Lexar Media, Inc. (Nasdaq:LEXR), a world leader in advanced digital
media technologies, today reported financial results for the fourth
quarter and year ended December 31, 2005. As previously announced,
Lexar's scheduled conference call to be held at 5:00 p.m. EST today
has been cancelled. Total fourth quarter revenues of $239.1 million
increased 27% from $188.5 million in the same period last year and
increased 26% from $189.4 million in the preceding quarter. License
and royalty revenues increased to $9.7 million for the fourth
quarter compared to $1.2 million in the same period last year and
$4.5 million in the previous quarter. Net loss was $23.8 million,
or $0.29 per diluted share. This compares to a net loss of $63.3
million, or $0.80 per diluted share, in the same period last year
and net income of $2.1 million, or $0.02 per diluted share, in the
third quarter of 2005. Revenues for the year ended December 31,
2005 were $852.7 million, a 25% increase from $681.7 million for
the year ended December 31, 2004. Net loss was $36.2 million, or
$0.45 per diluted share in 2005, as compared to a net loss of $75.5
million, or $0.96 per diluted share in 2004. Corporate Highlights
Lexar recently: -- Announced that it has entered into a definitive
merger agreement with Micron Technology, Inc. and a wholly owned
subsidiary of Micron. The merger agreement provides that, upon the
terms and subject to the conditions provided in the merger
agreement, Micron's subsidiary will merge with and into Lexar, with
Lexar being the surviving corporation of the merger. As a result of
the merger: (i) Lexar will become a wholly owned subsidiary of
Micron; and (ii) each outstanding share of Lexar's common stock
will be converted into the right to receive 0.5625 shares of Micron
common stock and Micron will assume stock options held by employees
of Lexar at the closing date with a per share exercise price of
$9.00 or lower. -- Announced at the Photo Marketing Association
International Show (PMA): -0- *T -- Lexar(R) Smart Download, an
intelligent acquisition plug-in module that will allow
photographers to rapidly download and manage images directly from
their memory cards via Adobe(R) Bridge; -- several applications
developed for the Company's innovative digital photography workflow
ActiveMemory(TM) System (AMS); -- its unique LockTight(TM) system
that enables card level security, is being localized and will be
available to a greater number of security-conscious photographers
worldwide; and -- it has doubled the speed rating of its popular
Professional 8GB CompactFlash(R) memory card to 90X. *T --
Partnered with Corel Corporation using Lexar ActiveMemory System to
provide customers with a unique automated solution for transforming
photos as they are downloaded from a memory card. -- Strengthened
its executive management team with the appointment of Chief
Financial Officer Michael Scarpelli, who was the former CFO of HPL
Technologies (acquired by Synopsys, Inc.), and the appointment of
Chief Operating Officer Mark Adams, who was formerly vice president
of sales and marketing at Creative Labs, Inc. -- Introduced its new
Professional CompactFlash 133X (CF) and Secure Digital(TM) (SD)
flash memory cards designed to deliver optimal performance in all
digital SLR cameras. -- Announced that its LockTight technology
will be supported in the new Nikon D200 digital SLR camera,
providing advanced features including security functionality and
shooting in burst mode. -- Introduced new KODAK High Performance
memory cards designed for digital camera owners who require
high-speed processing for rapid-fire still shooting, high frame
rate video capture and fast computer transfer. -- Announced the
inclusion of Google applications, including Picasa, Google Toolbar
and Google Desktop Search applications, to select USB flash drives
and the inclusion of digital imaging software from Corel
Corporation to select flash memory cards in Lexar's Professional,
Platinum and Value lines. -- Introduced at the 2006 International
Consumer Electronics Show: -0- *T -- a wide range of flash memory
cards designed to maximize the functionality and performance of
advanced mobile phones and handheld multimedia devices; -- an
enhanced version of its Platinum line of flash memory cards; --
PowerToGo, a portable working environment to increase mobility for
its USB flash drive line; and -- a unique storage capacity meter
for its USB flash drive line, integrating an innovative electronic
paper display initially available on Lexar's JumpDrive Mercury. *T
About Lexar Media, Inc. Lexar is a leading marketer and
manufacturer of NAND flash memory products including memory cards,
USB flash drives, card readers and ATA controller technology for
the digital photography, consumer electronics, industrial and
communications markets. The company holds over 96 issued or allowed
controller and system patents, and licenses its technology to
companies including Olympus Corporation, Samsung Electronics Co.,
Ltd., SanDisk Corporation and Sony Corporation. Lexar sells its
memory cards worldwide and through an exclusive agreement, also
sells memory cards under the Kodak(R) brand. Headquartered in
Fremont, California, Lexar has operations in countries around the
world. More information is available at www.lexar.com Cautionary
Note Regarding Forward-Looking Statements This news release
contains forward-looking information within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 and is subject to the safe harbor created by
those sections. These forward-looking statements include statements
related to projections about our business and financial outlook,
including statements regarding our proposed acquisition by Micron
and the features and anticipated benefits of our new products.
These forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially
from those anticipated by these forward-looking statements. These
risks include: competitive pricing pressures, our operating results
and gross margins are difficult to predict and may fluctuate
significantly; our planned acquisition by Micron may not close or
the closing may be delayed; our customers or suppliers may not
react positively to Micron's proposed acquisition of us; the cost
of flash memory is a significant part of our products' cost
structure, and if we are unable to obtain sufficient quantities of
flash memory in a timely manner and at competitive prices, we may
not be able to manufacture and deliver products to satisfy our
customers' requirements, compete effectively in the market or
maintain our targeted gross margins or market share; future average
selling prices may continue to erode due to excess industry
capacity and extreme price competition which may impact our margins
and our ability to maintain our position at our retail accounts;
many of our retail customers and distributors have price protection
which could require us to make large payments if we reduce prices;
if we are unable to manage our inventory levels, our operating
results will be negatively impacted; if we are unable to anticipate
demand and pricing of our products or effectively manage
distributor channels and relationships and changes in market
conditions, our operating results will be harmed; our licensing
revenues may fluctuate significantly as the payments from our
recent agreement with Samsung will be made over a short period of
time and we may be unable to secure new license or royalty revenue;
increased competition in the digital media market may lead to a
decrease in our revenues and market share; if we are unable to
achieve or maintain our technology leadership position or to obtain
rights to develop and manufacture new form factors on acceptable
terms, our gross margins and revenues would likely decline
significantly; and we are involved in litigation, and may become
involved in additional litigation, the outlook of which is highly
uncertain, that could divert management's time and attention, be
time-consuming and expensive to defend and limit our access to
important technology. Readers should also refer to the risk factors
described in our filings with the Securities and Exchange
Commission, including our Quarterly Report on Form 10-Q for our
fiscal quarter ended September 30, 2005, filed with the Securities
and Exchange Commission on November 9, 2005. We assume no
obligation to update the forward-looking information contained in
this news release. Lexar and the Lexar logo are trademarks of Lexar
Media, Inc. All other brand or product names are trademarks or
registered trademarks of their respective holders. -0- *T LEXAR
MEDIA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share amounts) (unaudited)
Three Months Ended Twelve Months Ended -------------------
------------------- December 31, December 31, 2005 2004 2005 2004
--------- --------- --------- --------- Net revenues: Product
revenues $229,316 $187,350 $836,686 $674,605 License and royalty
revenues 9,744 1,175 $16,037 $7,066 --------- --------- ---------
--------- Total net revenues 239,060 188,525 852,723 681,671 Cost
of product revenues 225,362 210,216 755,170 644,857 ---------
--------- --------- --------- Gross margin 13,698 (21,691) 97,553
36,814 --------- --------- --------- --------- Operating expenses:
Research and development 3,533 3,360 $13,051 $10,530 Sales and
marketing 17,543 25,652 $68,273 $67,000 General and administrative
11,705 12,036 $44,120 $32,281 --------- --------- ---------
--------- Total operating expenses 32,781 41,048 125,444 109,811
--------- --------- --------- --------- Loss from operations
(19,083) (62,739) (27,891) (72,997) Total other expense (843) (623)
(2,824) (1,180) --------- --------- --------- --------- Loss before
income taxes (19,926) (63,362) (30,715) (74,177) Income taxes
(3,841) 16 $(5,473) $(1,353) --------- --------- ---------
--------- Net loss $(23,767) $(63,346) $(36,188) $(75,530)
========= ========= ========= ========= Net loss per common share:
Basic $(0.29) $(0.80) $(0.45) $(0.96) Diluted $(0.29) $(0.80)
$(0.45) $(0.96) Shares used in computing net loss per common share
calculation: Basic 80,804 79,205 80,119 78,869 Diluted 80,804
79,205 80,119 78,869 LEXAR MEDIA, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) ASSETS
December December 31, 31, 2005 2004 --------- --------- Current
assets: Cash, cash equivalents and short-term investments $171,318
$35,443 Restricted cash 5,000 5,000 Accounts receivable, net
103,396 170,365 Inventories 117,055 177,655 Prepaid expenses and
other current assets 9,197 12,799 --------- --------- Total current
assets 405,966 401,262 Property and equipment, net 10,823 10,305
Intangibles and other assets, net 2,928 429 --------- ---------
Total assets $419,717 $411,996 ========= ========= LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and
accrued liabilities $182,932 $233,370 Deferred license revenue and
product margin 25,236 23,759 Short-term bank borrowings 54,723
40,000 --------- --------- Total current liabilities 262,891
297,129 Deferred license revenue, net of current portion 4,000 173
Senior convertible notes payable 70,000 - --------- --------- Total
liabilities 336,891 297,302 Total stockholders' equity 82,826
114,694 --------- --------- Total liabilities and stockholders'
equity $419,717 $411,996 ========= ========= *T
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