Tvia, Inc. Reports Second Quarter Fiscal 2002 Results; 43% Sequential Revenue Growth.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)--Oct. 25, 2001 Tvia, Inc. (Nasdaq:TVIA) -- a leading provider of broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). streaming media See streaming audio, streaming video and digital media hub. gateway semiconductor solutions for the broadband set-top box The cable TV box that sits on "top" of the TV "set," although it is often located several feet away in an equipment rack. The set-top box descrambles the premium channels and provides a tuner for the higher cable numbers that very old TVs did not support. , digital TV and 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 enabled device markets -- today announced financial results for the second quarter of fiscal 2002, ended September September: see month. 30, 2001. Revenues for the second quarter of fiscal 2002 were $3,515,000, compared to $2,463,000 in the immediately preceding quarter, and $4,331,000 in the year-ago quarter. In the first half of fiscal 2002, revenues were $5,978,000, compared to $7,864,000 in the comparable period in fiscal 2001. 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 net loss for the second quarter of fiscal 2002 was $2,461,000, or a loss of $0.11 per share, compared to a pro forma net loss of 2,455,000, or $0.11 per share, for the first quarter of fiscal 2002. Pro forma net loss for the second quarter of fiscal 2001 was $462,000 or $0.03 per share. Pro forma net loss for the first half of fiscal 2002 was $4,916,000, or a loss of $0.23 per share, compared to a pro forma net loss of $1,059,000, or $0.12 per share, for the first half of fiscal 2001. Pro forma net loss in the first six months of fiscal 2002 excludes an amortization of $786,000 of deferred compensation and debt guarantee costs, and a $2,100,000 inventory reserve provision. Actual net loss for the second quarter of fiscal 2002 was $2,854,000, or a loss of $0.13 per share, compared to a net loss of $4,948,000 or $0.23 per share in the first quarter of fiscal 2002. Net loss for the second quarter of fiscal 2001 was $1,933,000, or $0.14 per share. Net loss for the first half of fiscal 2002 was $7,802,000, or a loss of $0.36 per share, compared to net loss attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to common stockholders of $4,083,000, or $0.46 per share, in the same period last year. Included in the net loss for the first half of fiscal 2002 is an amortization of $786,000 of deferred compensation and a $2,100,000 inventory reserve provision. Included in net loss attributable to common stockholders for the first half of fiscal 2001 is a $671,000 dividend related to convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". and an amortization of $1,354,000 of deferred compensation. Kenny Ken·ny , Elizabeth 1880?-1952. Australian nurse who developed a simple treatment for the paralysis brought on by poliomyelitis. Liu, Tvia's Chairman and Chief Executive Officer, commented, "We are pleased to report strong revenue growth over the previous quarter. Sales generated by our streaming media-on-demand (SMOD SMOD Super Mod (gaming, Half Life 2 modification) SMOD Serial Port Mode (Intel 8051 Microcontroller) SMOD Staff Member On Duty SMOD Secondary Means of De-Energization ) applications continue to significantly contribute to these results." "We are making progress with our research and development programs," continued Mr. Liu, "which we believe will provide us with the products to give us leadership advantages in the emergence of the broader interactive television markets." Jack Guedj, Tvia's President, added, "Our strong revenue growth this quarter was led by companies such as Prediwave and Motorola (Motorola, Inc., Schaumburg, IL, www.motorola.com) A leading manufacturer of semiconductor devices, electronics, telecommunications and satellite systems. Founded in Chicago in 1928 by Paul V. Broadband, which acquired General Instruments. Prediwave uses Tvia's CyberPro 5000 streaming media gateway processor in its broadband set-top box to enable new interactive services and platforms for Prediwave's coaxial co·ax·i·al adj. Having or mounted on a common axis. coaxial Adjective 1. Electronics (of a cable) transmitting by means of two concentric conductors separated by an insulator , cable-based video-on-demand/digital broadcast set-top box. Motorola Broadband uses Tvia's CyberPro 5300 streaming media gateway processor in its DVi-5000 broadband set-top for interactive services for international markets." Mr. Guedj concluded, "We ended the quarter with a strong balance sheet including $40 million of cash and investments and no debt. With a cash burn rate of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $3 million during the quarter, we believe our cash position give us the strength and flexibility to continue our strong investment in product development during this economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. , and will enable us to strengthen our position as a leader in our market." The following milestones were announced during Tvia's second fiscal quarter: -- Tvia announced that NXTV, a provider of digital broadband delivery systems for the hospitality industry, is using Tvia's CyperPro 5055 streaming media gateway processor to enable NXTV to deliver simultaneous streams of rich media content on demand. -- Tvia announced a joint non-exclusive marketing agreement with TUXIA, a provider of Linux software for information appliances. TUXIA also provides Multimedia Home Platform (MHP) compliant software. MHP is the new standard for European home gateway systems. Conference Call Management will host a conference call at 2:00 p.m. Pacific Time on October October: see month. 25, 2001 to discuss Tvia's second quarter fiscal 2002 results. To access the live audio call, please dial 303/262-2175, passcode 399246. A replay will be available beginning at approximately 6:00 p.m. Pacific Time on October 25, 2001 through 6:00 p.m. on November November: see month. 8, 2001. To listen to the replay, please call 303/590-3000 and enter 399246, or visit our Web site at http://www.tvia.com and click on Investor Relations Investor relations The process by which the corporation communicates with its investors. . About Tvia Tvia, Inc., designs, develops and markets high performance streaming media gateway 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. for the broadband set-top box, digital television and Internet enabled device markets. Tvia's semiconductor solutions, together with its proprietary software, process rich content streams available on the Internet and on the broadband network and enable customers to have a customized and interactive television experience. For more information, contact Tvia, Inc. at 4001 Burton Burton can mean: Places Australia
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 growth in specific market segments and the emergence of the interactive television market, revenues generated by our sales of Tvia's SMOD applications, Tvia's continued investment in research and development and the results of that investment, Tvia's cash burn rate and cash position and the results of that position, Tvia's competitive position and the features and benefits of Tvia's products. 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 our current expectations. Factors that could cause or contribute to such differences or risks associated with our business are discussed in the Company's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended June June: see month. 30, 2001 filed with the Securities and Exchange Commission ("SEC") on August 7, 2001, 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, the effects of the terrorist attacks 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. and any resulting conflicts or similar events worldwide on our customers' demand for our products, fluctuations in the volume of product sales, the timing, rescheduling or cancellation cancellation (See: cancel) CANCELLATION. Its general acceptation, is the act of crossing a writing; it is used sometimes to signify the manual operation of tearing or destroying the instrument itself. Hyde v. Hyde, 1 Eq. Cas. Abr. 409; Rob. of significant customer orders, loss of sales in the SMOD market, the loss of a key customer, the extent and duration of the current economic and business environment, the risk that excess inventory may result in write-offs, price erosion erosion (ĭrō`zhən), general term for the processes by which the surface of the earth is constantly being worn away. The principal agents are gravity, running water, near-shore waves, ice (mostly glaciers), and wind. and decreased demand for our products, and the level of orders received that can be shipped in a given period.
