PixTech Announces Fourth Quarter and Year-end 1999 Results.Business Editors 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)--Feb. 10, 2000 PixTech, Inc. (NASDAQ/NM:PIXT) and (EASDAQ See European Association of Securities Dealers Automated Quotation. : PIXT) today announced financial results for the three-month and twelve-month periods ended December December: see month. 31, 1999. Revenues for the fourth quarter ended December 31, 1999 were $1.8 million compared to $1.0 million in the third quarter of 1999. The net loss for the fourth quarter of 1999 was $7.4 million or $0.22 per share of common stock compared to a net loss of $7.6 million or $0.32 per share of common stock in the third quarter of 1999. Revenues for the year ending December 31, 1999, were $5.4 million, compared to $3.6 million for the 1998 fiscal year. While product revenue remained relatively constant for 1998 and 1999, other revenue increased $4.9 million mainly from European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. and U.S. Department of Defense development contracts. The net loss for 1999 was $28.4 million, or $1.26 per share of common stock, compared to $17.8 million or $1.23 per share of common stock for fiscal 1998. The increase primarily reflected the costs associated with the research and development activities conducted in Boise Boise, city, United States Boise (boi`sē, –zē), city (1990 pop. 125,738), state capital and seat of Ada co., SW Idaho, on the Boise River; inc. 1864. following the Micron transaction and the cost of supporting the manufacturing start-up Start-up The earliest stage of a new business venture. at Unipac. Dieter Mezger, President and Chief Executive Officer, commented, &uot;Engineering efforts at the manufacturing facility, under the leadership of Don Crim, have made significant advancements. Since October of 1999, we have been able to ship small quantities of fully qualified products on a weekly basis to our U.S. based customers. We are preparing ourselves for a moderate increase in product shipments for the second quarter of this year.&uot; Mezger continued, &uot;As a result of the combined efforts of the Boise team (previously Micron Display Division) and the Montpellier team we were able to deliver a 12.1-inch monochrome Also called "mono." Refers to display screens that use one foreground and one background color; for example, black on white, white on black or green on black. The first terminals connected to mainframes and minicomputers were monochrome, and monochrome screens were widely used on early FED to the U.S. Army just 3 months after the contract obligations where transferred from Micron Technology Micron Technology ("Micron") NYSE: MU is a multinational company based in Boise, Idaho, USA, best known for producing many forms of semiconductor devices. This includes DRAM, SDRAM, flash memory, and CMOS image sensing chips. .&uot; At the Company's board meeting on February 2, 2000, Andre Borrel was elected to PixTech's Board of Directors. Mr. Borrel takes the Board seat that was vacated by William Schmidt William Schmidt was born in Chicago in 1926 and is an American composer of classical music. He has produced a large body of solo and chamber works for neglected woodwind, brass, and percussion instruments, including several pieces for classical saxophone. who resigned on January 31, 2000. A replay of PixTech's quarterly conference call will be available for 24 hours Adv. 1. for 24 hours - without stopping; "she worked around the clock" around the clock, round the clock . To access the replay, please dial (800) 633-8284 and enter code number 14367993. The replay can also be accessed via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the through Vcall at www.vcall.com for 90 days, StreetFusion at www.Streetfusion.com, StreetEvents at www.streetevents.com, or PixTech's web site at www.pixtech.com. About PixTech, Inc. PixTech designs, develops and manufactures field emission displays (hardware) field emission display - (FED) A type of flat panel display in which field emitting cathodes bombard a phosphor coating causing it to emit light. A field emission display is similar to a cathode ray tube but only a few millimeters thick. (FEDs), a new type of flat-panel display flat-pan·el display n. A thin lightweight video display used in laptop and notebook computers and employing liquid crystals, electroluminescence, or a similar alternative to cathode-ray tubes. Also called flat screen. . The Company operates a flat-panel display pilot manufacturing facility in Montpellier, France, an R& facility in Boise, Idaho “Boise” redirects here. For other