HILLSBORO, Ore., Feb. 19 /PRNewswire-FirstCall/ -- MathStar, Inc. (Nasdaq: MATH), a fabless semiconductor company specializing in high-performance programmable logic, today announced results for its fourth quarter and fiscal 2007, ended Dec. 31, 2007 .
Revenue in the fourth quarter was
Net loss in the fourth quarter was
"We made significant progress during 2007, penetrating tier-one customers in the professional and broadcast video industry, such as LG and LodgeNet," said Dan Sweeney , MathStar's president and chief operating officer. "We believe that we are starting to see the revenue ramp for MathStar, as we demonstrate similar success with additional customers," he added.
The company has scheduled its fourth quarter 2007 financial results conference call for Tuesday, Feb. 19, 2008 at 1:30 p.m. Pacific time . To listen to the call, please dial 303-205-0044 or 800-366-3964. A replay of the call will be made available on the company's website at http://www.mathstar.com.
About MathStar, Inc.
MathStar is a fabless semiconductor company offering best-in-class, high performance programmable logic solutions. MathStar's Field Programmable Object Array (FPOA) can process arithmetic and logic operations at clock rates at 1 gigahertz, which is up to four times faster than even the most advanced FPGA architectures in many applications. MathStar's Arrix family of FPOAs are high-performance programmable solutions that enable customers in the machine vision, high-performance video, medical imaging, security and surveillance and military markets to rapidly and cost effectively innovate and differentiate their products. FPOAs are available now and are supported by development tools, IP libraries, application notes and technical documentation. For more information, please visit http://www.mathstar.com.
Statements in this press release, other than historical information, may be "forward-looking" in nature within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to various risks, uncertainties and assumptions. These statements are based on management's current expectations, estimates and projections about MathStar and its industry and include, but are not limited to, those set forth in the section of MathStar's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 14, 2007 under the heading "Risk Factors." MathStar undertakes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
MathStar, Inc. Unaudited Balance Sheet (in thousands) December 31, December 31, 2006 2007 Assets Current assets Cash and cash equivalents $12,891 $4,339 Restricted cash 103 107 Investments - short term - 22,200 Accounts receivable 14 271 Inventory 610 623 Prepaid expenses and other current assets 1,231 1,326 Total current assets 14,849 28,866 Property and equipment, net 487 557 Investments - long term - 2,599 Other assets 278 435 Total assets $15,614 $32,457 Liabilities and Stockholders' Equity Current liabilities Accounts payable $1,791 $930 Deferred revenue - 162 Accrued expenses 1,206 1,416 Total Current Liabilities 2,997 2,508 Long Term Liabilities - 453 Total liabilities 2,997 2,961 Stockholders' equity Common stock, $0.01 par value; 90,000 shares authorized; 20,922 and 45,907 shares issued and outstanding at December 31, 2006 and December 31, 2007, respectively 209 459 Additional paid-in capital 118,545 155,539 Retained earnings (106,137) (126,502) Total stockholders' equity 12,617 29,496 Total liabilities and stockholders' equity $15,614 $32,457 MathStar, Inc. Unaudited Statement of Operations (in thousands except for per share amounts) Three Months Ended Twelve Months Ended December 31, December 31, 2006 2007 2006 2007 Revenue $7 $313 $53 $588 Cost of goods sold 98 474 126 655 Gross margin (91) (161) (73) (67) Operating expenses: Research and development 3,797 4,060 14,090 12,447 Selling, general and administrative 2,002 2,132 9,133 8,865 Total Operating Expenses 5,799 6,192 23,223 21,312 Operating loss (5,890) (6,353) (23,296) (21,379) Interest income 191 393 653 1,048 Other income /(loss), net - (10) - (34) Net loss $(5,699) $(5,970) $(22,643) $(20,365) Basic and diluted net loss per share $(0.28) $(0.13) $(1.26) $(0.59) Weighted average basic and diluted shares outstanding 20,678 45,907 18,001 34,312SOURCE MathStar, Inc.
