Cost controls keep inSilicon afloat

inSilicon Corp has reported financial results for the third fiscal quarter ended 30th June 2002.

inSilicon Corp has reported financial results for the third fiscal quarter ended 30th June 2002.

Net revenue for the third fiscal quarter of 2002 was $4.7 million compared with net revenue of $5.2 million in the second fiscal quarter of 2002 and net revenue of $6.0 million in the third fiscal quarter of 2001.

Pro forma net loss for the third fiscal quarter of 2002 was $0.6 million, or ($0.04) per basic share, compared with a pro forma net loss of $0.1 million, or ($0.01) per basic share, in the second quarter of fiscal 2002 and a pro forma net loss of $0.7 million, or ($0.05) per basic share, in the third quarter of fiscal 2001.

For the nine-month period ended 30th June 2002, the company reported net revenue of $14.6 million compared to $17.3 million in the first nine months of fiscal 2001.

The pro forma net loss for the nine-month period ended 30th June 2002 was $1.3 million, or ($0.08) per basic share, compared with a pro forma net loss of $1.4 million, or ($0.09) per basic share, in the comparable period of fiscal 2001.

Pro forma operating expenses totalled $15.2 million during the nine month period ended 30th June 2002, compared to $19.2 million in the comparable period of fiscal 2001.

Pro forma net loss excludes certain non-cash and other charges related to the amortisation of purchased intangible assets and stock based compensation, and includes a pro-forma tax adjustment.

These items totalled approximately $1.9 million in the third quarter of fiscal 2002.

Including these items, the company generated a net loss of $2.5 million, or ($0.16) per basic share in the third quarter of fiscal 2002, as compared with a net loss of $2.3 million or ($0.15) per basic share, in the third quarter of fiscal 2001.

The net loss for the nine-month period ended 30th June 2002, including non-cash and other charges, was $8.0 million, or ($0.52) per basic share, compared with a net loss of $4.9 million, or ($0.33) per basic share, in the comparable period of fiscal 2001.

Results for the nine months ended 30th June 2002 include $2.4 million for restructuring charges and write-downs of purchased technology.

"Last quarter's revenue reflects our customers' return to cautious purchasing", said Barry Hoberman, President and Chief Executive Officer.

"Market activity continues to look encouraging, but customer delays in orders and project starts are still affecting revenue.

However, our cost control strategy has been implemented successfully and we believe we are well positioned to withstand the pressures of this uncertain market.

Our cash position remains strong and we are poised to take advantage of increased customer demand for our products as the recovery begins".

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