Phoenix Reports Revenues of $31.9 Million for Recent Quarter

6/27/2003 - Phoenix Technologies Ltd. (NASDAQ: PTEC), a global leader in device-enabling and management software products for PCs and connected digital devices, reported its fiscal third quarter consolidated financial results.

For the quarter ended June 30, 2002, revenues were $31.9 million, operating income was $0.9 million and net income was $0.6 million, or $0.02 per diluted share. Excluding the impact of the Company's 66% ownership in inSilicon Corporation (NASDAQ: INSN) from the consolidated third quarter results, revenues were $27.3 million and net income was $2.3 million, or $0.09 per diluted share.

"While our results are below earlier expectations, we are pleased to deliver another quarter of sequential revenue growth and returning the Company to profitability. Our continued financial discipline contributed significantly to our improved performance this quarter," said Albert E. Sisto, Chairman, CEO and President. "We are positive about our future based on progress made during these continued tough market conditions and our financial position remains strong with working capital of $72 million and cash and short-term investments of $58 million as of June 30, 2002," added Mr. Sisto.

Phoenix Technologies will hold its scheduled third quarter earnings conference call on July 17, 2002 at 1:30 p.m. Pacific Time. Those wishing to participate can log on to the investor relations section of our website at www.phoenix.com or listen to the replay by dialing 888-203-1112 and entering pass code 327084.

About Phoenix
Phoenix is the global leader in device-enabling and management software products for PCs and other connected digital devices. Its FirstWareTM family of "instant on" software activates, secures, connects and recovers digital devices and is designed into millions of industry standard desktop, notebook, server, and information appliance systems sold annually. This enables Phoenix's customers -- specifiers, developers and manufacturers of user-driver microprocessor systems -- to reduce costs and provide high value-added features to their customers. Headquartered in San Jose, California, Phoenix Technologies has offices worldwide.

Phoenix and Phoenix Technologies are registered trademarks of Phoenix Technologies Ltd.

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