SUNNYVALE, Calif., Dec. 3, 2007 (PRIME NEWSWIRE) -- LOGIC Devices Incorporated (Nasdaq:LOGC) today reported its revenues and results of operations for its fiscal year ended September 30, 2007. The Company's revenues totaled $4,686,400 for fiscal 2007, compared to $4,640,600 for fiscal 2006. The Company recorded a net loss of $1,487,800, or ($0.22) per share, for fiscal 2007, compared to a net income of $129,400, or $0.02 per share, for fiscal 2006.
"We are disappointed that revenues did not increase during fiscal 2007. Our final fiscal quarter was particularly weak as a result of push outs from our digital cinema project and some disruptions of shipments due to relocating our facilities during the quarter. The net loss is primarily the result of write-offs taken during the year," stated Bill Volz, president of LOGIC Devices Incorporated. "During fiscal 2007, we wrote off $555,600 of excess inventory and $400,200 of capitalized test software development costs. In addition, we increased our inventory valuation allowance by $402,700 for slowing-moving and potentially obsolete inventory.
"We continue to focus on new product development, with research and development expenditures (net of the $400,200 capitalized software write-off) representing 30% of net revenues in fiscal 2007, compared to 21% in fiscal 2006. While this is higher than our target of 20-25%, we believe new product introductions are the key to our future growth and success. We have completed the design of our frame buffer chips. At this time, we are looking forward to completing performance characterization and working with potential customers to design these new products into their systems.
"While we had a net loss, we continue to produce net cash from operations and maintain strong liquidity. Our quick and current ratios at September 30, 2007 were 11 to 1 and 29 to 1, respectively, and our total liabilities remain low at $247,600," concluded Volz.
LOGIC Devices is a fabless semiconductor manufacturer focused on developing high performance digital integrated circuits for applications requiring high-density embedded memory, high speed and low power consumption. LOGIC's product solutions meet the requirements of leading broadcast video, medical imaging, surveillance, instrumentation, and telecommunications companies. More information about LOGIC Devices is available at www.logicdevices.com.
FINANCIAL HIGHLIGHTS:
Fiscal quarter ended: Fiscal year ended:
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09/30/07 09/30/06 09/30/07 09/30/06
----------- ----------- ----------- -----------
Net revenues $ 958,700 $ 1,275,300 $ 4,686,400 $ 4,640,600
(Loss) income
from
operations $ (131,100) $ 57,500 $(1,518,500) $ 83,300
Net (loss)
income $ (155,400) $ 71,800 $(1,487,800) $ 129,400
Basic (loss)
income per
share $ (0.03) $ 0.01 $ (0.22) $ 0.02
Basic wtd-avg
common
shares 6,808,355 6,756,521 6,797,480 6,754,021
Working
capital $ 6,956,900 $ 7,897,300 $ 6,956,900 $ 7,897,300
Property and
equipment,
net $ 1,038,800 $ 1,100,700 $ 1,038,800 $ 1,100,700