ParthusCeva, the Dublin-based technology company formed through the merger of Parthus and the Ceva division of US firm DSP Group, has reported a net loss of approximately $24.4 million for the fourth quarter.
This net loss includes a restructuring charge of $6.4 million in association with the restructuring program implemented in November 2002.
The losses also include a one-time, non-cash charge for in-process research and development, non-cash amortization of intangibles and foreign exchange losses arising principally on Euro liabilities as a result of the appreciation of the Euro against the US dollar.
Basic and diluted net loss per share was $1.80.
Total revenues for the fourth quarter of 2002 were $5.7 million.
Royalty revenues for the quarter were $673,000. Licensing and royalty revenues represented 68 per cent of total revenues, with five new agreements signed in the quarter and twelve per-unit royalty customers shipping products. Gross margins in the fourth quarter were 78 per cent.
Operating expenses were $28.5 million (including in-process research and development charges of $15.8 million and restructuring charges of $6.4 million).
"While our quarter four results reflect the weak semiconductor environment, our sales pipeline remains strong, said Mr Kevin Fielding, the CEO of ParthusCeva.
"We made significant progress in the fourth quarter in completing our combination, defining our strategic goals and subsequently restructuring and integrating the two companies. Consequently, we believe we have the technology and financial base in place to achieve our 2003 corporate goals of market leadership in DSP technology and profitable growth," he concluded.
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