SAN JOSE -- IMP Inc.'s revenues in its current fiscal quarter will be lower than expected due to manufacturing problems--many caused by a record heat wave, according to the company's CEO, Brad Whitney.
For IMP's fiscal year, ended March 26, the analog chip maker posted a 4% increase in revenues to $34.8 million from $33.4 million in the 1999 fiscal year. IMP posted a net loss of $3.6 million, or $1.00 per share, in the fiscal 2000 year vs. a loss of $7.9 million, or $2.73 per share, in the previous year. The company said losses in both fiscal years were a result of low factory utilization.
Recently, IMP received equity investments of $3.9 million from India's Teamasia Semiconductor Pte. Ltd., which now holds a 62% stake in the San Jose company (see June 16 story). Teamasia, a supplier of discrete semiconductors in Asia, has begun using IMP as a chip foundry and since last year has increased its investment in the company to help it recover from losses.
"Considering the financial environment and limitations faced last year, we finished with a respectable 4% sales increase and continued our new product development programs," Whitney said. "With the recent equity investment of $3.93 million from Teamasia, we will have the opportunity to execute our business plans with greater efficiency."