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WEITEK REPORTS 1992 RESULTS

 SUNNYVALE, Calif., Jan. 25 /PRNewswire/ -- Weitek Corp. (NASDAQ: WWTK) reported today the financial results for the fourth quarter and year ended Dec. 31, 1992. For the fourth quarter of 1992, Weitek posted revenue of $6,500,000 and a net loss of $1,360,000 (18 cents per share). Revenue in the fourth quarter of 1991 was $8,500,000 and the net loss was $1,300,000 (17 cents per share).
 For fiscal 1992, Weitek reported revenue of $26,460,000 and a net loss of $10,880,000 ($1.42 per share). In 1991, Weitek reported revenue of $39,100,000 and a net loss of $4,810,000 (61 cents per share).
 Barry L. Cox, president and chief operating officer, said, "Our overall 1992 financial results were negatively impacted by a continued decline in sales of our mature workstation products, coupled with lower than anticipated demand for our initial offerings of user interface products. However, during the fourth quarter we were pleased by customer acceptance of our second generation user interface products, particularly the Weitek Power 9000, which is the world's fastest graphics user interface controller. Production shipments of the Power 9000 began late in the fourth quarter and contributed to the modest revenue increase in the fourth quarter compared to the third quarter of 1992. As a result of the corporate restructuring and aggressive cost reduction measures which were instituted during the third quarter, we were able to reduce operating expenses and trim our loss in the fourth quarter of 1992 compared to the preceding quarters of 1992."
 The continuing acceptance of Weitek's high performance processor and controller technology was further evidenced by the recent selection of the Weitek XL-8220 RISC controller by Canon Inc. for its LBP-8 Mark IV, its next generation of laser printers. Mr. Cox concluded, "The Power 9000 and XL-8220, in conjunction with our high performance processor expertise, provide a base from which Weitek will broaden its offerings of processors and controllers in 1993. While we expect losses to continue through at least the first half of 1993, we believe that our current product development focus, combined with our reduced expense base and the growing acceptance of our new product offerings, positions Weitek well to compete successfully in 1993."
 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 CORP.
 CONSOLIDATED STATEMENT OF OPERATIONS
 (In thousands, except per share amounts)
 Three Months Ended Twelve Months Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Net revenue $ 6,500 $ 8,500 $ 26,460 $ 39,100
 Cost of sales 3,244 4,152 15,186 19,928
 Gross margin 3,256 4,348 11,274 19,172
 Research and
 development 2,754 3,404 13,746 14,664
 Sales and marketing 1,682 2,592 8,354 10,252
 General and
 administrative 595 652 2,724 2,621
 Operating income (loss)(1,775) (2,300) (13,550) (8,365)
 Other income 175 300 750 965
 Income (loss) before
 income taxes (1,600) (2,000) (12,800) (7,400)
 Provision for (benefit of)
 income taxes (240) (700) (1,920) (2,590)
 Net income (loss) $ (1,360) $ (1,300) $(10,880) $ (4,810)
 Earnings (loss)
 per share $ (0.18) $ (0.17) $ (1.42) $ (0.61)
 Weighted average common
 shares and equivalents 7,705 7,616 7,647 7,861
 WEITEK CORP.
 CONSOLIDATED BALANCE SHEET
 (In thousands)
 Dec. 31, 1992 Dec. 31, 1991
 ASSETS
 Current assets:
 Cash and short-term investments $ 15,743 $ 21,885
 Accounts receivable, net 2,562 3,668
 Inventories 1,494 3,431
 Income taxes receivable 2,337 1,861
 Deferred income taxes 59 597
 Prepaid expenses and other 543 649
 Total current assets 22,738 32,091
 Equipment and leasehold
 improvements, net 3,095 4,429
 Other assets 6 1,031
 Total $ 25,839 $ 37,551
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Accounts payable $ 4,600 $ 3,664
 Accrued compensation and
 employee benefits 1,087 1,389
 Current portion of
 capitalized lease obligations 18 162
 Other current liabilities 902 2,906
 Total current liabilities 6,607 8,121
 Capitalized lease obligations -- 20
 Total liabilities 6,607 8,141
 Shareholders' equity:
 Common stock 20,424 19,722
 Retained earnings (deficit) (1,192) 9,688
 Total shareholders' equity 19,232 29,410
 Total $ 25,839 $ 37,551
 -0- 1/25/93
 /CONTACT: Earl E. Fry, vice president of finance for Weitek, 408-738-8400/
 (WWTK)


CO: Weitek Corp. ST: California IN: CPR SU: ERN

TM -- SJ013 -- 8684 01/25/93 16:05 EST
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Date:Jan 25, 1993
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