| To: SHGLaw who wrote (1403) | 1/15/1999 9:25:00 AM | | From: R.S. Blum | | | |
Milberg Weiss has a pretty wide reputation of bringing trivial suits that are only brought to harrass and entice a settlement that rarely benefits the shareholders in the class.
Not that we don't need an interest willing to take on the insider pump and dump business world, the only problem is, the only one that usually benefit is the attorney's.
Anyway, I seriously doubt Rdus has any liability whatsoever, seeing that the jist of the complaint was the insinuation that business was continuing to grow at previous levels during the period of the second offering which turned out false. Rdus had nothing to do with describing or announcing concurrent Splash business during this period. Further more I think a good case would be that they sold most well after the Splash peak so they we're indeed in the dark too.
My .02,
-Scott |
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| To: R.S. Blum who wrote (1405) | 1/21/1999 9:38:00 AM | | From: PACKRATCAT | | | |
Thursday January 21, 7:50 am Eastern Time
Company Press Release
Radius Reports Q1 Results
Digital Video Products Show Substantial Growth
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Jan. 21, 1999--Radius Inc. (Nasdaq:RDUS - news),
now doing business as Digital Origin, today announced financial results for the first quarter ended Jan. 2,
1999.
For the first quarter of fiscal 1999, Digital Origin reported net revenues of $2.5M and a net profit of $2.8M or $0.50 per share. These results compare to the fourth quarter of fiscal 1998 ended Sept. 30,
1998 of revenues of $1.2M, and a net profit of $1.3M or $0.24 per share.
For the first quarter of the prior fiscal year the company reported revenues of $5.5M and a net profit of $0.3M or $0.05 share. The first quarter of fiscal 1999 results include $3.6M in non-operating income
reflecting the termination of an escrow related to the 1996 ivestiture of the Color Server Group of $2.2 million, $1.0M in income from Korea Data Systems America, Inc., and $0.4M for the license of intellectual property unrelated to the digital video business.
Mark Housley, chairman and CEO of Digital Origin, said: ''I'm really pleased to start our new fiscal year by meeting the first quarter goals of substantial revenue and margin growth that we set for ourselves last quarter. Total shipments of digital video products were $2.4M, a 233% increase from the previous quarter and now represent approximately 93% of our net revenue.''
''Gross margins continue to improve,'' said Housley, ''increasing from 48.6% in the fourth quarter of fiscal 1998 to 60.8% this quarter, reflecting the continuing impact of our transformation into a software
company. We maintained our spending discipline, holding expenses flat relative to the fourth quarter of 1998. Our balance sheet also continued to improve with cash increasing $1.0M, short term borrowings
decreasing by $1.1M, and shareholders equity improving by $2.8M.''
''Most importantly,'' Housley continued, ''our confidence in the future of this market continues to be justified, as evidenced by two recent developments. First, the IEEE 1394 connectivity standard, also
known as FireWire and iLink, continues to spread and is now standard on all new G3 PowerMacs from Apple in addition to being offered on many models of Windows based PCs.
''Second, the digital video format continues to gain wider and wider acceptance, highlighted by the
introduction of a new, low-end, digital video format for camcorders, Digital 8, from Sony. This new
format merges lower cost analog technology with digital video technology, greatly expanding the number
of customers that can now afford digital video technology camcorders. Our goal at Digital Origin is to take
advantage of these developments, through our retail sales efforts, our OEM customers, and our
camcorder manufacturer marketing alliances.''
Housley said: ''Our improved results also reflect both the success of our new European distribution
strategy as well as increased emphasis on our on-line and direct sales efforts. Direct and on-line sales grew
by over 80% this quarter and now represent a material portion of our revenue. The only region of our
business that did not show substantial growth was Japan and Asia.
''Revenue in the region was flat quarter to quarter and we remain unsure as to the short-term prospects
for our products in these markets. Since digital video is well on its way to becoming the dominant format
in this market, we will continue to invest for the future in this region.''
Quarterly Highlights
The following highlights were announced or occurred after the year ended September 1998 Digital Origin
earnings release:
-- Shipped EditDV release 1.5, providing significant enhancements
and up to a 3X performance improvement over the previous release.
Shipped MotoDV Studio 2.0, providing batch capture, improved DV
integration with Adobe Premiere, and Windows NT support.
-- Continued our sweep of industry award categories, with EditDV 1.5
winning the Hyper Award for Non Linear Editing systems from
NewMedia magazine, the Vanguard award for most innovative
technology from Video Systems magazine, and Best Video Hardware
for MotoDV from Maximum PC Magazine.
-- Improved our distribution significantly, consummating a long-term
distribution agreement with Canon USA, as well as appointing new
distributors in the major countries of Europe.
-- Continued to solidify our position as a supplier of
cross-platform software applications. In the fourth quarter of
fiscal 1998, 27% of unit sales were made to Macintosh-only users;
43% were made to Windows-only users; and 30% were made to
cross-platform users. This compares to 23% of unit sales to
Macintosh-only users, 20% of unit sales to Windows-only users and
46% of unit sales to cross-platform users in the first quarter of
fiscal 1999.
