,740 28,766
-------- --------
Total liabilities and stockholders' equity $34,106 $31,193
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TVIA, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per-share amounts)
Three Months Ended
June 30,
2003 2002
-------------- --------------
(Unaudited) (Unaudited)
Revenues $580 $706
Cost of revenues 343 456
-------------- --------------
Gross profit 237 250
Operating expenses:
Research and development 1,660 2,786
Sales, general and administrative 735 1,224
Amortization of deferred stock
compensation --- 198
-------------- --------------
Total operating expenses 2,395 4,208
-------------- --------------
Operating loss (2,158) (3,958)
Interest income 94 246
-------------- --------------
Net loss $(2,064) $(3,712)
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Basic and diluted net loss per share $(0.09) $(0.17)
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Shares used in computing basic and
diluted net loss 22,145 21,983
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