Printer Friendly

M-SYSTEMS FLASH DISK PIONEERS LTD. ANNOUNCES SECOND QUARTER AND FIRST HALF RESULTS

 TEL-AVIV, Israel, Aug. 24 /PRNewswire/ -- M-Systems Flash Disk Pioneers Ltd. (NASDAQ: FLSHF) announced today that according to its unaudited financial statements, sales and revenues for the second quarter of 1993 were $191,000 compared to $657,000 in the second quarter of the previous year. The company's net loss for the quarter was $334,000, compared to a net profit of $298,000 in the second quarter of the previous year.
 For the six months ended June 30, 1993, sales and revenues were $759,000 compared to $1,045,000 in the first half of the previous year. The net loss in the first six months of 1993 was $333,000, compared to a net profit of $383,000 in the first half of the previous year.
 As anticipated, the financial results were significantly impacted by the continuing world-wide shortage of Flash components, upon which the company's products are largely based. The company continues to position itself in the Flash Disk Solutions' market, which according to analysts, is expected to grow significantly during the next few years. During the first half of 1993, the company continued to expand its R&D activities, established large-volume manufacturing and quality control system (ISO- 9000), and expanded its marketing force including the establishment of a new West Coast sales and technical support office. In addition, the company continued to invest in its wholly owned subsidiary, EUROM Ltd. During the second quarter of 1993, EUROM completed the development of its innovative DiskOnChip(TM) product, and launched it at the May Comdex/Spring show in Atlanta. However, EUROM does not expect to have any sales during 1993.
 Industry analysts expect the shortage of Flash components to cease only toward the end of 1993, as new component suppliers enter the market and existing suppliers achieve higher manufacturing yield. Consequently, the company expects to incur a loss for the third quarter of 1993 as well.
 M-Systems Flash Disk Pioneers Ltd. develops, manufactures and markets Flash disk solutions. EUROM, it subsidiary, develops proprietary smart memory devices.
 M-SYSTEMS FLASH DISK PIONEERS LTD.
 U.S. Dollars in Thousands (Except for Per Share Data)
 Consolidated Statement of Income Data:
 Periods ended Three months Six months Year
 6/30/93 6/30/92 6/30/93 6/30/92 12/31/92
 (unaudited) (unaudited) (audited)
 Sales & revenues 191 657 759 1,045 2,317
 Net inc. (loss) (334) 298 (333) 383 598
 Earnings (loss)
 per share (0.07) 0.09 (0.08) 0.12 0.18
 Wtd. avg. no. of
 ordinary shares
 outstanding 4,529,791 3,316,032 4,044,521 3,316,032 3,316,032
 Consolidated Balance Sheet Data:
 Periods ended 6/30/93 12/31/92
 (unaudited) (audited)
 Working capital 5,500 111
 Shareholders equity 5,872 531
 -0- 8/24/93
 /CONTACT: Dana Gross, VP operations of M-Systems Flash Disk Pioneers, 972-3-490-920/
 (FLSHF)


CO: M-Systems Flash Disk Pioneers Ltd. ST: IN: CPR SU: ERN

LG-SH -- NY050 -- 5502 08/24/93 14:14 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 24, 1993
Words:495
Previous Article:FANSTEEL DECLARES DIVIDEND
Next Article:TAMBRANDS DECLARES REGULAR DIVIDEND
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters