SUNNYVALE, Calif. -- Logic Devices Inc., a maker of video processing chips, today reported that for its second fiscal quarter, ended April 2, net earnings were $93,400, or 1 cent per share, on revenues of $2.8 million. This compared with net earnings of $40,200, or 1 cent per share, on revenues of $3.2 million in the second quarter of fiscal 1999.
Bill Volz, president of Logic Devices, attributed the decline in revenues to product returns from the company's domestic distributor and to a delay by the Federal Communications Commission in setting a high-definition television (HDTV) standard. "While our chips are not involved in the transmission standard, the question over a possible change in standards has caused broadcasters to delay their equipment purchases," said Volz.
Earnings increased 132% over the prior year's quarter as Logic Devices' product mix further shifted toward our newer, higher margin products, he added.
"Our balance sheet continued to improve during the quarter with total liabilities falling by an additional $900,000, or 22% during the quarter. This was in addition to the significant reductions in liabilities already recorded over the past year. Liabilities are down 41% sincethe beginning of the 2000 fiscal year," concluded Volz.