Toronto, Ont.--June 23, 1998--Genesis Microchip, Inc. (Toronto) reported record revenues and earnings for its fiscal quarter and fiscal year ended May 31, 1998. Revenues for the quarter increased 268 percent from $1.5 million in the fourth quarter fiscal 1997 to $5.5 million in the most recent quarter. Revenues were also up 16 percent sequentially over the third quarter 1998. Net income in the fourth quarter was $1.7 million, up 52 percent from the third quarter fiscal 1998 and from a loss of $1.7 million in the comparable quarter in 1997.
Revenues for the year ended May 31, 1998 grew 248 percent over fiscal 1997 to $15.7 million. Net income for the year was $3.4 million and fully diluted earnings of $0.29 per share were a substantial improvement over the loss of $0.62 per share recorded in the previous year.
Genesis Microchip, Inc.
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