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¶ TRID: Trident Microsystems Reports Fourth Quarter Profit

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Francois+Goelo Member Level  Thursday, 07/26/01 09:54:11 AM
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¶ TRID: Trident Microsystems Reports Fourth Quarter Profit And Annual Results For Fiscal Year 2001

SUNNYVALE, Calif., Jul 26, 2001 /PRNewswire via COMTEX/ -- Trident
Microsystems, Inc. (Nasdaq: TRID) reported today its financial results for the
fiscal quarter and year ended June 30, 2001. The company announced that its net
sales for the fourth quarter of fiscal 2001 were $32,392,000, an increase of 31%
from $24,724,000 for the prior quarter and an increase of 22% from $26,649,000
for the fourth quarter of the prior fiscal year. The net income for the fourth
quarter of fiscal 2001 was $2,367,000, or $0.17 diluted earnings per share
compared to a pro forma net loss of $3,961,000 or $0.30 loss per share for the
prior quarter, excluding the prior quarter write down of investments of
$77,808,000 less the related tax benefits of $31,123,000. The Company reported
net income of $1,946,000 or $0.13 per share for the fourth quarter of the prior
fiscal year.

The Company announced net sales for fiscal 2001 of $118,959,000, as compared to
$117,682,000 for the prior fiscal year. Net loss for the fiscal year ended June
30, 2001 was $43,640,000, or $3.33 loss per share. Excluding the write down on
investments of $77,808,000, less the related tax benefits, pro forma net income
for fiscal year ended June 30, 2001 would have been $3,045,000, or $0.22 per
share. Net income for fiscal year ended June 30, 2000 was $68,107,000, or $4.43
per fully diluted share. Excluding a non-recurring net investment gain of
$114,984,000 less the related tax cost of $45,994,000, pro forma net loss for
fiscal year ended June 30, 2000 would have been $883,000, or $0.07 loss per
share.

"After three consecutive years of operating loss since fiscal year 1998, for the
first time, we have successfully delivered income from operations of $2.4
million for fiscal year 2001. We can attribute this significant turnaround to
two factors; firstly, our integrated 3D graphics and core logic products
continued its revenue momentum with the top PC OEMs; secondly, we successfully
implemented prudent company-wide expense control measures over the last year
without sacrificing major technology and product developments," stated Mr. Frank
Lin, Trident's President, CEO and Chairman.

"During the quarter, the revenue momentum for our top-of-the-line 3D graphics
controller CyberBlade XP continued strongly. In addition, Trident has begun
volume shipments of our CBAi1 integrated 3D graphics and ALi core logic chipset
to a number of top-tier OEM customers. These two products accounted for
approximately 56% of total revenue in the quarter, " said Mr. Lin. "The most
advanced DDR-supported integrated 3D graphics/core logic chipsets, CyberALADDiN
and CyberMAGiK as announced last quarter, are now ramping up in production and
we expect to announce a number of design wins shortly, demonstrating solid
market acceptance of our leading edge technologies," stated Mr. Lin.

"In the digital media consumer electronics marketplace, while the DPTV sales is
still slower than anticipated due to weak market condition and long development
cycles of TV production, the design-in momentum is strong and accelerating. We
will soon announce the next generation DPTV products which have been evaluated
and well received by top-tier DTV manufacturers and have potential design wins
in the making. As we have stated repeatedly in the past, when market conditions
improve and more customers start ramping up in production, we anticipate that
sales revenue of our DPTV products will increase significantly," concluded Mr.
Lin.

Forward-Looking Information

This press release contains forward-looking statements, including statements
which use the words "expect," "anticipate," "potential," regarding the
expectations for new markets. The forward-looking statements above are subject
to certain risks, and actual results could vary materially depending on a number
of factors. These risks include, in particular, changes in trends in the PC and
the DPTV industries, changes in targeted consumer electronics markets such as
Digital Television, Trident's ability to timely introduce new products,
Trident's success in implementing planned initiatives, the failure to obtain
design wins among major OEMs for Trident products, competitive pressures,
including pricing and competitors' new product introductions, and the outcome of
pending litigation. Additional factors that may affect the Company's business
are described in detail in the Company's filings with the Securities and
Exchange Commission.

Background

Trident Microsystems, Inc., with headquarters in Sunnyvale, California, designs,
develops and markets graphics and multimedia integrated circuits for PCs.
Trident's products are sold through a network of OEMs, original design
manufacturers and system integrators worldwide. For further information about
Trident and its products please consult our web site:
http://www.tridentmicro.com .

