Umsatz + 10%
Verluste pro Aktie -27%
12,6 Mio US$ Schulden abgebaut
15 Mio. Us$ private Investment sind darin noch nicht berücksichtigt.
Damit dürfte der Weg klar sein: Pixtech kommt endgültig aus den Startlöchern!
_______________________________________
Originaltext:
PixTech Announces First Quarter 2000 Results
SANTA CLARA, Calif. and ROUSSET, France--(BUSINESS WIRE)--May 9, 2000--PixTech, Inc. (Nasdaq:PIXT)(EASDAQ:PIXT) today announced financial results for the three-month period ended March 31, 2000.
Revenues for the first quarter ended March 31, 2000 were $2 million, compared to $1.8 million in the fourth quarter of 1999. The net loss for the first quarter of 2000 was $6.7 million or $0.16 per share of common stock, compared to a net loss of $7.4 million or $0.22 per share of common stock in the fourth quarter of 1999. During the first quarter PixTech issued 7,793,925 shares of common stock, mainly in connection with the completion of the conversion of the note issued to Sumitomo Corporation, the conversion of the majority of the series E preferred stock into common stock and the Kingsbridge Capital equity line of credit.
As a result of these transactions, the company was able to reduce the current and long-term debt by $12.6 million during the first quarter of 2000. In April 2000, the company received $15 million upon the completion of the private placement to United Microelectronics Corporation approved by the stockholders at a special meeting on January 18, 2000. This subsequent $15 million investment is in addition to, and is not reflected in, the March 31, 2000 balance sheet.
On April 3, 2000 the company reported an additional $6.3 million contract from DARPA. This will enable the company to continue the 12.1-inch color FED program using the same basic FED technology as the 7.0-inch color program.
During the first quarter, PixTech sampled a new monochrome display, the FE524G1. The FE524G1 has video rate capability, 6 bit gray scale and the brightness exceeds 350 fL (foot-lambert). The FE524G1 uses the same display as the FE524 with different electronics.
Dieter Mezger, President and Chief Executive Officer, commented, "I am pleased with the company`s accomplishments in the first quarter of 2000. However, our main focus and challenge remains our production in Taiwan. Although the volume of finished products remains small, we are continuing to make progress. Our cathode production has met and exceeded the planned yield numbers and has remained stable during the past few weeks. Our efforts in the current quarter are centered on improving assembly and final test yields. Our engineering teams together with the Unipac experts feel confident that we can improve this part of the production process during the quarter."
A replay of PixTech`s quarterly conference call will be available for 24 hours. To access the replay, please dial 800/633-8284 and enter code number 15021025. The replay can also be accessed via the Internet through Vcall at www.vcall.com for 90 days, StreetFusion at www.Streetfusion.com, StreetEvents at www.streetevents.com, or PixTech`s web site at www.pixtech.com.
About PixTech, Inc.
PixTech designs, develops and manufactures field emission displays (FEDs), a new type of flat-panel display. The company operates a flat-panel display pilot manufacturing facility in Montpellier, France, an R&D facility in Boise, Idaho, and has offices in Boise (Idaho), Santa Clara (California), and Rousset (France). PixTech is currently developing high-volume manufacturing capabilities for its FEDs in Taiwan under a contract manufacturing arrangement with Unipac, a Taiwanese AM-LCD manufacturer. PixTech has also established a marketing partnership with Sumitomo Corporation, the exclusive distributor in Japan. More information is available from the company`s web site at www.pixtech.com.
Statements that are not historical facts, including statements about PixTech`s confidence and strategies, the development of new or existing products, technologies and opportunities, market demand or acceptance of new or existing products, are forward-looking statements that involve risks and uncertainties. These uncertainties include, but are not limited to, the risk associated with transitioning to high volume manufacturing of FED displays at Unipac, product demand and market acceptance risks, commitment of Unipac and/or of PixTech licensees, ability of the company to grant other licenses under FED technology, validity and enforceability of PixTech`s patent rights, infringement by PixTech of other patent rights, impact of competitive product and prices, product development, commercialization or technological delays or difficulties, trade, legal, social and economic risks detailed in PixTech`s Securities and Exchange Commission filings, including its annual report on form 10-K for the year ended December 31, 1999 and any subsequent filings.
PixTech, Inc.
(a development stage company)
Selected Financial Information
(in thousands, except share and per share amounts)
The following selected financial data for the three-month period
are derived from unaudited consolidated financial statements of
PixTech, Inc. The data should be read in conjunction with consolidated
financial statements, related notes, and other financial information
included in the company`s Annual Report on Form 10-K for the year
ended December 31, 1999.
