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FREMONT, Calif. - May 05, 2004 - Vialta, Inc.
(OTC:VLTA) today reported net income of $1.5 million,
or $0.02 per share, for the first quarter ended March
31, 2004, compared to net income of $28,000, or $0.00
per share, for the same quarter last year.
For
the first quarter of 2004, the Company recorded $5.0
million in revenues from sales of its Beamer videophones
and VistaFrame, its digital picture frame. This represents
the Company's highest quarterly revenues since its founding
and is a 31% increase over the previous high of $3.8
million recorded for the same period in 2003. In both
years, late fourth quarter holiday buying was reflected
in first quarter revenues. Gross profit also set a record,
growing to $3.6 million for the first quarter of 2004
compared to a $3.0 million gross profit recorded for
the first quarter of 2003. Gross profit was high in
relation to revenue (for both first quarters), largely
because product costs associated with revenues were
expensed in prior periods.
Vialta's total operating expense was $2.3 million for
the first quarter of 2004, an $800,000 decrease compared
to the first quarter of 2003. The 26% reduction in operating
expense was achieved through improved operating efficiencies
and lower costs.
"The
first quarter of 2004 represents Vialta's best sales,
gross profit and net income quarter ever," stated
Didier Pietri, Vialta's president and chief executive
officer. "The acceptance of our three new products
- Beamer TV and Beamer FX videophones, and VistaFrame
digital picture frame - coupled with a focus on retail
sales support and sell-through to consumers during the
fourth quarter, played a significant role in setting
new highs with many of the Company's first quarter numbers."
Mr. Pietri concluded, "We expect to continue to
work closely with retailers such as Best Buy, Sharper
Image, Good Guys and Fry's; catalogers such as Nieman
Marcus, Frontgate and Sharper Image; and to seek out
additional international telecoms such as PT Comunicações
and Belgacom, while emphasizing the same sound, basic
business principals that have enabled Vialta to reach
this new level of success in its brief history."
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.
Q1
Financial Statements
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