10/23/2003 - ParthusCeva, Inc. (NASDAQ: PCVA and LSE: PCV), the leading licensor of Digital Signal Processor (DSP) cores and solutions to the semiconductor industry, announced results for the third quarter ended September 30, 2003.
Total revenues for the third quarter increased to $9.3 million, compared with $9.1 million for the second quarter. Licensing revenues for the third quarter were $6.5 million, compared with $6.3 million for the second quarter. Royalty revenues in the third quarter were $1.2 million, compared with $854,000 for the second quarter. Gross margins in the third quarter were 85%, compared with 82% in the second quarter.
Including a restructuring charge of $1.4 million, net loss for the third quarter was $1.1 million, compared with net income of $32,000 for the second quarter. Excluding the restructuring charge, net income in the third quarter was $268,000. Net loss per share for the third quarter, including the restructuring charge, was $0.06, compared with net income per share of $0.002 for the second quarter.
Chet Silvestri, Chief Executive Officer of ParthusCeva, commented: "I am very pleased that ParthusCeva has maintained good revenue growth and operating performance in the quarter. We achieved strong growth in royalty revenues, which grew 37% quarter-on-quarter. In the fourth quarter we look forward to maintaining our business momentum and launching our next-generation DSP architecture, which we believe will deliver breakthrough levels of performance and scalability to our customers."
In the third quarter, ParthusCeva signed five new license agreements covering a range of DSP and platform-IP technologies, and announced licensing agreements with semiconductor leaders including STMicroelectronics, Infineon, Renasas and Via Telecom, reflective of strong industry uptake of ParthusCeva's DSP technology. The continued strong growth in royalty revenues reflects an increased number of ParthusCeva licensees successfully shipping solutions powered by ParthusCeva technology, predominantly in the wireless sector.
Cash and cash equivalents at the end of the third quarter were $63.5 million.
Presentation of Non-GAAP Information
Management believes that it is useful to present net loss and expenses figures above, excluding the restructuring charge, because management believes that the figures provide a better picture of the company's historical operating results and a more useful point of comparison for its future performance.
The management of ParthusCeva will hold a conference call for investors and analysts at 8:00 am EST, 13:00 BST and 14:00 CET on Wednesday, October 22, 2003. The conference call will be available via the following dial-in numbers:
If you cannot join the call, you can listen to a recording, which will be available approximately one hour after the call for five working days at the following dial-in numbers:
The call can also be accessed via ParthusCeva's website at www.parthusceva.com. Follow the directions on the main page to link to the audio. Please go to the website at least 15 minutes prior to the call to register, and to download and install any necessary audio software. The webcast will be archived for 30 days.
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