Recent Development
On Jan. 15, 1999, the company and one of its directors were named as defendants in a shareholder class
action lawsuit against Splash Technology Holdings, Inc. and others. The company is currently
investigating these claims and expects to present a vigorous defense.
About Digital Origin
Founded in 1986, Digital Origin products include leading-edge digital video software solutions. Its
products are available through a worldwide network of Digital Origin authorized resellers, system
integrators and distributors. Digital Origin may be reached at 650/404-6000 or at their Web site
www.digitalorigin.com.
Special Note
This press release contains forward-looking statements that are subject to risks and uncertainties
including, among others, the ability of the company to successfully market its digital video products,
continued growth of the digital video market, continued market acceptance of the company's digital video
products, the ability of the company to compete in the digital video business, the ability of the company to
increase revenues and achieve profitability, general economic conditions, and the other factors described
in the company's filings with the Securities and Exchange Commission. Actual results may differ
materially from those described herein due to such risks and uncertainties.
Radius Inc.,
CONSOLIDATED BALANCE SHEETS
(in thousands)
Dec. 31, Sept. 30,
1998 1998 (1)
(unaudited)
ASSETS:
Current assets:
Cash $ 1,636 $ 600
Accounts receivable, net 887 364
Note receivable from Korea Data
Systems America, Inc. 3,450 4,500
Inventories 592 803
Prepaid expenses and other current assets 83 156
-------- ---------
Total current assets 6,648 6,423
Property and equipment, net 98 133
Other assets 150 --
-------- ---------
$ 6,896 $ 6,556
LIABILITIES AND SHAREHOLDERS' EQUITY
(Net capital deficiency):
Current liabilities:
Accounts payable $ 1,860 $ 1,971
Accrued payroll and related expenses 284 324
Other accrued liabilities 2,028 2,069
Deferred income 3,608 4,833
Accrued income taxes 1,098 1,102
Short-term borrowings 236 1,340
-------- ---------
Total current liabilities 9,114 11,639
Shareholders' equity: (Net capital deficiency)
Common stock 169,175 169,102
Accumulated deficit (171,393) (174,185)
--------- ---------
Total shareholders' equity
(Net capital deficiency) (2,218) (5,083)
--------- ---------
$ 6,896 $ 6,556
(1) The balance sheet at Sept. 30, 1998 has been derived from the
audited financial statements at that date but does not include
all of the information and footnotes required by generally
accepted accounting principles for complete financial statements.
Radius Inc.,
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data; unaudited)
Three Months Ended Three Months Ended
Dec. 31, Sept. 30,
1998 1997 1998
--------- --------- ---------
Sales $ 2,498 $ 5,107 $ 1,050
Commissions and royalties 40 433 193
--------- --------- ---------
Total net sales 2,538 5,540 1,243
Cost of sales 994 3,597 638
--------- --------- ---------
Gross profit 1,544 1,943 605
--------- --------- ---------
Operating expenses:
Research and development 676 494 750
Selling, general and
administrative 1,642 2,094 1,633
--------- --------- ---------
Total operating
expenses 2,318 2,588 2,383
--------- --------- ---------
Loss from operations (774) (645) (1,778)
Other income (expense), net 3,620 1,079 2,142
Interest expense (54) (173) (43)
---------- ---------- ----------
Income before income taxes 2,792 261 321
Provision for income taxes -- -- (1,000)
--------- --------- ----------
Net income $ 2,792 $ 261 $ 1,321
Net income per share:
Basic net income per share $ 0.50 $ 0.05 $ 0.24
Diluted net income per
share $ 0.50 $ 0.05 $ 0.24
Shares used in per share computations:
Shares used in computing basic
net income per share 5,524 5,513 5,524
Shares used in computing
diluted net income per share 5,563 5,617 5,524
Prior year per share data has been restated to reflect the 1:10
reverse split of outstanding shares on March 9, 1998.
Contact:
Radius Inc.
Ed Silliman, 650/404-6323 (Acting CFO)
More Quotes and News:
Radius Inc (Nasdaq:RDUS - news)
Related News Categories: computer peripheral, computers, earnings
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| To: PACKRATCAT who wrote (1406) | 1/21/1999 10:46:00 AM | | From: R.S. Blum | | | |
Hey Martin & SHG,
Gosh guys, I gotta tell you that 10Q really looks nice! Any of you ready to admit we may finally have something here? Where's that wallpaper remover? Anyone know if that stuff ages?
Good luck,
-Scott |
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| To: SHGLaw who wrote (1408) | 1/21/1999 12:25:00 PM | | From: R.S. Blum | | | |
SHG,
Hate to admit it, but I've got every mirrored appendage crossed and the remaining tied in a knot for luck. Hopefully soon I'll be able to sit back, relax and enjoy unimpeded circulation <g!>
Cheers!
-Thumper
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| To: R.S. Blum who wrote (1409) | 1/21/1999 8:50:00 PM | | From: Dapeng Li | | | |
I almost forgot I still have this one. Now I remember that RDUS taught me what is "reverse split". Well, I'm looking forward to reading the Q2 result then enjoy this "leftover" profit.
Wish everyone a good luck here! |
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