SAN JOSE, Calif.--IMP Inc. here posted a 27% decline in revenues to $7.7 million in the company's second fiscal quarter, ended Sept. 26, compared to $10.6 million in the same period last year. IMP's revenues grew 15% from $6.7 million in sales recorded in the company's first fiscal quarter this year.
IMP's net loss totaled $2.2 million compared to a loss of $3.3 million a year ago and $900,000 in the previous quarter.
Zvi Grinfas, president and chief executive of IMP, said his analog chip company has improved its cash position with cost cuts, layoffs, and an equity investment from Teamasia Semiconductors (India) Ltd. Recently, Teamasia gained 16.7% of IMP's outstanding shares in the first phase of financial arrangement that covers product marketing and manufacturing services (see Sept. 24 story). As part of the arrangement, IMP is acting as a foundry for Teamasia's discrete products.
The alliance with Teamasia is expected to be a "cornerstone" of IMP's recovery efforts, Grinfas said, while the Indian chip company said it hopes the foundry arrangement will help it become a leading supplier of analog products in Asia.