San Jose, CA--May 28, 1997--Silicon Valley Research (SVR; San Jose, CA) reported that for the quarter ended March 31, 1997, its revenues were $1.075 million compared to $3.006 million for the quarter ended March 31, 1996, and a net loss for the current quarter of $1.978 million compared to net income of $285,000 for the comparable quarter of the prior year.
Net loss per share for this quarter was $0.17 compared to earnings of $0.03 for the quarter ended March 31, 1996.
Fiscal year 1997 revenues were $5.504 million compared to $10.947 million for the previous year. The net loss for the current year was $9.885 million compared to net income of $569,000 for the previous year. Net loss per share for the current year was $0.86 compared to net income per share of $0.05 for the year ended March 31, 1996.
Operating results for the year ended March 31, 1997 were negatively impacted by approximately $3 million of nonrecurring charges associated with severance arrangements, litigation accruals, costs associated with the company's restatement of its first and second quarter financial results, and additional provisions, such as doubtful accounts receivable.
On May 27, 1997, the company received a commitment letter from its bank for a $2 million revolving line of credit. This resource, together with the proceeds from the previously announced private placement of its equity securities completed in April, places the company in a financial position to pursue its product development program, which will improve SVR's competitive position.
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