MANHASSET, N.Y. Graphics system-on-chip IC supplier Pixelworks Inc. posted a net loss of $35.9 million, or 75 cents per share on sales of $43.3 million in its fourth quarter ended December, compared with earnings of $4.0 million, or 8 cents per share on sales of $38.5 million in the year-ago quarter.
Pixelworks (Tualatin, Ore.) said it incurred an unusually large provision for income taxes of $27.1 million in the fourth quarter, compared with recovery of income taxes of $1.2 million in the year-ago quarter and $4.7 million the previous quarter. The provision was due to an unanticipated $31.4 million in tax expense, representing 66 cents per share.
For fiscal 2005, Pixelworks reported a net loss of $42.6 million, or 90 cents per share on sales of $171.7 million, compared with net income of $21.8 million, or 45 cents per share on sales of $176.2 million in 2004.
In a separate announcement, Pixelworks announced Jeff Bouchard, vice president and chief financial officer, will resign effective Feb. 10. Bouchard is reportedly becoming chief financial officer of an unnamed private high-technology company in Silicon Valley.
Hans Olsen, chief operating officer, will serve as interim chief financial officer until a replacement is named.