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Lexar Media First Quarter Revenues Grow 202% Year over Year
Thursday April 15, 4:15 pm ET
http://biz.yahoo.com/prnews/040415/sfth079_1.html

FREMONT, Calif., April 15 /PRNewswire-FirstCall/ -- Lexar Media, Inc. (Nasdaq: LEXR - News), a leading manufacturer and marketer of high-performance digital media and accessories, today reported financial results for the first quarter ended March 31, 2004.

Total first quarter revenues of $164.7 million increased 202% from $54.6 million in the same period last year and decreased 7% sequentially from $177.5 million in the preceding quarter. Product revenues of $161.1 million increased 220% from $50.3 million in the same period last year and decreased 7% from $172.8 million in the preceding quarter. Net income was $9.4 million, or $0.11 per diluted share, as compared to $4.3 million, or $0.06 per diluted share, in the same period last year and $18.9 million, or $0.21 per diluted share, in the fourth quarter of 2003.

"First quarter revenues more than tripled compared to the same period last year and we saw a smaller than anticipated sequential revenue decline from our seasonally high fourth quarter," said Eric Stang, Lexar Media's chairman, CEO and president. "Our top and bottom line results surpassed our guidance and we reported positive operating cash flow during the quarter. Consumers worldwide continued to show strong demand for Lexar Media products and we expanded our retail presence to over 48,000 storefronts including several new high profile retailers. We announced numerous new product innovations during the quarter including our 80X speed rated products, 8GB CompactFlash(TM) card, and new applications of our JumpDrive® storage and entertainment products, and we began shipments of mini-SD cards worldwide."