***Financials
Showscan Entertainment Reports Third-Quarter Results.
(February 13)
Showscan Entertainment Inc. reported a net loss of
$3,264,000 or 58 cents per share, on revenues of
$3,425,000 for the third fiscal quarter ended Dec.
31, 1997, compared with a net loss a year earlier of
$1,182,000 or 21 cents per share on revenues of
$4,220,000. For the nine-month period ended Dec. 31,
1997, the company reported a net loss of $5,875,000
or $1.04 per share, on revenues of $7,136,000. For
the comparable nine-month period a year earlier,
Showscan reported a net loss of $2,596,000 or 47
cents per share, on revenues of $12,939,000
Evans and Sutherland Reports Fourth Quarter and Full
Year 1997 Results
(February 12)
Evans & Sutherland Computer Corporation announced
Sales for the 1997 fiscal year were $159.4 million,
up 22% over sales of $130.6 million in fiscal 1996.
Operating income for 1997 was $14.4 million, compared
to $11.5 million in 1996, an increase of 25%.
The company also announced a non-cash writedown of
its investment in IWERKS to current market value and
a general reserve for non-marketable securities, for
a total provision of $9.6 million. Net of this
provision, after-tax earnings for the full year were
$5.1 million ($.53 per diluted share) compared to
1996 results of $10.4 million ($1.12 per diluted
share).
For the fourth quarter ended December 31, 1997, sales
were $49.4 million, an increase of 26% over sales of
$39.3 million for the fourth quarter of 1996.
Operating income for the quarter ended December 31,
1997 was $6.1 million, an increase of 11% over
operating income of $5.5 million for the fourth
quarter of 1996. As a result of the writedown
provision, the quarter ended December 31, 1997 showed
a net loss of $2.1 million ($.23 per diluted share)
compared to net income of $4.8 million ($.52 per
diluted share) for the fourth quarter of 1996.
www.es.com.
Pixar Announces Fourth Quarter and Fiscal 1997
Financial Results
(February 5)
Pixar Animation Studios announced revenues for the
fourth quarter were $7.1 million compared with $6.5
million in the fourth quarter of 1996. Net income for
the fourth quarter was $4.4 million compared with
$4.7 million for the fourth quarter of 1996. Diluted
earnings per share for the fourth quarter were $0.09
compared with $0.10 for the fourth quarter of 1996.
Revenues for fiscal 1997 were $34.7 million compared
with $35.2 million in fiscal 1996. Net income for
fiscal 1997 was $22.2 million compared with $25.3
million in fiscal 1996. Diluted earnings per share
for fiscal 1997 were $0.46 compared with $0.54 in
1996.
www.pixar.com
Avid Technology Announces Record Revenues and
Earnings for the Fourth Quarter and Full Year 1997
and a New Program To Buy Back Up To 1.5 Million
Common Shares
(February 5)
Avid Technology, Inc. reported its financial results
for the fourth quarter ended December 31, 1997. Net
income of $9.3 million or $0.37 per diluted share
compared to a net loss of $4.8 million or $0.23 per
diluted share in the same period in 1996. The loss
for the fourth quarter of 1996 included a non-cash
pre-tax charge of $5.6 million, which was included in
cost of revenues and was principally related to spare
parts that were no longer required to support the
company's business. Excluding the effect of this
charge, the loss for the fourth quarter of 1996 was
$0.05 per share. Fourth quarter revenues in 1997 rose
9.3% to $123.7 million compared to $113.2 million in
the fourth quarter of 1996.
For the year ended December 31, 1997, revenues were
$471.3 million versus $429.0 million for 1996, an
increase of 9.9%. The Company recorded net income of
$26.4 million or $1.08 per diluted share for the year
ended December 31, 1997, compared to a net loss of
$38.0 million or $1.80 per diluted share for 1996.
The loss for 1996 included nonrecurring pre-tax
charges of $29.0 million principally associated with:
-restructuring costs
-product transition costs resulting from the
move
from NuBus to PCI bus technology in certain
of
its product lines
-the company's decision not to release the Avid
Media Spectrum product line
in addition to the $5.6 million charge referred to
above.
