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WEITEK REPORTS FIRST QUARTER RESULTS

 WEITEK REPORTS FIRST QUARTER RESULTS
 SUNNYVALE, Calif., April 13 /PRNewswire/ -- Weitek Corp.


(NASDAQ: WWTK) reported revenue of $7,000,000 and a net loss of $2,080,000 (27 cents loss per share) in its quarter ended March 28, 1992. The company had earlier announced on March 30, 1992, that it anticipated a loss in the first quarter between 25 and 30 cents per share. Revenue in the first quarter of 1991 was $10,600,000 and net income was $341,000 (4 cents earnings per share).
 During the quarter, Weitek began customer sampling of its W5186 User Interface Controller, which cost-effectively provides Microsoft Windows acceleration combined with VGA compatability.
 Chairman and Chief Executive Officer Arthur J. Collmeyer stated, "While order rates continued to be weak and demand for the Company's mature products was sluggish during the quarter, we are pleased with the initial response for our W5186 User Interface Controller. Greater market acceptance of our new user interface products should enable us to renew revenue growth later this year."
 Weitek recently announced the appointment of Barry Cox as president and chief operating officer. "Barry's nearly 20 years of successful general management experience in the semiconductor industry coupled with his 'make-it-happen' mindset will greatly strengthen our management team and our operational capabilities," stated Collmeyer.
 Weitek makes processors and controllers that enhance the performance of standard operating systems, user interfaces and application software. The company's products are used to build faster, more intuitive desktop computers and peripherals.
 WEITEK CORPORATION
 CONSOLIDATED STATEMENT OF OPERATIONS
 (In thousands, except per share amounts)
 (Unaudited)
 Three Months ended
 March 28, 1992 March 30, 1991
 Net revenue $ 7,000 $ 10,600
 Cost of sales 3,480 4,233
 Gross margin 3,520 6,367
 Research and development 3,293 3,247
 Sales and marketing 2,334 2,367
 General and administrative 693 638
 Operating income (loss) (2,800) 115
 Other income 200 435
 Income (loss) before
 income taxes (2,600) 550
 Provision for (benefit of)
 income taxes (520) 209
 Net income (loss) $ (2,080) $ 341
 Earnings (loss) per share $ (.27) $ .04
 Weighted average common
 shares and equivalents 7,583 8,673
 WEITEK CORPORATION
 CONSOLIDATED BALANCE SHEET
 (In thousands)
 (Unaudited) (Audited)
 March 28, 1992 Dec. 31, 1991
 ASSETS
 Current assets:
 Cash and short-term investments $ 20,239 $ 21,885
 Accounts receivable, net 3,059 3,668
 Inventories 2,526 3,431
 Income taxes receivable 2,481 1,861
 Deferred income taxes 498 597
 Prepaid expenses and other 728 649
 Total current assets 29,531 32,091
 Equipment and leasehold
 improvements, net 4,172 4,429
 Other assets 891 1,031
 $ 34,594 $ 37,551
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Accounts payable $ 3,575 $ 3,664
 Accrued compensation and
 employee benefits 1,470 1,389
 Current portion of
 capitalized lease obligations 125 162
 Other current liabilities 2,076 2,906
 Total current liabilities 7,246 8,121
 Capitalized lease obligations - 20
 Total liabilities 7,246 8,141
 Shareholders' equity:
 Common stock 19,740 19,722
 Retained earnings 7,608 9,688
 Total shareholders' equity 27,348 29,410
 Total current liabilities and
 shareholders' equity 34,594 37,551
 -0- 4/13/92
 /CONTACT: Earl E. Fry of Weitek Corp., 408-738-8400/
 (WWTK) CO: Weitek Corp. ST: California IN: CPR SU: ERN


RM -- SJ004 -- 7906 04/13/92 16:05 EDT
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Publication:PR Newswire
Date:Apr 13, 1992
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