SONICblue Reports Fourth Quarter Results.Business Editors/High-Tech Writers 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)--March 19, 2003 SONICblue (SONICblue Inc., Santa Clara, CA, www.rioaudio.com, www.replaytv.com) A former consumer electronics company that offered a variety of products, including Rio MP3 players, ReplayTV recorders, home networking and modems, professional display adapters and Web appliances. (TM) Incorporated (Nasdaq: SBLU) reported fourth quarter results, achieving net revenue for the quarter of $67.0 million. SONICblue reported a net loss for the fourth quarter of $33.4 million or $0.34 per share. This compares with a net loss of $52.6 million or $0.57 per share for the fourth quarter of 2001. The Company's pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma fourth quarter 2002 operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. was $15.0 million, or $0.15 per share. This compares with a fourth quarter 2001 pro forma operating loss of $6.8 million, or $0.07 per share. Pro forma operating loss reflects the reported fourth quarter loss from operations of $25.9 million in 2002 and $13.6 million in 2001, less in-process research and development, restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). expense and impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charges, and amortization of goodwill, intangibles and non-cash deferred compensation, as well as a $8.6 million legal charge in the fourth quarter of 2001 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the previously announced securities litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. settlement. The Company has previously announced its activities related to significantly restructuring its business and its potential inability to meet certain debt payments as they come due. The accompanying financial information for the twelve and three months ended December December: see month. 31, 2002, has not been adjusted to reflect results of any of these activities, as the effects, if any, cannot be determined at this time. The Company will not host a conference call to discuss these results. About SONICblue Incorporated (www.SONICblue.com) SONICblue is a leader in the converging con·verge v. con·verged, con·verg·ing, con·verg·es v.intr. 1. a. To tend toward or approach an intersecting point: lines that converge. b. 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 , digital media, entertainment and consumer electronics markets. Working with partners that include some of the biggest brands in consumer electronics, SONICblue creates and markets products that let consumers enjoy all the benefits of a digital home and connected lifestyle. SONICblue holds a focused technology portfolio that includes Rio See RapidIO and MP3. (R) digital audio players See digital music player, digital media hub and digital media server. ; ReplayTV(R) personal television technology and software solutions; and GoVideo(R) integrated 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. +VCRs, Dual-Deck(TM) VCRs, and digital home theater An audio/video entertainment center that has a large-screen TV and hi-fi system with three speakers in the front (left, right and center) and left and right speakers in the rear. Starting in the early 1990s, video inputs were added to stereo receivers and preamplifiers. systems. Except for the historical information contained herein, the matters set forth in this press release, including statements as to the impact and effects of restructuring efforts and debt constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. on the Company's financial results, 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. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, including, but not limited to, the Company's ability to restructure its business and implement its business plan, the Company's potential inability to meet certain debt payments as they come due, the impact of competitive products and pricing and of alternative technological advances, manufacturing and shipping difficulties, fluctuations in consumer demand due to economic developments and uncertainties, and other risks detailed from time to time in the SEC reports of SONICblue Incorporated, including its 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 period ended December 31, 2001 and its quarterly report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended June 30, 2002. These forward-looking statements speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . SONICblue disclaims any obligation to update these forward-looking statements. Note to Editors: SONICblue and Dual-Deck are trademarks of SONICblue Incorporated. ReplayTV, Go-Video and Rio are registered trademarks of SONICblue Incorporated. All other products and brand names as they appear in this release are trademarks or registered trademarks of their respective holders.
SONICblue INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data )
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2002 2001 2002 2001
(Unaudited)(Unaudited)(Unaudited)
Net sales $66,990 $79,646 $272,133 $213,823
Cost of sales 64,964 65,332 240,231 275,578
---------- ---------- ---------- ----------
Gross profit (loss) 2,026 14,314 31,902 (61,755)
Operating expenses:
Research and
development 3,805 4,958 16,135 28,706
Selling, marketing and
administrative 13,241 24,679 57,595 102,910
In-process R&D -- -- -- 5,078
Restructuring expense and
impairment charge 7,699 864 28,933 130,323
Amortization of goodwill,
intangibles and non-cash
deferred compensation 3,200 5,996 15,183 33,686
---------- ---------- ---------- ----------
Total operating
expenses 27,945 36,497 117,846 300,703
---------- ---------- ---------- ----------
Loss from operations (25,919) (22,183) (85,945) (362,458)
Gain (loss) on UMC
investment (3,882) (15,938) 1,251 (561,610)
Gain (loss) on other
investments 95 (2,704) (6,497) (27,413)
Interest Expense (6,520) (2,051) (18,679) (10,895)
Other income (expense), net 2,869 1,702 4,128 3,369
---------- ---------- ---------- ----------
Income (loss) before
income taxes (33,357) (41,174) (105,742) (959,007)
Income tax benefit -- 11,475 -- (202,758)
---------- ---------- ---------- ----------
Net income (loss) ($33,357) ($52,649) ($105,742) ($756,249)
========== ========== ========== ==========
Per share amounts
Basic ($0.34) ($0.57) ($1.10) ($8.81)
Diluted ($0.34) ($0.57) ($1.10) ($8.81)
Shares used in computing
per share amounts:
Basic 97,680 92,915 96,547 85,855
Diluted 97,680 92,915 96,547 85,855
SONICblue INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
December 31, December 31,
2002 2001
(Unaudited)
ASSETS
Current assets:
Cash and other investments $6,870 $22,081
Investment - UMC 51,659 75,907
Accounts receivable, net 37,774 30,986
Inventories 33,697 20,571
Prepaid expenses and other 9,451 8,003
---------- ----------
Total current assets 139,451 157,548
Property and equipment, net 3,473 7,218
Investment - UMC 25,184 86,886
Deferred taxes 8,069 15,197
Goodwill and intangible assets 121,314 128,426
Other assets 7,507 18,232
---------- ----------
Total $304,998 $413,507
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Line of credit $22,965 $15,826
Accounts payable 56,065 46,556
Accrued liabilities 72,856 116,304
Deferred taxes 8,069 15,197
---------- ----------
Total current liabilities 159,955 193,883
Other long-term liabilities 26,147 22,764
Convertible subordinated debentures 148,345 103,300
---------- ----------
Total liabilities 334,447 319,947
Stockholders' equity (29,449) 93,560
---------- ----------
Total $304,998 $413,507
========== ==========
* certain prior period balances have been reclassified to conform
with current year presentation
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion