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| FREMONT, Calif., April 18
/PRNewswire/ -- ESS Technology, Inc. (Nasdaq: ESST) today reported that revenues for the
first quarter ended March 31, 2000 were a record $83.6 million, compared with $79.3
million in the same quarter a year ago. The company earned $8.7 million ($0.19 per diluted
share) -- or $12.1 million ($0.26 per diluted share) prior to a one time acquisition
charge -- versus $12.6 million ($0.28 per diluted share) in the same quarter of last year.
``We are pleased with our financial results for the first quarter of 2000. This is the sixth consecutive quarter of profitability and the fourth consecutive quarter in which we have posted record revenues for the respective periods. We are pleased with our continued DVD design wins and the significant gains we made in the PC V.90 softmodem market,'' said Robert Blair, President and Chief Executive Officer. In February, ESS acquired NetRidium Communications, a developer of home networking over phone line technology. The transaction resulted in an in-process R&D charge of $2.6 million and first quarter expenses of $1.0 million. ``Looking forward, we expect normal seasonality in our business with the second quarter somewhat lower than the first, with sequentially increasing revenues in the third and fourth quarters. We believe that our strong existing businesses, combined with our recently introduced communications, DVD, Web-DVD, and set top box products will enable 2000 to be an very successful and profitable year,'' concluded Mr. Blair. ``ViAlta continued to gain momentum as we shipped $1.0 million dollars worth of set top boxes. ViAlta continues to make product development advances and has invested in several strategic partners, including CECT (China e-Commerce Technology Company) which provides portal services and an online payment gateway,'' said Fred Chan, President and Chief Executive Officer of ViAlta.com and Chairman of ESS. ESS Technology ESS Technology, Inc., a leader in Internet, communications, PC audio and digital video, provides advanced products enabling the convergence of communications, computer, consumer, and Internet markets. ESS's subsidiary, ViAlta.com, Inc. plans to introduce advanced, user friendly products and applications for the Internet. Products will include multi-media appliances, applications and content for the Internet, which enable the user to experience new levels of entertainment and e-Commerce. ESS, headquartered in Fremont, California, has R&D, sales, and technical support offices worldwide. ESS Technology's common stock is traded on the NASDAQ under the symbol ESST. ESS's web site address is: http://www.esstech.com . The matters discussed in this news release include certain
forward-looking statements that involve risks and uncertainties, including, not limited
to, the timely availability and acceptance of the Company's new products, the impact of
competitive products and pricing, the dependence on continued growth in demand for PC and
consumer multimedia products, as well as the other risks detailed from time to time in the
SEC reports of ESS, including the reports on Form 10-K and Form 10Q. Actual results could
differ materially from those projected in the forward-looking statements. ESS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31 March 31
2000 1999
Net revenues $83,597 $79,295
Cost of revenues 53,114 48,047
Gross profit 30,483 31,248
Operating expenses:
Research and development 10,749 9,025
In-Process research and development 2,625 --
Selling, general and administrative 10,390 8,446
Operating income 6,719 13,777
Nonoperating income 2,878 1,061
Income before provision for income taxes 9,597 14,838
Provision for income taxes 3,054 2,226
Net income before minority interest 6,543 12,612
Minority Interest 2,148 --
Net Income $8,691 $12,612
Net income per share - basic $0.21 $0.31
Net income per share - diluted $0.19 $0.28
Shares used in calculating net income
per share -- basic 41,804 40,579
Shares used in calculating net income
per share -- diluted 46,869 44,669
ESS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
March. 31 December. 31
2000 1999
ASSETS
Current Assets:
Cash and cash equivalents -- ESS $33,668 $40,413
Cash and cash equivalents -- ViAlta 101,202 90,500
Short-term investments -- ESS 23,286 28,274
Short-term investments -- ViAlta 30,949 22,344
Accounts receivable, net 56,995 34,362
Inventories 51,605 42,347
Deferred income taxes 10,758 10,758
Prepaid expenses and other assets 2,969 2,199
Total current assets 311,432 271,197
Property, plant and equipment, net 41,548 40,564
Other assets 14,071 9,266
$367,051 $321,027
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $74,207 $72,303
Income taxes payable and deferred
income taxes 19,315 12,285
Total current liabilities 93,522 84,588
Minority Interest 79,907 52,860
Shareholders' equity:
Common stock 141,950 140,597
Retained earnings 51,672 42,982
Total shareholders' equity 193,622 183,579
$367,051 $321,027
ESS Technology, Inc.
Condensed Consolidating Income Statements
Three Months Ended March 31, 2000 Three Months
Ended
ESS ViAlta Elimina- Consoli- March 31,
tion dated 1999
Sales $82,996 $1,002 $(401) $83,597 $79,295
Cost of sales 51,543 1,710 (139) 53,114 48,047
Gross profit 31,453 (708) (262) 30,483 31,248
Research and
development 7,826 4,970 (2,047) 10,749 9,025
In-Process
research and
development 2,625 -- -- 2,625 --
Selling,
general and
administrative 8,637 1,753 -- 10,390 8,446
Operating income
(loss) 12,365 (7,431) 1,785 6,719 13,777
Other income 2,975 1,950 (2,047) 2,878 1,061
Income (loss)
before income
taxes 15,340 (5,481) (262) 9,597 14,838
Provision for
income taxes 3,054 -- -- 3,054 2,226
Net income (loss)
before minority
interest 12,286 (5,481) (262) 6,543 12,612
Minority Interest -- 2,148 -- 2,148 --
Net income (loss) $12,286 $(3,333) $(262) $8,691 $12,612
EPS -Diluted $0.26 $0.19 $0.28
SOURCE: ESS Technology, Inc. |
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