4/18/2003 - Interphase Corporation (NASDAQ: INPH) reported financial results for its first quarter ended March 31, 2003. Revenues for the quarter rose 19% to $7.5 million, versus $6.3 million in the first quarter of 2002. Their primary growth came from Telecom controller revenues, increasing 58% to $3.4 million, up from $2.2 million one year ago, as some of their design wins are beginning to move into production levels.
The Company recorded a net loss of $826,000, or $(0.15) per share, during the quarter versus a loss of $566,000, or $(0.10) per share, in the first quarter 2002. For comparative purposes, we believe that pre-tax results provide a better comparison of year-over-year results because the Company recorded a $467,000 tax benefit in last year’s first quarter and ceased recording tax benefits at the 2002 year-end. The pre-tax loss for the quarter improved to $769,000 up from a pre-tax loss of $1 million one year ago. Cash and securities were $17.2 million at March 31, 2003, while total liabilities, including debt stood at $7.6 million.
“We are very encouraged by both sequential and year over year growth in our revenues and remain committed to returning the Company to profitability,” stated Greg Kalush, President and Chief Executive Officer. “Despite the difficult economic environment, we have continued to strategically invest in research and development focused on meeting the needs of our current and prospective customers and believe that these efforts will solidify our future success.”
About Interphase Corporation
Interphase Corporation (NASDAQ: INPH) designs and delivers high performance connectivity adapters for computer and telecommunication networks. The company’s products connect computer and telecommunication servers to storage area networks (SAN), wide area networks (WAN) and local area networks (LAN) utilizing Fibre Channel, Asynchronous Transfer Mode (or ATM), SS7, Frame Relay and ISDN technologies. Headquartered in Plano, Texas with offices in Paris, Ottawa, Munich, Helsinki, Beijing and Bangkok, Interphase 2002 revenues were $25 million. Clients include Hewlett Packard, Ericsson, Compaq Computer Corp., Motorola Inc., Fujitsu Ltd., Nortel Networks Ltd., Lucent Technologies, Inc., Lockheed Martin Corp and Raytheon. Additional information about Interphase and its products is available through the company’s web site at http://www.iphase.com.
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