NOTE: Trident is a registered trademark of Trident Microsystems, Inc. CyberBlade
i7, CyberBlade i1, CBXP, KB2.5, CyberALADDiN, CyberMAGiK, DPTV are trademarks of
Trident Microsystems, Inc. All other trademarks used herein are the property of
their respective owners.


Trident Microsystems, Inc.
Consolidated Balance Sheet

June 30, March 31, June 30,
(in thousands) 2001 2001 2000

ASSETS
Current assets
Cash and cash equivalents $26,677 $23,743 $39,041
Short-term investment - UMC 52,708 64,088 110,665
Short-term investments - other 791 719 --
Accounts receivable, net 9,247 8,350 6,092
Inventories 10,669 11,960 3,376
Deferred tax assets 1,656 -- --
Prepaid expenses and other
assets 2,981 1,814 2,222
Total current assets 104,729 110,674 161,396

Property and equipment, net 3,559 3,556 3,901
Long-term investment - UMC 26,005 26,005 48,049
Long-term investments - others 11,996 11,987 8,096
Other assets 1,130 850 934
Total assets $147,419 $153,072 $222,376

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $11,829 $11,181 $7,324
Accrued expenses and other
liabilities 13,169 12,084 12,531
Deferred tax liability current -- 8,239 24,734
Income taxes payable 1,040 -- 1,596
Total current liabilities 26,038 31,504 46,185
Deferred income taxes
non-current 14,947 11,392 18,928
Other long-term liabilities -- 19 46
Minority interest in
subsidiary 1,068 873 1,256
Total liabilities 42,053 43,788 66,415

Stockholders' equity
Capital stock 55,106 54,578 52,254
Retained earnings 74,996 72,658 118,636
Accumulated other
comprehensive loss
- investment in UMC (6,827) -- (4,648)
Accumulated other
comprehensive loss
- other investments 43 -- --
Treasury stock, at cost (17,952) (17,952) (10,281)

Total stockholders'
equity 105,366 109,284 155,961

Total liabilities and
stockholders' equity $147,419 $153,072 $222,376


Trident Microsystems, Inc.
Consolidated Statement of Operations

Three Months Ended Twelve Months Ended

June 30, March 31, June 30, June 30, June 30,
(in thousands, 2001 2001 2000 2001 2000
except per share
data, unaudited)

Net sales $32,392 $24,724 $26,649 $118,959 $117,682
Royalty and
license revenue -- -- 5,000 9,267 5,000
Total revenue 32,392 24,724 31,649 128,226 122,682

Cost of sales 23,024 19,714 19,189 89,346 82,434

Gross profit 9,368 5,010 12,460 38,880 40,248
% to total revenue 28.9% 20.3% 39.4% 30.3% 32.8%

Research and
development
expenses 4,788 3,701 7,595 20,031 27,555
% to total
revenue 14.8% 15.0% 24.0% 15.6% 22.5%

Selling, general and
administrative
expenses 4,117 4,521 4,641 16,455 16,899
% to total
revenue 12.7% 18.3% 14.7% 12.8% 13.8%

Income (loss) from
operations 463 (3,212) 224 2,394 (4,206)
% to total revenue 1.4% (13.0)% 0.7% 1.9% (3.4)%
Gain (loss) on
investments -- (77,808) -- (77,808) 114,984
Interest and other
income, net 256 610 367 1,712 2,046

Income (loss) before
provision for income
taxes 719 (80,410) 591 (73,702) 112,824
% to total revenue 2.2% (325.2)% 1.9% (57.5)% 92.0%

Provision (benefit)
for income taxes (1,648) (29,764) (1,355) (30,062) 44,717
% to total revenue (5.1)% (120.4)% (4.3)% (23.4)% 36.4%

Net income (loss) $2,367 $(50,646) $1,946 $(43,640) $68,107
% to total revenue 7.3% (204.8)% 6.1% (34.0)% 55.5%

Basic earnings (loss)
per share $0.18 $(3.87) $0.14 $(3.33) $5.07

Common shares used in
computing basic per
share amounts 13,181 13,081 13,531 13,087 13,423
Diluted earnings
(loss) per share $0.17 $(3.87) $0.13 $(3.33) $4.43

Common and common
equivalent shares
used in computing
diluted per share
amounts 13,605 13,081 15,110 13,087 15,360

Pro forma net income
(loss) 2,367 (3,961) 1,946 3,045 (883)
Pro forma EPS $0.17 $(0.30) $0.13 $0.22 $(0.07)


MAKE YOUR OPINION COUNT - Click Here
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SOURCE Trident Microsystems, Inc.


CONTACT: Gale Nix of Trident Microsystems, Inc., +1-408-991-8800, or
fax. +1-408-733-1438, or gnix@tridentmicro.com

URL: http://www.tridentmicro.com




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