SUNNYVALE, Calif., April 30, 2010 (GLOBE NEWSWIRE) -- LOGIC Devices Incorporated (Nasdaq:LOGC) today reported its revenues and earnings for the second quarter of fiscal 2010. Net revenues aggregated $553,200 for the quarter ended March 31, 2010, a slight decrease from the $555,700 reported in the same quarter of fiscal 2009. LOGIC reported a net loss of $418,400, or $(0.06) per share, for the fiscal 2010 quarter, compared to a net loss of $420,800, or ($0.06) per share, for the fiscal 2009 quarter.
"While our quarterly revenues were consistent year-to-year, we are disheartened over the decrease in revenues compared to our immediately preceding quarter, caused by a sharp drop-off in our digital cinema project. As we indicated last quarter, our challenge in 2010 is to manage the transition of our revenues from maturing products to our recently introduced integrated module (iMOD) and high-reliability static random access memory (SRAM) products. Unfortunately, the periodic lapse in digital cinema orders highlights this concern. Accordingly, we continue to complete the myriad of tasks required for these products to begin contributing revenues. To that end, we recently conducted a sales training event for our worldwide sales channel and provided representative sample products of our entire iMOD product family to our channel partners. During the quarter, we also addressed a number of manufacturing issues related to our assembly subcontractor to increase yield and consistency. Also during the quarter, our SRAMs underwent extensive testing and evaluation. As a result of these activities, research and development expenses for the quarter were extraordinarily high as a percentage of revenues. However, we continue to receive strong positive feedback from our channel partners on both our iMOD and SRAM products. Consequently, we remain confident these efforts are positioning us for a strong 2011," stated Bill Volz, president of LOGIC Devices.
"Our cash position and overall liquidity remain strong, but we are remaining conservative with our spending. The slight decrease in our cash position is due to extensive work to test, characterize, and qualify the new products for production. Based on weak order rates late in the recently concluded quarter, we anticipate the next quarter will not be significantly stronger. However, we do expect to book initial orders for our new products during the current (June) quarter," concluded Volz.
"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 Incorporated, an ISO 9001:2000 registered company, is focused on developing high-performance, digital silicon and integrated product solutions for high-performance, power-sensitive applications. Our products meet or exceed the requirements for broadcast video, medical imaging, industrial-embedded computer, surveillance, and instrumentation, as well as telecommunications companies. More information about LOGIC Devices and its products is available at www.logicdevices.com.
FINANCIAL HIGHLIGHTS:
| Quarter ended: | |||
| 03/31/10 | 03/31/09 | ||
| Net revenues | $553,200 | $555,700 | |
| Operating loss | $(416,100) | $(417,400) | |
| Net loss | $(418,400) | $(420,800) | |
| Basic loss per share | $(0.06) | $(0.06) | |
| Basic wtd-avg common shares | 6,814,438 | 6,814,438 | |