WEITEK REPORTS ANTICIPATED FIRST-QUARTER RESULTS
WEITEK REPORTS ANTICIPATED FIRST-QUARTER RESULTS SUNNYVALE, Calif., March 30 /PRNewswire/ -- Weitek Corp.
(NASDAQ: WWTK) reported that revenue for its first quarter ended March 28, 1992 would be approximately $7.0 million, as compared to the $8.5 million in revenue reported for the fourth quarter ended Dec. 31, 1991. As a result, the company expects to report a larger loss for the first quarter ended March 28, 1992 than the company's fourth quarter operating loss of $2.3 million and net loss of $1.3 million (17 cents per share).
Chief Financial Officer Earl E. Fry added, "The anticipated operating loss will limit our ability to recognize tax benefits in 1992 to the 20 percent alternative minimum tax rate as opposed to the 35 percent tax benefit rate realized in 1991." Based on the anticipated operating loss and the change in the tax benefit rate, the company expects to generate a net loss for the first quarter between 25 and 30 cents per share. President Arthur J. Collmeyer concluded, "While the first half of 1992 is shaping up to be even more difficult than we had previously anticipated, we continue to confirm the opportunities presented by the developing user interface market. Market acceptance of our new user interface products will be critical to renewed revenue growth for Weitek. As such, much of our current effort is focused on assisting prospective customers to incorporate our Windows accelerator in their new products in an attempt to have their new products available for introduction at the Comdex computer trade show to be held from April 6-9, 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, more intuitive desktop computers and peripherals. -0- 3/30/92 /CONTACT: Earl E. Fry of Weitek, 408-738-8400/ (WWTK) CO: Weitek Corp. ST: California IN: CPR SU: ERN
SC -- SJ004 -- 3174 03/30/92 21:58 EST
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|Date:||Mar 30, 1992|
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