LOGIC DEVICES
REPORTS SECOND FISCAL QUARTER OF 2007
SUNNYVALE, Calif. - (May 14, 2007) - LOGIC Devices Incorporated
(Nasdaq: LOGC) today reported its results of operations for the
second quarter of fiscal 2007, which ended March 31, 2007. Revenues
for the second quarter of fiscal 2007 were $1,258,500, up 20 percent
over the $1,048,100 reported for the second quarter of fiscal
2006. The Company reported net income of $40,800 or $0.01 per
share, compared to a net loss $11,400 or $(0.00) per share in
the same quarter of fiscal 2006. For the six months ended March
31, 2007, revenues increased 22 percent to $2,620,900, compared
to $2,148,100 in the six months ended March 31, 2006. Earnings
for the six month period ended March 31, 2007 were $95,300, or
$0.01 per share, compared to a loss of $2,500, or $(0.00) per
share in the same period of 2006.
"Revenues for the quarter were driven by a strong contribution
from sales for digital cinema systems. Our revenues could have
been higher had we been able to support developing demand for
our new video frame buffer product family. We are diligently working
to retool and extend this family with a new wafer foundry supplier.
Gross margin, at 62 percent of revenues, reached a multi-year
high. Balance sheet liquidity remains exceptionally strong. Our
solid financial performance allows us to maintain our primary
focus on much needed product development efforts for the frame
buffer retooling, as well as for the introduction of additional
new products needed to drive revenue growth. Presently, over 50
percent of all LOGIC employees are directly supporting product
development activities, and in many cases they are working extended
hours. We are committed to an accelerating rate of new product
introductions," stated Bill Volz, president of LOGIC Devices.
“Safe Harbor” Statement under the Private Securities
Litigation Reform Act of 1995: Any statements in this press release
regarding expectations of future events are “forward-looking
statements” involving risks and uncertainties, including,
but not limited to, market acceptance risks, the effect of economic
conditions and shifts in supply and demand, the impact of competitive
products and pricing, product development, commercialization and
technological difficulties, availability of capital, and capacity
and supply constraints. Please refer to the Management Discussion
and Analysis of Financial Condition and Results of Operations
(MD&A) for a discussion of risks in the most recent LOGIC
Devices Annual Report on Form 10-K and the quarterly report under
Form 10-Q.
LOGIC Devices is a fabless semiconductor manufacturer focused
on developing high performance digital integrated circuits for
applications requiring high-density embedded memory, high speed
and low power consumption. LOGIC's product solutions meet the
requirements of leading broadcast video, medical imaging, surveillance,
instrumentation, and telecommunications companies. More information
about LOGIC Devices is available at www.logicdevices.com.
FINANCIAL HIGHLIGHTS (in thousands, except per share data):
Fiscal Quarter Ended
March 31, 2007 March 31, 2006
Net revenues $ 1,258 $ 1,048
Income (loss) from operations $ 24 $ (18)
Net income (loss) $ 41 $ (11)
Income (loss) per share $ 0.01 $ (0.00)
Basic weighted average shares 6,795,438 6,753,188
Contact: Bill Volz, President
(408) 542-5400
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