Milpitas, Calif., July 29, 1997 (BUSINESS WIRE)---Paradigm Technology Inc. Tuesday announced financial results for the second quarter ended June 30, 1997.Second quarter revenues were $3.5 million compared with $4 million for the same period last year and $3.6 million in first quarter 1997. Net loss for the second quarter 1997 was $1.1 million, or 19 cents per share, compared with a net loss of $16.7 million, or $2.42 per share, in the same period in 1996 and a net loss of $2.6 million, or 42 cents in the first quarter 1997.
The loss in the second quarter 1996 included charges of $3.8 million related to a prior acquisition and $5.8 million in inventory adjustments following an industry-wide drop in prices for SRAM products.
Weighted average number of shares outstanding were 7,624,213 in the second quarter compared with 6,898,000 in the same period in 1996.
"We are pleased with our progress in the second quarter. Increased operating efficiencies and reduced costs have enabled us to substantially narrow our operating losses. As a result of company-wide restructuring and cost reduction programs, we are operating more effectively and efficiently than a year ago and we hope to be able to continue this trend," said Michael Gulett, president and CEO.
Paradigm Technology, Inc.
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