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WEITEK REPORTS 1991 LOSS

 WEITEK REPORTS 1991 LOSS
 SUNNYVALE, Calif., Jan. 23 /PRNewswire/ -- Weitek Corp.


(NASDAQ: WWTK) reported revenue of $39,100,000 and a net loss of $4,810,000 (61 cents loss per share) in the year ended Dec. 31, 1991. In 1990, Weitek reported revenue of $57,800,000 and net income of $7,000,000 (82 cents earnings per share).
 For the fourth quarter of 1991, Weitek posted revenue of $8,500,000 and a net loss of $1,300,000 (17 cents loss per share). Revenue in the fourth quarter of 1990 was $10,600,000 and net income was $381,000 (5 cents earnings per share).
 President Arthur J. Collmeyer stated, "Revenue declined due to weak demand for the company's SPARC processor products and a continued shift in product mix toward products with lower average selling prices." While the company began production shipments of its W5086 User Interface Controller and its W8720 Integrated Graphics Controller in the fourth quarter, the revenue contribution from these products was not enough to compensate for a decline in sales of other products.
 According to Collmeyer, "While the company's financial performance in 1991 was disappointing, significant progress was made in executing our major product transition as we continued our investment and selective hiring in critical areas. The company anticipates increased revenue and earnings contribution from its new products and expects to make steady progress as these products ramp into production in the second half of 1992."
 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 and more intuitive desktop computers and peripherals.
 WEITEK CORP.
 CONSOLIDATED STATEMENT OF OPERATIONS
 (In thousands, except per share amounts)
 (Unaudited)
 Three months ended Year ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Net revenue $ 8,500 $10,600 $39,100 $57,800
 Cost of sales 4,152 4,237 19,928 20,872
 Gross margin 4,348 6,363 19,172 36,928
 Research and development 3,404 2,947 14,664 12,682
 Sales and marketing 2,592 2,649 10,252 11,385
 General and administrative 652 727 2,621 3,071
 Operating income (loss) (2,300) 40 (8,365) 9,790
 Other income, net 300 410 965 1,510
 Income (loss) before
 income taxes (2,000) 450 (7,400) 11,300
 Provision (benefit) for
 income taxes (700) 69 (2,590) 4,300
 Net income (loss) $(1,300) $ 381 $(4,810) $ 7,000
 Earnings (loss) per share $ (.17) $ .05 $ (.61) $ .82
 Weighted average common
 shares and equivalents 7,616 8,368 7,861 8,544
 WEITEK CORP.
 CONSOLIDATED BALANCE SHEET
 (In thousands)
 Dec. 31, 1991 Dec. 31, 1990
 ASSETS
 Current assets:
 Cash and short-term investments $ 21,885 $ 28,293
 Accounts receivable, net 3,668 3,351
 Inventories 3,431 3,749
 Income taxes receivable 1,861 -
 Deferred income taxes 597 121
 Prepaid expenses and other 649 736
 Total current assets 32,091 36,250
 Equipment and leasehold
 improvements, net 4,429 5,279
 Other assets 1,031 2,013
 Total assets $ 37,551 $ 43,542
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Accounts payable $ 3,664 $ 1,851
 Accrued compensation and
 employee benefits 1,389 1,765
 Current portion of
 equipment term loans and
 capitalized lease
 obligations 162 598
 Income taxes payable - 7
 Other current liabilities 2,906 1,132
 Total current liabilities 8,121 5,353
 Equipment term loans and
 capitalized lease
 obligations 20 557
 Deferred income taxes and
 other long-term liabilities - 44
 Total liabilities 8,141 5,954
 Shareholders' equity:
 Common stock 19,722 20,021
 Retained earnings 9,688 17,567
 Total shareholders' equity 29,410 37,588
 Total liabilities and shareholders'
 equity $ 37,551 $ 43,542
 -0- 1/23/92
 /CONTACT: Earl E. Fry of Weitek Corp., 408-738-8400/
 (WWTK) CO: Weitek Corp. ST: California IN: CPR SU: ERN


RM -- SJ002 -- 2976 01/23/92 16:05 EST
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Date:Jan 23, 1992
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