SUNNYVALE, Calif., Aug. 8, 2008 (PRIME NEWSWIRE) -- LOGIC Devices Incorporated (Nasdaq:LOGC) today reported its revenues and results of operations for its third quarter of fiscal 2008, which ended June 30, 2008. The Company's revenues totaled $728,700 for the fiscal 2008 quarter, compared to $1,106,800 for the same quarter of fiscal 2007. The Company recorded a net loss of $1,116,800, or ($0.16) per share, for the fiscal 2008 quarter, compared to a net loss of $1,427,600, or $0.21 per share, for the same quarter of fiscal 2007.
"Unfortunately, we continued to experience weak booking activity during the quarter, which translated into disappointing revenues. Bookings for digital cinema are running substantially below anticipated levels. However, high-reliability products continued to make a strong contribution to our sales, approximating 37% of net revenues," stated Bill Volz, president of LOGIC Devices.
"The weak revenues, along with an inventory write-off of $790,400, resulted in a net loss of $1,116,800 for our quarter ended June 30, 2008. We continue to evaluate our LF4430/60 Video Frame Buffer family and the interest for this product family from potential customers remains high. We expect to move this family into production in fiscal 2009."
"We are watching our liquidity closely, including constant monitoring of the auction rate securities market and hope to liquidate these assets soon. In addition, we will continue to evaluate our inventory for obsolescence issues," 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:
Quarter ended:
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06/30/08 06/30/07
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Net revenues $ 728,700 $ 1,106,800
Operating loss $(1,128,100) $(1,446,800)
Net loss $(1,116,800) $(1,427,600)
Basic loss per share $ (0.16) $ (0.21)
Basic wtd-avg common shares 6,814,438 6,797,938
Inventory $ 2,311,400 $ 4,175,600