Tvia Reports Results for First Quarter Ended June 30, 2004.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. -- Tvia, Inc. (Nasdaq: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, 2004. Revenue for the first quarter of fiscal 2005, ended June 30, 2004, was $528,000, compared to $580,000 for the quarter ended June 30, 2003. Net loss for the first quarter of fiscal 2005 was $1,525,000, or $0.07 per share on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, compared to a net loss of $2,064,000, or $0.09 per share on a diluted basis, in the first quarter of fiscal 2004. "Tvia continues to make steady progress in pursuing the DTV (Digital TeleVision) Transmitting TV using digital signals. The major DTV standards are ATSC (North America), DVB (Europe) and ISDB (Japan). All three use MPEG-2 video compression and Dolby Digital audio compression. DVB and ISDB also include MPEG audio compression. market," said Eli Porat, Tvia's president and chief executive officer. We have accelerated our delivery schedule for new state-of-the-art products aimed at next-generation high definition 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. and progressive-scan TVs. During the first quarter of 2005, we shipped initial production volume of our TV5700 to a major TV manufacturer in the Asia Pacific market. Our engineering team continues to focus on delivering new products that offer enhanced support to HD ready progressive TV and LCD TV, employing optimized 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. and de-interlaced cores. Tvia's new strategy is centered on TrueView, a new generation of digital display processors expected to provide outstanding price/performance and flexibility to manufacturers of advanced TV products. The TrueView 5600 provides support to mobile interactive LCD TV and Infotainment (INFOrmation enterTAINMENT) Refers to all the information and entertainment services delivered to the home, which are essentially telephone, TV and Internet access. Smart LCD (Liquid Crystal Display) A display technology that uses rod-shaped molecules (liquid crystals) that flow like liquid and bend light. Unenergized, the crystals direct light through two polarizing filters, allowing a natural background color to show. Displays, while the TrueView family 57XX delivers progressive-scan display for CRT-based TVs, and the TrueView IC TV5800 is designed for use in next- generation LCD TVs. Tvia expects these processors will provide the highest-quality display at a price/performance ratio In economics and engineering, the price/performance ratio refers to a product's ability to deliver performance, of any sort, for its price. For instance, if you have a whole day to travel 100 km, spending $50 to do the journey in two hours is a better price/performance ratio than enabling manufacturers to rapidly build the most cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. products for a variety of customers. Management will host a conference call at 2 p.m. Pacific Time on July July: see month. 27, 2004 to discuss Tvia's results for the quarter ended June 30, 2004. 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 11001764# or by visiting Tvia's web site. ABOUT TVIA Tvia, Inc. is a fabless semiconductor company A fabless semiconductor company specializes in the design and sale of hardware devices implemented on semiconductor chips. It achieves an advantage by outsourcing the fabrication of the devices to a specialized semiconductor manufacturer called a semiconductor foundry or "fab. that designs and produces display processors for the interactive TV market. It offers a family of flexible, high-quality display processors to Asia-Pacific The term Asia-Pacific generally applies to littoral East Asia, Southeast Asia and Australasia near the Pacific Ocean, plus the states in the ocean itself (Oceania). TV manufacturers creating next-generation digital LCD, HD, and progressive-scan TVs. Tvia provides customers with the foundation for building the most cost-effective TVs on the market. 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, strategy and progress, 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, 2004 filed on June 22, 2004, with the Securities and Exchange Commission ("SEC"), 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.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
June 30, March 31,
2004 2004
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 2,239 $ 3,259
Short term investments 24,182 23,947
Accounts receivable, net 345 295
Inventories 709 602
Other current assets 454 1,241
--------- ---------
Total current assets 27,929 29,344
Property and equipment, net 1,737 1,947
Other assets 106 112
--------- ---------
Total assets $ 29,772 $ 31,403
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 260 $ 201
Accrued liabilities and other 615 657
Short term portion of capital leases 371 486
--------- ---------
Total current liabilities 1,246 1,344
Total stockholders' equity 28,526 30,059
--------- ---------
Total liabilities and stockholders'
equity $ 29,772 $ 31,403
========= =========
TVIA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
THREE MONTHS ENDED
JUNE 30,
---------------------
2004 2003
--------- ---------
Revenues $ 528 $ 580
Cost of revenues 292 343
--------- ---------
Gross profit 236 237
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Operating expenses:
Research and development 1,199 1,660
Sales, general and administrative 661 735
--------- ---------
Total operating expenses 1,860 2,395
--------- ---------
Operating loss (1,624) (2,158)
Interest income 99 94
--------- ---------
Net loss $ (1,525) $ (2,064)
========= =========
Basic and diluted net loss per share $ (0.07) $ (0.09)
========= =========
Weighted shares used in the basic and diluted per
share calculation 22,675 22,145
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