Hauppauge, NY--September 26, 1996--Standard Microsystems Corp. (Hauppauge, NY) said on Thursday it expects a profit for the third quarter ending November 30, 1996, despite a $4 million pre-tax charge related to a settlement with Penril DataComm Networks Inc.
Penril and Standard Microsystems filed claims against one another regarding the rights and obligations over Penril's technology and product agreements with Sigma Network Systems, which was acquired by Standard in December 1992.
All parties deny any liability under the claims, Standard said. Standard Microsystems said it expects improved revenues and profits in the third quarter compared to results reported for the second quarter ended August 31, 1996.
The company reported second quarter profits of $142,000, or $0.01 a share, on sales of $99.2 million.
In the prior third quarter, the company reported revenues of $90.6 million and profits of $303,000, or $0.02 a share.
Standard Microsystems Corp.
80 Arkay Dr.
Hauppauge, NY 11788
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