Hamilton, Bermuda--Oct. 28, 1998--3Dlabs, Inc. Ltd.announced unaudited financial results for thethird quarter ended September 30, 1998.
Total revenues for the quarter were approximately $4.1 million and, asanticipated, the company incurred operating losses of approximately $5.7million, or $0.33 per share, excluding the acquisition related chargesand write-off of acquired in-process research and development, describedbelow, resulting from the acquisition of Dynamic Pictures, Inc. which wascompleted on July 10, 1998.
3Dlabs also announced the appointment of Hildy Shandell as vicepresident and chief financial officer. Shandell, who will bejoining 3Dlabs during the fourth quarter of 1998, has been with theinternational law firm of Skadden, Arps, Slate, Meagher & Flom LLP andhas served as an advisor to 3Dlabs since its initial publicoffering. Tom Donohue will relinquish his duties as chief financialofficer, but will continue as vice president of finance and chiefoperating officer.
As announced previously, in the third quarter 3Dlabs is recordingacquisition related charges of approximately $3.2 million which includeseverance and consolidation costs incurred in connection with theacquisition and a write-off of acquired in-process research anddevelopment of approximately $2.2 million. When these charges arereflected, the company's net losses for the quarter totaledapproximately $11.2 million, or $0.66 per share.
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