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18 Percent Revenue Growth Compared to Year-Ago Quarter |
| FREMONT,
Calif., July 19 /PRNewswire/ -- ESS Technology, Inc. (Nasdaq: ESST - news) today reported
net revenues of $79.6 million for the quarter ended June 30, 2000, an 18 percent increase
above the $67.2 million in revenue reported for the same quarter in the prior year. Net
income for the second quarter was a record $8.5 million, or $0.18 per diluted share,
compared to $7.9 million, or $0.18 per diluted share, in the year-ago quarter. The
earnings per share were even with year-ago results due to the company's investment in its
subsidiary, ViAlta.com, and an increase in the number of shares outstanding. Robert Blair, president and chief executive officer, said, ``The second quarter was the fifth quarter in a row of record revenues and our seventh consecutive profitable quarter. Revenue growth and profits were driven by strong sales in our DVD products and our new SuperLink V.90 softmodem communications products. Our DVD sales helped raise our gross margin to 38 percent for the quarter. Earnings increased to a second-quarter record $8.5 million.'' Blair continued, ``During the quarter, we secured design wins for new web-DVD products which began shipping in July. We also introduced our initial broadband communications product that combines a V.90 softmodem and a 10/100 LAN. This new product has been well received by our customers and we expect to begin shipments this quarter. ``Overall, this was a very successful second quarter for ESS,'' Blair concluded. ESS Technology ESS Technology, Inc., a leader in Internet, communications, PC audio and digital video, provides advanced products enabling the convergence of communications, computer, consumer, and Internet markets. ESS's subsidiary, ViAlta.com, provides advanced, easy-to-use products and applications for the Internet. Products include multi-media appliances, applications and content for the Internet, which enable the user to experience new levels of entertainment and e-Commerce. ESS, headquartered in Fremont, Calif., has R&D, sales and technical support offices worldwide. ESS Technology's common stock is traded on the Nasdaq under the symbol ESST. ESS's Web site address is: http://www.esstech.com. The matters discussed in this news release include certain
forward-looking statements that involve risks and uncertainties, including, but limited
to, the timely availability and acceptance of the Company's new products, the impact of
competitive products and pricing, the dependence on continued growth in demand for PC and
consumer multimedia products, as well as the other risks detailed from time to time in the
SEC reports of ESS, including the reports on Form 10-K and Form 10Q. Actual results could
differ materially from those projected in the forward-looking statements. ESS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
Jun. 30 Dec. 31
2000 1999
ASSETS
Current Assets:
Cash and cash equivalents $57,459 $40,413
Cash and cash equivalents - ViAlta 95,474 90,500
Short-term investments 19,521 28,274
Short-term investments - ViAlta 28,087 22,344
Accounts receivable, net 46,702 34,362
Inventories 46,132 42,347
Deferred income taxes 10,758 10,758
Prepaid expenses and other assets 2,196 2,199
Total current assets 306,329 271,197
Property, plant and equipment, net 39,117 40,564
Other assets 12,953 9,266
Total Assets $358,399 $321,027
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued expenses $53,438 $72,303
Income taxes payable and
deferred income taxes 19,547 12,285
Total current liabilities 72,985 84,588
Minority Interest 78,325 52,860
Shareholders' equity:
Common stock 146,925 140,597
Retained earnings 60,164 42,982
Total shareholders' equity 207,089 183,579
Total Liabilities and
Shareholders' Equity $358,399 $321,027
ESS TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
Three Months Ended Six Months Ended
June 30 June 30 June 30 June 30
2000 1999 2000 1999
Net revenues $79,587 $67,228 $163,184 $146,523
Cost of revenues 49,296 40,873 102,410 88,920
Gross profit 30,291 26,355 60,774 57,603
Operating expenses:
Research and
development 12,118 8,642 22,867 17,667
In-process
research and
development -- -- 2,625 --
Selling, general
and administrative 12,007 9,523 22,397 17,969
Operating income 6,166 8,190 12,885 21,967
Nonoperating income 2,870 1,149 5,748 2,210
Income before
provision for
income taxes 9,036 9,339 18,633 24,177
Provision for
income taxes 2,127 1,401 5,181 3,627
Net income before
minority interest 6,909 7,938 13,452 20,550
Minority Interest 1,582 -- 3,730 --
Net Income $8,491 $7,938 $17,182 $20,550
Net income
per share
- basic $0.20 $0.20 $0.41 $0.51
Net income
per share
- diluted $0.18 $0.18 $0.35 $0.46
Shares used in
calculating
net income
per share
- basic 42,374 40,294 42,089 40,436
Shares used in
calculating
net income
per share
- diluted 48,006 45,133 48,524 44,934
ESS Technology, Inc.
Condensed Consolidated Statement of Operations
(unaudited)
(in thousands, except per share data)
Three Months Ended June 30, 2000 Three
Months
Ended
ESS ViAlta Elimin- Consolid- June 30,
ation ated 1999
Net revenues $79,613 $332 ($358) $79,587 $67,228
Cost of revenues 49,308 544 (556) 49,296 40,873
Gross profit (loss) 30,305 (212) 198 30,291 26,355
Research and
development 8,302 3,816 -- 12,118 8,642
In-process
research and
development -- -- -- -- --
Selling,
general and
administrative 9,678 2,329 -- 12,007 9,523
Operating
income (loss) 12,325 (6,357) 198 6,166 8,190
Other income 519 2,351 -- 2,870 1,149
Income (loss)
before income
taxes 12,844 (4,006) 198 9,036 9,339
Provision for
income taxes 2,127 -- -- 2,127 1,401
Net income
(loss) before
minority
interest 10,717 (4,006) 198 6,909 7,938
Minority Interest -- 1,582 -- 1,582 --
Net income
(loss) $10,717 ($2,424) $198 $8,491 $7,938
EPS -Diluted $0.22 $0.18 $0.18
ESS Technology, Inc.
Condensed Consolidated Statement of Operations
(unaudited)
(in thousands, except per share data)
Six Months Ended June 30, 2000 Six
Months
Ended
ESS ViAlta Elimin- Consolid- June 30,
ation ated 1999
Net Revenues $162,609 $1,334 ($759) $163,184 $146,523
Cost of revenues 100,852 2,253 (695) 102,410 88,920
Gross profit (loss) 61,757 (919) (64) 60,774 57,603
Research and
development 16,128 8,786 (2,047) 22,867 17,667
In-process
research and
development 2,625 -- -- 2,625 --
Selling,
general and
administrative 18,315 4,082 -- 22,397 17,969
Operating income
(loss) 24,689 (13,787) 1,983 12,885 21,967
Other income 3,494 4,301 (2,047) 5,748 2,210
Income (loss)
before income
taxes 28,183 (9,486) (64) 18,633 24,177
Provision for
income taxes 5,181 -- -- 5,181 3,627
Net income (loss)
before minority
interest 23,002 (9,486) (64) 13,452 20,550
Minority Interest -- 3,730 -- 3,730 --
Net income (loss) $23,002 ($5,756) ($64) $17,182 $20,550
EPS -Diluted $0.47 $0.35 $0.46
SOURCE: ESS Technology, Inc. |
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