SUNNYVALE, Calif., Feb. 4, 2009 (GLOBE NEWSWIRE) -- LOGIC Devices Incorporated (Nasdaq:LOGC) today reported its revenues and results of operations for its first quarter of fiscal 2009, which ended December 31, 2008. The Company's revenues totaled $445,400 for the fiscal 2008 quarter, compared to $868,700 for the same quarter of fiscal 2008. The Company recorded a net loss of $620,900, or ($0.09) per share, for the fiscal 2009 quarter, compared to a net loss of $762,800, or ($0.11) per share, for the same quarter of fiscal 2008.
"Our sharp drop in revenues was the result of a sharp drop in digital cinema related sales and further declines in older product offerings. This decrease in revenues has forced us to pare costs to conserve cash through work-week reductions for some employees and salary reductions for others," stated Bill Volz, president of LOGIC Devices. "During the quarter, we borrowed $975,000 from UBS against our Auction Rate Preferred Securities (ARPS) held with them. As of January 14, 2009, we repaid this loan in full when UBS redeemed our ARPS."
"While we must continue to watch our liquidity closely, we are encouraged by the recent introduction of our first two Integrated Module (IMOD) products. The IMOD product family will serve industrial, hi-reliability, and military markets, with target applications in man-portable radios (police, fire, and military) and aerospace systems.
"Work on a family of high-reliability memories became our second priority during the December quarter after evaluating the market opportunity for these products in terms of both time to revenues and return on investment. Unfortunately, these priorities and reduced staffing levels have further pushed out the production release of the LF4430 Frame Buffers," concluded Volz.
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:
Quarter ended:
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12/31/08 12/31/07
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Net revenues $ 445,400 $ 868,700
Operating loss $ (627,700) $ (649,600)
Net loss $ (620,900) $ (762,800)
Basic loss per share $ (0.09) $ (0.11)
Basic wtd-avg common shares 6,814,438 6,813,938