Three months ended Year ended
(unaudited)
March 31, Dec 31, Sep. 30, Dec 31, Dec 31,
2000 1999 1999 1999 1998
Revenues:
Cooperation
and license
revenues -- -- -- -- $ 1,239
Product sales $ 86 $ 74 $ 71 484 445
Other revenues 1,904 1,717 877 4,908 1,968
Total Revenues 1,990 1,791 948 5,392 3,652
Cost of revenues
Licenses fees
and royalties (88) (107) (82) (361) 24
Gross Margin 1,902 1,684 866 5,031 3,676
Operating expenses:
Research and
development
Acquisition of
intellectual
property (57) (75) -- (75) (125)
Other (7,794) (7,768) (7,210) (27,181) (19,289)
Total (7,851) (7,843) (7,210) (27,256) (19,414)
Sales
and marketing (313) (261) (338) (1,279) (1,433)
General
and
administrative (813) (694) (787) (2,983) (2,515)
Total operating
expenses (8,977) (8,798) (8,335) (31,518) (23,362)
Loss
from operations (7,075) (7,114) (7,469) (26,487) (19,686)
Other income/(expense):
Interest income/
(expense) 29 (256) (244) (864) (708)
Foreign exchange
gains/(loss) 359 (51) 112 (1,076) 372
----- ----- ----- ----- -----
388 (307) (132) (1,940) (336)
Loss before income
tax benefit (6,687) (7,421) (7,601) (28,427) (20,022)
Income tax benefit -- -- -- -- 2,159
Net loss $(6,687) $(7,421) $(7,601) $(28,427) $(17,863)
Net loss
per share $(.16) $(.22) $(.32) $(1.26) $(1.23)
Shares used in
computing
loss per
share 40,562 34,554 23,408 22,948 14,548
March 31, Dec 31, March 31,
2000 1999 1999
Cash available $ 12,336 $ 14,663 $ 4,155
Other current assets 2,563 2,526 3,054
Restricted cash 1,875 7,500 10,064
Property
and equipment (net) 23,353 25,010 16,685
Other assets 1,396 1,470 4,873
Total assets $ 41,523 $ 51,169 $ 38,831
Current liabilities $ 13,217 $ 20,266 $ 14,520
Deferred revenues 399 248 82
Long-term debt
and liabilities 5,235 10,771 16,827
Stockholders` equity 22,672 19,884 7,402
Total liabilities
and stockholder`s
equity 41,523 $ 51,169 $ 38,831
Verluste pro Aktie -27%
12,6 Mio US$ Schulden abgebaut
15 Mio. Us$ private Investment sind darin noch nicht berücksichtigt.
Damit dürfte der Weg klar sein: Pixtech kommt endgültig aus den Startlöchern!
_______________________________________
Originaltext:
PixTech Announces First Quarter 2000 Results
SANTA CLARA, Calif. and ROUSSET, France--(BUSINESS WIRE)--May 9, 2000--PixTech, Inc. (Nasdaq:PIXT)(EASDAQ:PIXT) today announced financial results for the three-month period ended March 31, 2000.
Revenues for the first quarter ended March 31, 2000 were $2 million, compared to $1.8 million in the fourth quarter of 1999. The net loss for the first quarter of 2000 was $6.7 million or $0.16 per share of common stock, compared to a net loss of $7.4 million or $0.22 per share of common stock in the fourth quarter of 1999. During the first quarter PixTech issued 7,793,925 shares of common stock, mainly in connection with the completion of the conversion of the note issued to Sumitomo Corporation, the conversion of the majority of the series E preferred stock into common stock and the Kingsbridge Capital equity line of credit.
As a result of these transactions, the company was able to reduce the current and long-term debt by $12.6 million during the first quarter of 2000. In April 2000, the company received $15 million upon the completion of the private placement to United Microelectronics Corporation approved by the stockholders at a special meeting on January 18, 2000. This subsequent $15 million investment is in addition to, and is not reflected in, the March 31, 2000 balance sheet.
On April 3, 2000 the company reported an additional $6.3 million contract from DARPA. This will enable the company to continue the 12.1-inch color FED program using the same basic FED technology as the 7.0-inch color program.
During the first quarter, PixTech sampled a new monochrome display, the FE524G1. The FE524G1 has video rate capability, 6 bit gray scale and the brightness exceeds 350 fL (foot-lambert). The FE524G1 uses the same display as the FE524 with different electronics.
Dieter Mezger, President and Chief Executive Officer, commented, "I am pleased with the company`s accomplishments in the first quarter of 2000. However, our main focus and challenge remains our production in Taiwan. Although the volume of finished products remains small, we are continuing to make progress. Our cathode production has met and exceeded the planned yield numbers and has remained stable during the past few weeks. Our efforts in the current quarter are centered on improving assembly and final test yields. Our engineering teams together with the Unipac experts feel confident that we can improve this part of the production process during the quarter."
