Parthus Technologies Plc Announces Strong Second Quarter and First Half Results
7/18/2002 - Parthus Technologies plc (LSE: PRH; Nasdaq: PRTH) today announced its financial results for the second quarter and the six months ended June 30, 2002. Results are prepared and reported under U.S. GAAP.
Highlights for the second quarter ended June 30, 2002
- Licensing and royalty revenue grew 37% year-on-year to $9.8 million, up 10% sequentially from $8.9 million
- Royalty revenue grew 193% sequentially from $263,000 to $770,000, with five customers now shipping products mainly in the consumer electronics area
- US GAAP net loss down 31% to $2.3 million
- Pro forma1 earnings of $66,000
- Seven new licensing and royalty agreements were signed, including five new customers
- A new wireless LAN "W-LAN" platform was launched targeting the 802.11 market
- Parthus announced the proposed merger with Ceva, the DSP cores licensing subsidiary of DSP Group
The reported net loss for the second quarter 2002 was $2.3 million, representing a net loss of $0.004 per ordinary share or $0.039 per ADS. The pro forma1 net earnings for the second quarter 2002 were $66,000.
Highlights for the six months ended June 30, 2002
- Total revenue increased 8% year-on-year to $21.5 million, up from $19.9 million in the first half of 2001
- Licensing and royalty revenue grew 44% year-on-year to $18.8 million
- 13 new licensing and royalty agreements were signed
- To date Parthus has signed a total of 87 license deals, 59 with royalty agreements, with 56 customers
- Strategic alliances expanded the Parthus portfolio with 2.5G/3G W-CDMA and W-LAN technologies
The reported net loss for the first half 2002 was $5.6 million, representing a loss of $0.010 per ordinary share or $0.095 per ADS.The pro forma1 net loss for the first half 2002 amounted to $2.4 million, representing a loss of $0.0041 per ordinary share or $0.041 per ADS.
1 Pro forma results exclude amortization of intangibles, merger and non-stock cash compensation costs
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