M-Systems Reports First Quarter 2002 Results

4/22/2002 - M-Systems (Nasdaq: FLSH) today announced earnings for the first quarter of 2002. For the quarter ended March 31, 2002, revenues were $11.4 million, compared to $10.3 million in the previous quarter and compared to revenues of $15.2 million in the first quarter of 2001. The Company reported a net loss for the quarter ended March 31, 2002 of $2.3 million, or $(0.08) per share, compared to a net loss of $2.4 million, or $(0.09) per share, in the previous quarter. This compares to a pro forma net loss of $1.8 million, or $(0.07) per share, for the first quarter of 2001, and compares to a net loss for that quarter, including inventory write down and capital loss, of $14.4 million, or $(0.54) per share. Gross margins decreased to 33 percent from 34 percent in the previous quarter and increased from 30 percent in the first quarter of 2001 (on a pro forma basis).

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