A replay of PixTech`s quarterly conference call will be available for 24 hours. To access the replay, please dial 800/633-8284 and enter code number 15021025. The replay can also be accessed via the Internet through Vcall at www.vcall.com for 90 days, StreetFusion at www.Streetfusion.com, StreetEvents at www.streetevents.com, or PixTech`s web site at www.pixtech.com.
About PixTech, Inc.
PixTech designs, develops and manufactures field emission displays (FEDs), a new type of flat-panel display. The company operates a flat-panel display pilot manufacturing facility in Montpellier, France, an R&D facility in Boise, Idaho, and has offices in Boise (Idaho), Santa Clara (California), and Rousset (France). PixTech is currently developing high-volume manufacturing capabilities for its FEDs in Taiwan under a contract manufacturing arrangement with Unipac, a Taiwanese AM-LCD manufacturer. PixTech has also established a marketing partnership with Sumitomo Corporation, the exclusive distributor in Japan. More information is available from the company`s web site at www.pixtech.com.
Statements that are not historical facts, including statements about PixTech`s confidence and strategies, the development of new or existing products, technologies and opportunities, market demand or acceptance of new or existing products, are forward-looking statements that involve risks and uncertainties. These uncertainties include, but are not limited to, the risk associated with transitioning to high volume manufacturing of FED displays at Unipac, product demand and market acceptance risks, commitment of Unipac and/or of PixTech licensees, ability of the company to grant other licenses under FED technology, validity and enforceability of PixTech`s patent rights, infringement by PixTech of other patent rights, impact of competitive product and prices, product development, commercialization or technological delays or difficulties, trade, legal, social and economic risks detailed in PixTech`s Securities and Exchange Commission filings, including its annual report on form 10-K for the year ended December 31, 1999 and any subsequent filings.
PixTech, Inc.
(a development stage company)
Selected Financial Information
(in thousands, except share and per share amounts)
The following selected financial data for the three-month period
are derived from unaudited consolidated financial statements of
PixTech, Inc. The data should be read in conjunction with consolidated
financial statements, related notes, and other financial information
included in the company`s Annual Report on Form 10-K for the year
ended December 31, 1999.
Three months ended Year ended
(unaudited)
March 31, Dec 31, Sep. 30, Dec 31, Dec 31,
2000 1999 1999 1999 1998
Revenues:
Cooperation
and license
revenues -- -- -- -- $ 1,239
Product sales $ 86 $ 74 $ 71 484 445
Other revenues 1,904 1,717 877 4,908 1,968
Total Revenues 1,990 1,791 948 5,392 3,652
Cost of revenues
Licenses fees
and royalties (88) (107) (82) (361) 24
Gross Margin 1,902 1,684 866 5,031 3,676
Operating expenses:
Research and
development
Acquisition of
intellectual
property (57) (75) -- (75) (125)
Other (7,794) (7,768) (7,210) (27,181) (19,289)
Total (7,851) (7,843) (7,210) (27,256) (19,414)
Sales
and marketing (313) (261) (338) (1,279) (1,433)
General
and
administrative (813) (694) (787) (2,983) (2,515)
Total operating
expenses (8,977) (8,798) (8,335) (31,518) (23,362)
Loss
from operations (7,075) (7,114) (7,469) (26,487) (19,686)
Other income/(expense):
Interest income/
(expense) 29 (256) (244) (864) (708)
Foreign exchange
gains/(loss) 359 (51) 112 (1,076) 372
----- ----- ----- ----- -----
388 (307) (132) (1,940) (336)
Loss before income
tax benefit (6,687) (7,421) (7,601) (28,427) (20,022)
Income tax benefit -- -- -- -- 2,159
Net loss $(6,687) $(7,421) $(7,601) $(28,427) $(17,863)
Net loss
per share $(.16) $(.22) $(.32) $(1.26) $(1.23)
Shares used in
computing
loss per
share 40,562 34,554 23,408 22,948 14,548
March 31, Dec 31, March 31,
2000 1999 1999
Cash available $ 12,336 $ 14,663 $ 4,155
Other current assets 2,563 2,526 3,054
Restricted cash 1,875 7,500 10,064
Property
and equipment (net) 23,353 25,010 16,685
Other assets 1,396 1,470 4,873
Total assets $ 41,523 $ 51,169 $ 38,831
Current liabilities $ 13,217 $ 20,266 $ 14,520
Deferred revenues 399 248 82
Long-term debt
and liabilities 5,235 10,771 16,827
Stockholders` equity 22,672 19,884 7,402
Total liabilities
and stockholder`s
equity 41,523 $ 51,169 $ 38,831
