Revenues for the first quarter were $20.3 million, an increase of five percent over revenues of $19.4 million for the fourth fiscal quarter of 2001 and a 27 percent reduction compared with net revenues for the first fiscal quarter of 2001. The as-adjusted loss per share of 15 cents compares with an as-adjusted loss of 23 cents in the prior quarter and an as-adjusted profit of 2 cents in the corresponding quarter last year.
"Industry analysts project that global DSL installs will more than double this year based on continuing strong consumer demand for broadband services," said Charles Cotton, CEO of Virata. "While there is always the potential for swings in channel inventories in a fast-growing market, we believe the brunt of the correction is now behind us. Virata is well-positioned in key growth markets including China, Germany, Japan and Taiwan."
Virata announced the release of an 802.11b reference design for manufacturers of wireless devices, such as wireless access points, and wireless-to-Ethernet or wireless-to-broadband routers.
Virata also announced the world's first turnkey multi-platform embedded UPnP software solution which the company believes will bring everyday home appliances and consumer electronics products to life as it enables them to intelligently communicate with each other and with the outside world through a UPnP-powered residential gateway.
Virata integrated key security software into release 8.0 of its ISOS platform meaning customers will be able to quickly add security features with minimal cost and development time.
Zhone Technologies has licensed Virata's vCore DSP software, which includes signaling, fax relay, voice processing and voice compression algorithms and protocols, making Virata the sole provider of critical DSP software for all of Zhone's existing and future converged network products.
At the Supercomm show in Atlanta, Virata announced and demonstrated that it was the first vendor to integrate the DSL Forum's recently ratified TR-37 auto-configuration guidelines into a technology platform.
Virata's Aluminum 200 shdsl chipset successfully achieved interoperability with other suppliers of this new symmetric DSL technology.
Financial Results Detailed
Excluding amortization of purchased intangible assets, UK National Insurance Contribution on stock options, non-cash stock compensation expense and restructuring charges, Virata reported an as-adjusted net loss of $9.3 million, or $0.15 per pro forma basic and diluted share for the first fiscal quarter; compared with a loss of $14.2 million, or $0.23 per pro forma basic and diluted share in the prior quarter and a $1.0 million as-adjusted net income for the same quarter one year ago, or $0.02 per pro forma basic and diluted share. The company reported a GAAP net loss of $44.6 million or $0.71 per basic and diluted share for the first fiscal quarter of 2001. This compares to a net loss of $42.0 million or $0.67 per basic and diluted share in the prior quarter and a net loss for the same quarter one year ago of $12.8 million or $0.26 per basic and diluted share.
Virata provides communications software and semiconductors to manufacturers of DSL, wireless, satellite, and other broadband networking equipment. Virata's suite of processor-independent software products provide developers with complete, field-proven implementations of networking functions, including ATM, MPLS, and web servers, removing the need to write and validate new software code.
Virata also pre-integrates its extensive suite of communications software with its powerful and cost-effective communications processors to create Integrated Software on Silicon™ (ISOS™) products. These ISOS solutions assist customers in developing a diverse range of broadband wireless and wireline equipment including DSL modems, gateways, routers, and integrated access devices targeted at the voice and high-speed data network access and customer premises markets. Virata's products also help equipment manufacturers to simplify product development, reduce the time it takes for products to reach the market and focus resources on product differentiation and improvement.
Virata is a principal member of the ATM Forum, Bluetooth SIG organization, the DSL Forum, HomePNA, ITU, MPLS Forum, OpenDSL consortium and UPnP Forum. A publicly traded company on the Nasdaq Stock Market, Virata was founded in 1993 and is headquartered in Santa Clara, California.
For more information, please visit http://www.virata.com.
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