uses, see Boise (disambiguation). Boise is the capital and most populous city of the U.S. state of Idaho. It is the county seat of Ada County and the principal city of the Boise metropolitan area. , and has offices in Boise (Idaho), Santa Clara (California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). ), and Rousset (France). PixTech is currently developing high-volume manufacturing capabilities for its FEDs in Taiwan under a contract manufacturing arrangement with Unipac, a Taiwanese AM-LCD manufacturer. PixTech has also established a marketing partnership with Sumitomo Corporation Sumitomo Corporation (住友商事, Sumitomo Shōji) TYO: 8053 is a highly built worldwide trading company (Sogo shosha), and is a diversified corporation based in Tokyo, Japan. It is a member company of the Sumitomo Group. , the exclusive distributor in Japan. More information is available from the Company's web site at http://www.pixtech.com. Statements that are not historical facts, including statements about PixTech's confidence and strategies, the development of new or existing products, technologies and opportunities, marked demand or acceptance of new or existing products 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. These uncertainties include but are not limited to, the risk associated with transitioning to high volume manufacturing of FED displays at Unipac, product demand and market acceptance risks, commitment of Unipac and / or of PixTech licensees, ability of the Company to grant other licenses under FED technology, validity and enforceability of PixTech's patent rights, infringement The encroachment, breach, or violation of a right, law, regulation, or contract. The term is most frequently used in reference to the invasion of rights secured by Copyright, patent, or trademark. by PixTech of other patent rights, impact of competitive product and prices, product development, commercialization or technological delays or difficulties, trade, legal, social and economic risks detailed in PixTech's Securities and Exchange Commission filing including its 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 1998 and any subsequent filings.
PixTech, Inc.
(a development stage company)
Selected Financial Information
(in thousands, except share and per share amounts)
The following selected financial data for the three-month period are
derived from unaudited consolidated financial statements of PixTech,
Inc. The data should be read in conjunction with consolidated
financial statements, related notes, and other financial information
included in the Company's Registration Statement on Form S-1 as
amended (Reg. No. 33-93024) and with the Company's 10-K Form for the
year ended December 31, 1998.
Three months ended Year ended
(unaudited)
Dec 31, Sep. 30, Dec 31, Dec 31, Dec 31,
1999 1999 1998 1999 1998
Revenues:
Cooperation and license
revenues -- -- -- -- $ 1,239
Product sales $ 74 $ 71 $ 223 484 445
Other revenues 1,717 877 200 4,908 1,968
Total Revenues 1,791 948 423 5,392 3,652
Cost of revenues
License fees and
royalties (107) (82) 305 (361) 24
Gross Margin 1,684 866 728 5,031 3,676
Operating expenses:
Research and development:
Acquisition of intellectual
property rights (75) -- -- (75) (125)
Other (7,768) (7,210) (5,829) (27,181) (19,289)
Total (7,843) (7,210) (5,829) (27,256) (19,414)
Sales and marketing (261) (338) (369) (1,279) (1,433)
General and administrative(694) (787) (653) (2,983) (2,515)
Total operating expenses (8,798) (8,335) (6,851) (31,518) (23,362)
Loss from operations (7,114) (7,469) (6,123) (26,487) (19,686)
Other income / (expense):
Interest income/(expense) (256) (244) (246) (864) (708)
Foreign exchange
gains/(loss) (51) 112 (1,181) (1,076) 372
------ ----- ------ ------ ----
(307) (132) (1,427) (1,940) (336)
Loss before income
tax benefit (7,421) (7,601) (7,550) (28,427) (20,022)
Income tax benefit -- -- 1,112 2,159
Net loss $(7,421)$(7,601) $(6,438) $(28,427) $(17,863)
Net loss per share $ (.22)$ (.32) $ (.43) $ (1.26) $ (1.23)
Shares used in
computing loss per
share 34,554 23,408 14,802 22,948 14,548
Dec 31, Sep 30, Dec 31,
1999 1999 1998
Cash available $ 14,663 $ 2,395 $ 10,166
Other current assets 2,526 3,362 2,951
Restricted cash 7,500 8,665 10,112
Property and equipment (net) 25,010 27,033 18,826
Other assets 1,470 1,730 5,339
Total assets $ 51,169 43,185 $ 47,394
Current liabilities $ 20,266 $19,145 $ 14,657
Deferred revenues 248 344 2,162
Long-term debt and
liabilities 10,771 17,751 17,318
Stockholders' equity 19,884 5,945 13,257
Total liabilities and
stockholder's equity $ 51,169 $43,185 $ 47,394
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