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Fremont, Calif.- March 29, 2005 - Vialta, Inc.
(OTC:VLTA) today reported a net loss of $78,000 or $0.00
per share, for the fourth quarter ended December 31,
2004. This is a 96% decrease when compared to a net
loss of $1.8 million, or $0.02 per share, for the same
quarter last year. The Company reported a net loss of
$2.4 million, or $0.03 per share, for the twelve months
ended December 31, 2004. The bulk of the 2004 loss relates
to $3.4 million in additional reserves recorded in Vialta's
third quarter. For the twelve months ended December
31, 2003, the Company reported a net loss of $4.0 million,
or $0.05 per share.
During
the fourth quarter of 2004, the Company recognized $3.6
million in revenue, a 35% increase compared to $2.7
million in revenue for the same time period the previous
year. Revenues for the twelve months ended December
31, 2004 were up 23% to $12.7 million from $10.3 million
in revenues for the year ended December 31, 2003. The
Company also recorded approximately $3.1 million of
deferred revenue related to sales of its products as
of December 31, 2004, the majority of which is expected
to be recognized during the first quarter of 2005.
Gross
profit was $1.7 million for the fourth quarter of 2004
and $4.7 million for the year ended December 31, 2004;
which compares to $1.7 million for the fourth quarter
of 2003 and $7.4 million for the year ended December
31, 2003. Because a significant portion of the Company's
inventory for raw materials and finished goods was expensed
in prior periods, gross profit in 2003 and the first
half of 2004 was higher in relation to revenue than
what would otherwise have been recorded.
The
Company's total operating expense was $2.0 million for
the fourth quarter of 2004, a 54% decrease compared
to $4.2 million for the fourth quarter of 2003. In addition
the Company's total operating expense was $7.8 million
for the twelve months ended December 31, 2004, a $4.9
million reduction compared with $12.7 million for the
prior year.
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.
Q4
Financial Statements
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