Pixelplus Reports Financial Results for Fiscal Third Quarter 2008 (Revenue down 5%)

 

 

    Contact:

    Shane Y. Hong
    Pixelplus Co., Ltd.
    6th Floor, Gyeonggi R&DB Center
    906-5 Iui-dong, Yeongtong-gu
    Suwon-si, Gyeonggi-do, 443-766
    Republic of Korea
    +82-31-888-5300

    OR

    Taylor Rafferty:
    London - Emilia Whitbread at +44 (0) 20 7614 2900
    New York - Jessica McCormick at +1 212 889 4350
    Tokyo - Jason Wagers at +81 (0) 3 3221 9513
    E-mail pixelplus@taylor-rafferty.com

 

 

 

 

 

                                     Pixelplus Co., Ltd.
                            Consolidated Statements of Operations
                         (In thousands of USD, except per ADS data)
                                         (Unaudited)

                                     THREE MONTHS ENDED     NINE MONTHS ENDED
                                     Sep. 30,  Sep. 30,     Sep. 30,  Sep. 30,
                                       2008      2007        2008        2007
    Revenues                          3,727     3,900       9,683      11,954
      Products                        3,573     3,534       9,199       8,438
      Services                          154       366         484       3,516

    Cost of revenues                  3,157     2,880       8,637       8,393
      Products                        3,134     2,811       8,554       7,519
      Services                           23        69          83         874

    Gross profit                        570     1,020       1,046       3,561

    Operating expenses                3,659     2,715       8,528       8,190
      Selling, general and
       administrative                 2,918     1,696       5,970       5,111
      Research and
       development, net of
       government grants                741     1,019       2,558       3,079

    Income(loss) from
     operations                      (3,089)   (1,695)     (7,482)     (4,629)

    Other income(expense)
      Interest
       income(expense), net             (53)       54         (71)        140
      Foreign exchange gain
       (loss), net                       (1)        2           3           7
      Reversal of Allowance
       for Doubtful Accounts              -        67           -         606
      Gain from sales of
       securities                       231       365         231         365
      Others, net                        50         7         121          39

       Income(loss) before
        income taxes, gain from
        equity method
        investments, dilution
        gain and minority
        interest                     (2,862)   (1,200)     (7,198)     (3,472)
      Income tax expenses                 -         -           -           -
      Income(loss) before gain
        from equity method
        investments, dilution
        gain and minority
        interest                     (2,862)     (1,200)          (7,198)          (3,472)

        Gain  from  equity  method
          investments,  net                                        -                    -                      -                      -
          Dilution  gain  from
            equity  method
            investment  and
            consolidated  subsidiary                        -                    -                      -                      -
        Minority  interest                                        -                    -                      -                      -

        Before  cumulative  effect
          of  change  in  accounting
          principle                                            (2,862)        (1,200)          (7,198)          (3,472)
        Cumulative  effect  of
          change  in  accounting
          principle                                                      -                    -                      -                      -
        Net  income  (loss)                              (2,862)        (1,200)          (7,198)          (3,472)
                                                                        =======        =======          =======          =======
        Accretion  of  preferred
          shares                                                            -                    -                      -                      -
        Net  loss  attributable  to
          common  shareholders                        (2,862)        (1,200)          (7,198)          (3,472)
                                                                        =======        =======          =======          =======

        Loss  per  ADS      -  basic  and
          diluted                                                  (0.84)          (0.36)            (2.13)            (1.07)

          ADSs  used  in  computing
            loss  per  ADS      -  basic
            and  diluted                                3,403,433    3,292,678*      3,383,434    3,253,317*

        *These  figures  were  calculated  based  on  Pixelplus'  one-for-four  reverse
          stock  split  of  its  American  Depositary  Receipts  effective  as  of  the  open
          of  business  on  April  14,  2008.
 

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