TVIA, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30, 2001 March 31, 2001
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 9,381 $ 21,267
Short term investments 30,905 25,415
Accounts receivable, net 1,251 1,941
Inventories 2,269 4,343
Other current assets and prepaid
expenses 1,597 1,352
-------- --------
Total current assets 45,403 54,318
Property and equipment, net 2,546 1,974
Other assets 2,491 1,143
-------- --------
Total assets $ 50,440 57,435
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payables 1,997 1,132
Accrued liabilities and other 1,810 2,881
-------- --------
Total current liabilities 3,807 4,013
Stockholders' equity 46,633 53,422
-------- --------
Total liabilities and
stockholders' equity 50,440 57,435
======== ========
TVIA, INC. AND SUBSIDIARY
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS(1)
(In thousands, except per-share amounts)
Three Months Ended Six Months Ended
September 30, September 30,
2001 2000 2001 2000
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues $ 3,515 $ 4,331 $ 5,978 $ 7,864
Cost of Revenues 1,917 2,267 3,428 4,143
-------- -------- -------- --------
Gross Profit 1,598 2,064 2,550 3,721
Operating Expenses:
Research and
development 3,254 1,670 5,912 2,924
Sales, general and
administrative 1,312 1,258 2,633 2,246
-------- -------- -------- --------
Total operating
expenses 4,566 2,928 8,545 5,170
-------- -------- -------- --------
Operating loss (2,968) (864) (5,995) (1,449)
Interest income 507 402 1,079 468
Interest expense -- -- -- (78)
-------- -------- -------- --------
Net loss $ (2,461) $ (462) $ (4,916) $ (1,059)
======== ======== ======== ========
Basic and diluted net loss
per share excluding
other expenses $ (0.11) $ (0.03) $ (0.23) $ (0.12)
======== ======== ======== ========
Shares used in computing
basic and diluted
net loss 21,551 13,557 21,512 8,929
(1) Excludes amortization of deferred compensation and debt guarantee
costs, inventory charge and dividend related to convertible
preferred stock.
TVIA, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per-share amounts)
Three Months Ended Six Months Ended
September 30, September 30,
2001 2000 2001 2000
(Unaudited) (Unaudited)
Revenues $ 3,515 $ 4,331 $ 5,978 $ 7,864
Cost of revenues 1,917 2,267 5,528 4,143
-------- -------- -------- --------
Gross profit 1,598 2,064 450 3,721
Operating expenses:
Research and
development 3,254 1,670 5,912 2,924
Sales, general and
administrative 1,312 1,258 2,633 2,246
Amortization of
deferred stock
compensation 393 717 786 1,354
-------- -------- -------- --------
Total operating
expenses 4,959 3,645 9,331 6,524
-------- -------- -------- --------
Operating loss (3,361) (1,581) (8,881) (2,803)
Other income, net:
Interest Income 507 402 1,079 468
Interest Expense -- -- -- (78)
Amortization of debt
guarantee costs and
other -- (82) -- (327)
Other income, net (507) 320 1,079 63
-------- -------- -------- --------
Net loss before
extraordinary item (2,854) (1,261) (7,802) (2,740)
-------- -------- -------- --------
Extraordinary item -- 672 -- 672
Net loss after
extraordinary item (2,854) (1,933) (7,802) (3,412)
-------- -------- -------- --------
Dividend related to
convertible preferred
stock -- -- -- (671)
Net loss attributable
to common stockholders $ (2,854) $ (1,933) $ (7,802) $ (4,083)
======== ======== ======== ========
Basic and diluted net
loss per share
attributable to
common stockholders
before extraordinary
item $ (0.13) $ (0.09) $ (0.36) $ (0.38)
======== ======== ======== ========
Basic and diluted net
loss per share
attributable to
common shareholders
after extraordinary
item $ (0.13) $ (0.14) $ (0.36) $ (0.46)
======== ======== ======== ========
Shares used in computing
basic and diluted net
loss attributable to
common stockholders $ 21,551 $ 13,557 $ 21,512 $ 8,929
======== ======== ======== ========
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