SUNNYVALE, Calif., Jan. 29, 2010 (GLOBE NEWSWIRE) -- LOGIC Devices Incorporated (Nasdaq:LOGC) today reported its revenues and earnings for the first quarter of fiscal 2010. Net revenues aggregated $1,102,200 for the quarter ended December 31, 2009, a 147 percent increase from $445,400 reported in the same quarter of fiscal 2009. LOGIC reported a net income of $83,600, or $0.01 per share, for the fiscal 2010 quarter, compared to a net loss of $620,900, or ($0.09) per share, for the fiscal 2009 quarter.
“The comparisons for fiscal 2010 are particularly favorable, as we experienced a very difficult quarter in fiscal 2009 at the peak of the economic crisis. However, the underlying improvements in our performance during 2009 have continued into our current year. 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 products. Our current efforts are to garner design-in wins and bring engineering prototypes to full production status. With our revenues transitioning as mature products ramp down and our newer products ramp up, we expect our recent product introductions will position us for a strong 2011,” stated Bill Volz, president of LOGIC Devices.
“Our cash position and overall liquidity also improved as our revenue levels improved during the latter part of fiscal 2009 and now continued into our first quarter of fiscal 2010. While we are excited about our recent progress on so many fronts, we are equally anxious to tackle the additional challenges to building a really standout company. We feel we are on the right track,” 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: | ||
| 12/31/09 | 12/31/08 | |
| Net revenues | $1,102,200 | $445,400 |
| Operating income (loss) | $77,900 | $(627,700) |
| Net income (loss) | $83,600 | $(620,900) |
| Basic earnings (loss) per share | $0.01 | $(0.09) |
| Basic wtd-avg common shares | 6,814,438 | 6,814,438 |