SUNNYVALE, Calif., Dec. 4, 2009 (GLOBE NEWSWIRE) -- LOGIC Devices Incorporated (Nasdaq:LOGC) today reported its revenues and results of operations for its fiscal year ended September 30, 2009. Revenues for fiscal 2009 were $3,013,200 versus $3,352,100 for fiscal 2008, with a net loss of $811,300 or $(0.12) per share in fiscal 2009, compared to a net loss of $3,965,000, or $(0.58) per share in fiscal 2008. Revenues for the quarter ended September 30, 2009 were $1,208,800 with a net income of $199,700 or $0.03 per share, compared to revenues of $789,400 and a net loss of $1,293,700 or $(0.19) per share for the same quarter of fiscal 2008.
"2009 was clearly a very difficult year for everyone. However, we are greatly encouraged by the trends that developed over the course of the year for LOGIC Devices. Starting from our initial first quarter revenues of only $445,400, we have enjoyed successive quarterly revenue gains throughout the remainder of the fiscal year. As a result of our cost controls and recovering revenues, we also saw first half losses return to profits in the second half. Our cash liquidity rebounded from a low of only $495,500 at June 30, 2009 to $1,238,400 at our fiscal year-end," stated Bill Volz, president of LOGIC Devices.
"Our inability to successfully develop and introduce new products to market over the past several years continued to adversely affect revenues in fiscal 2009. As a result of our critically weak first quarter revenues, we aggressively curtailed costs. However, we accomplished these cost curtailments without adversely affecting our robust product development effort that is necessary to the revitalization of our product portfolio. Consequently, we ask a great deal of our team, including disproportionately scaling back all other activities while maintaining our product development effort. Fortunately, our fiscal 2009 was a bountiful year for new product introductions. We production qualified four DDR1 members of our integrated module (IMOD) family; we have preproduction engineering samples for four DDR2 modules; we have additional DDR3 modules functioning and are undergoing additional engineering performance tests; and we recently released a HI-REL multiproduct memory chip design to initial prototype fabrication. During calendar 2009, we will have developed thirteen IMOD products and completed the initial design of nine HI-REL memory devices.
As this exciting progress began to unfold, we recognized the need to enhance our sales management and channels to rapidly bring these new products to revenue contributing status. We entered into an innovative Sales Management Organization Agreement that immediately provided a North American sales presence that we very much needed, and married our products with related products from other manufacturers to increase our attractiveness to both our OEM customers and our sales channel partners. While this is a relatively novel relationship, we have been extremely encouraged by the initial feedback from both our customers and our channel partners.
Fiscal 2010 will be a year of transition for LOGIC Devices. In recent years, we have been highly dependent on sales of our chips into digital cinema systems and older programs. During fiscal 2010, we anticipate these older programs to decline further. Offsetting this, we are encouraged by our new portfolio of IMOD product families and sales channel partners to design these products into systems. So, while we are confident we will enjoy considerable success with our new product offerings, some of this success will be offset by the continued decline of older products during fiscal 2010. However, the design-wins we achieve during fiscal 2010 should build a strong base for fiscal 2011 and beyond. Our challenge is to manage and bridge this transition from the old to the new. Fortunately, we are off to an excellent start in our first quarter of fiscal 2010, which ends December 31, 2009," concluded Volz.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Any statements in this press release regarding expectations of future events are "forward-looking statements" involving risks and uncertainties, including, but not limited to, market acceptance risks, the effect of economic conditions and shifts in supply and demand, the impact of competitive products and pricing, product development, commercialization and technological difficulties, availability of capital, and capacity and supply constraints. Please refer to the Management Discussion and Analysis of Financial Condition and Results of Operations (MD&A) for a discussion of risks in the most recent LOGIC Devices Annual Report on Form 10-K and the quarterly report under Form 10-Q.
LOGIC Devices Incorporated, an ISO 9001:2000 registered company, is focused on developing high-performance, digital silicon and integrated product solutions for high-performance, power-sensitive applications. Our products meet or exceed the requirements for broadcast video, medical imaging, industrial-embedded computer, surveillance, and instrumentation, as well as telecommunications companies. More information about LOGIC Devices and its products is available at www.logicdevices.com.
FINANCIAL HIGHLIGHTS:
Quarter ended: Fiscal year ended:
------------------------ ------------------------
09/30/09 09/30/08 09/30/09 09/30/08
----------- ----------- ----------- -----------
Net revenues $ 1,208,800 $ 789,400 $ 3,013,200 $ 3,352,100
Operating income
(loss) $ 199,700 $(1,304,600) $ (814,700) $(3,891,100)
Net income (loss) $ 199,700 $(1,293,700) $ (811,300) $(3,965,000)
Basic earnings
(loss) per share $ 0.03 $ (0.19) $ (0.12) $ (0.58)
Basic wtd-avg
common shares 6,814,438 6,814,438 6,814,438 6,814,313