VIALTA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
June 30, December 31,
2004 2003
------------ ------------
Assets
Current assets:
Cash and cash equivalents $ 13,811 $ 13,756
Restricted cash 3,041 2,226
Short-term investments 6,761 10,552
Accounts receivable, net 1,054 3,941
Inventory, net 7,139 5,196
Prepaid expenses and other 952 729
------------ ------------
Total current assets 32,758 36,400
Property and equipment, net 406 685
Other assets 29 29
------------ ------------
Total assets $ 33,193 $ 37,114
============ ============
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 292 $ 1,915
Accrued liabilities and other 2,438 3,149
Deferred profit 1,110 3,997
------------ ------------
Total current liabilities 3,840 9,061
------------ ------------
Stockholders' equity:
Common stock 95 95
Additional paid-in capital 144,122 144,114
Treasury stock (9,458) (9,458)
Accumulated deficit (105,388) (106,709)
Accumulated other comprehensive income (18) 11
------------ ------------
Total stockholders' equity 29,353 28,053
------------ ------------
Total liabilities and stockholders'
equity $ 33,193 $ 37,114
============ ============
VIALTA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three months ended Six months ended
June 30, June 30,
------------------- -------------------
2004 2003 2004 2003
--------- --------- --------- ---------
Revenue, net $ 2,782 $ 2,520 $ 7,756 $ 6,363
Cost of goods sold 997 570 2,393 1,433
--------- --------- --------- ---------
Gross profit 1,785 1,950 5,363 4,930
--------- --------- --------- ---------
Operating expenses:
Engineering and development 266 621 602 1,589
Sales and marketing 511 641 1,116 1,083
General and administrative 1,333 1,974 2,693 3,704
--------- --------- --------- ---------
Total operating expenses 2,110 3,236 4,411 6,376
--------- --------- --------- ---------
Operating income (loss) (325) (1,286) 952 (1,446)
Interest income, net 160 178 369 366
--------- --------- --------- ---------
Net income (loss) $ (165) $ (1,108) $ 1,321 $ (1,080)
========= ========= ========= =========
Net income per share:
Basic $ (0.00) $ (0.01) $ 0.02 $ (0.01)
========= ========= ========= =========
Diluted $ (0.00) $ (0.01) $ 0.01 $ (0.01)
========= ========= ========= =========
Weighted average common shares
outstanding:
Basic 82,907 82,151 82,855 82,194
========= ========= ========= =========
Diluted 82,907 82,151 88,068 82,194
========= ========= ========= =========
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About
Vialta
Vialta
develops, designs and markets unique and innovative
home entertainment and communications products for
the mainstream consumer. The company was formed in
April 1999 and is publicly traded on the OTC Bulletin
Board under the symbol VLTA. The company is headquartered
in Fremont, California with offices in Los Angeles
and Hong Kong.
Forward-Looking
Statements
The matters discussed in this news release include
certain forward-looking statements that involve risks
and uncertainties, including, but not limited to,
the possible reduction of consumer spending, the timely
availability and acceptance of the Company's new and
existing products, the impact of competitive products
and pricing, the dependence on continued growth in
demand for consumer products, the risk that products
shipped by the Company will be returned, and the other
risks detailed from time to time in the SEC reports
of Vialta, including the reports on Form 10-K and
Form 10-Q. Actual results could differ materially
from those projected in the forward-looking statements.
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