During the fourth quarter, the Company repurchased a
total of 1,000,000 shares of its common stock at a
cost of $28.8 million The Company announced that its
Board of Directors has authorized an additional
repurchase of up to 1,500,000 shares of Avid's common
stock.
www.avid.com.
CNET, Inc. Reports Fourth Quarter and Full Year 1997
Financial Results
(February 5)
CNET, Inc. reported net revenues totaling $10.3
million for the fourth quarter ended December 31,
1997, a 71% increase over net revenues of $6.0
million for the fourth quarter of 1996.
Net loss for the quarter was $8.7 million, or $0.62
per share, before $2.0 million ($0.14 per share) of
unusual items, compared to a net loss of $4.3
million, or $0.32 per share for the fourth quarter of
1996. The fourth quarter unusual items of $2.0
million reflect a $1.3 million reserve for
reorganizing CNET's real estate needs and a $0.7
million write-off of unused domain names.
The company reported net revenues of $33.6 million
for the year ended December 31, 1997, an increase of
127% over net revenues of $14.8 million for the year
ended December 31, 1996.
Net loss for the year was $24.7 million or $1.82 per
share, compared to a net loss of $16.9 million or
$1.51 per share for the year ended December 31, 1996.
CNET Technology Publishing Revenues for CNET's
technology publishing division increased 79% to $7.9
million for the quarter, versus $4.4 million one year
ago. Operating loss for the division was $2.4
million. For the year, revenues increased 155% to
$25.8 million and the operating loss was $7.5
million.
Snap! Online revenues totaled $814,000 for the
quarter, its first full quarter in operation.
Operating loss for the quarter was $3.8 million.
Operating expenses totaled $4.6 million for the
quarter, and $13.9 million for the year.
www.cnet.com/
3Dlabs Reports Fourth Quarter and 1997 Results
(February 10)
3Dlabs Inc. Ltd. announced revenues in the fourth
quarter were $22.3 million, up 159% from the $8.6
million reported in the fourth quarter of 1996 and up
62% from the $13.7 million reported in the third
quarter of 1997. Revenues for 1997 were $69.1
million, up 251% from the $19.7 million reported in
1996.
Net income for the fourth quarter was $3.0 million,
or $0.19 per share on a diluted basis, up 84%,
compared with $1.6 million, or $0.10 per share, in
the third quarter of 1997. Net income for 1997 was
$16.1 million, or $1.01 per share, up 511%, compared
to $2.6 million or $0.19 per share in 1996.
www.3dlabs.com
3Dfx Interactive announces 4TH Quarter and Fiscal
1997 Financial Results
(January 27)
3Dfx Interactive, Inc. released financial results for
both the fourth quarter of 1997, which ended on
December 31, 1997, and for the full 1997 fiscal year.
Total revenues for the fourth quarter rose to
$22,296,000, an increase from total revenues of
$10,018,000 for the third quarter of fiscal 1997 and
$4,503,000 for the fourth quarter of fiscal 1996.
Net Income for the fourth quarter was $2,074,000, or
$.15 per share. 14,127,000 shares were used in the
per share calculation. This compares with a net loss
of $3,598,000 or a loss of $.36 per share in the
fourth quarter of 1996, when 10,121,000 shares were
used in the per share calculation. The fourth quarter
of 1997 marks the company’s first profitable quarter
since its inception in 1994. Total revenues for
the full 1997 fiscal year were $44,069,000, including
$1,817,000 in development contract revenues. Total
revenue figures for the comparable more – 4Q and FY
97 Results 2-2-2-2 period in fiscal year 1996 are
not meaningful because the company was still in the
product development stage during the first two
quarters, and revenues for that year only commenced
in the third quarter. Net loss for fiscal 1997 was
$1,714,000, or a loss of $.15 per share, based upon
11,699,000 shares used in the per share calculation.
Net loss for fiscal 1996 was $14,751,000, or a loss
of $1.52 per share, based upon 9,681,000 shares used
in the per share calculation.
Wave Issue 9739 3/18/98 Article 5-01