Revenues for the year 1996 were $183.8 million, down from $228.0 million in 1995. The Company recorded a net loss of $25.9 million or $1.33 per share loss for the year, compared with net income of $15.6 million or earnings per share of 78 cents in 1995.
Jay Swent, Cyrix chief financial officer and acting chief executive officer, said, "The strong fourth quarter revenue performance demonstrates that our 6x86 products are now widely accepted in the marketplace. We made significant financial progress during the quarter. Most notably, we strengthened our balance sheet and ended the quarter with more than $87 million in cash and investments. This is nearly double last year's balance and will help us to fund further growth and to better support our customers. We were disappointed in the 1996 financial results, but we are excited by the new product portfolio we have developed for 1997. We plan to return to profitability in 1997 despite the challenges of a dynamic marketplace."
Any forward-looking statements in the above release involve risks and uncertainties which could cause actual results to differ from the present anticipated results. These risks and uncertainties include but are not limited to the following: market demand and acceptance of our microprocessor products; the impact of changing economic conditions; product introductions; the verification of our microprocessor�s compatibility with industry-standard hardware and software; the maintenance of sufficient cash flow; reliance on third-parties; the impact of market peers and their products as well as risks concerning future technology and others detailed in the Company�s Securities and Exchange Commission filings. These filings can be obtained by contacting Cyrix Investor Relations.
December 31,
1996 1995
------------------------------
Assets
Cash, cash equivalents and investments $ 87,747 $ 44,334
Accounts receivable, net 27,791 44,727
Inventories 24,432 12,273
Prepayment for product purchases 20,471 13,333
Deferred taxes and other assets 27,000 14,311
-----------------------------
Total current assets 187,441 128,978
Net property and equipment 85,585 98,307
Prepayments for product purchases,
less current portion 22,465 40,698
Other assets 3,851 802
-----------------------------
Total assets $ 299,342 $ 268,785
=============================
Liabilities and Stockholders' Equity
Accounts payable $ 17,504 $ 15,239
Accrued expenses 12,699 9,113
Deferred income and distributor reserves 3,399 15,526
Income taxes payable 377 536
Current maturities of long-term debt and
capitalized lease obligations 3,075 20,053
-----------------------------
Current liabilities 37,054 60,467
Long-term debt, less current maturities 9,656 62,325
Deferred income taxes 3,206 --
5.5% convertible subordinated notes 126,500 --
-----------------------------
Total liabilities 176,416 122,792
Stockholders' equity 122,926 145,993
-----------------------------
Total liabilities and stockholders' equity $ 299,342 $ 268,785
=============================
Quarter ended Dec. 31, Year ended Dec. 31,
1996 1995 1996 1995
---------------------- ----------------------
Net product sales $ 71,326 $ 36,415 $ 177,101 $ 210,294
Royalty revenue 732 2,644 6,724 17,718
---------------------- ----------------------
Net revenues 72,058 39,059 183,825 228,012
Cost of sales 56,875 36,101 131,453 142,063
---------------------- ----------------------
Gross margin 15,183 2,958 52,372 85,949
---------------------- ----------------------
Marketing, general and administrative 12,250 9,963 53,102 39,099
Research and development 7,802 7,235 32,371 29,115
---------------------- ----------------------
Total operating expenses 20,052 17,198 85,473 68,214
---------------------- ----------------------
Income (loss) from operations (4,869) (14,240) (33,101) 17,735
Income from litigation settlement -- -- 2,000 10,000
Net interest expense (2,070) (1,388) (7,398) (3,959)
---------------------- ----------------------
Income before taxes and
extraordinary item (6,939) (15,628) (38,499) 23,776
Income tax expense (benefit) (2,489) (5,704) (13,699) 8,164
---------------------- ----------------------
Net income (loss) before
extraordinary item (4,450) (9,924) (24,800) 15,612
Extraordinary loss from early
extinguishment of debt -- -- (1,062) --
---------------------- ----------------------
Net income (loss) (4,450) (9,924) (25,862) 15,612
====================== ======================
Net income (loss) per common and
common equivalent share:
Income (loss) before extraordinary item $(0.23) $(0.49) $(1.27) $0.78
Extraordinary item -- -- (0.06) --
---------------------- ----------------------
Net income (loss) per share $(0.23) $(0.49) $(1.33) $0.78
====================== ======================
Weighted average common and common
equivalent shares outstanding 19,502 20,212 19,408 19,985
====================== ======================
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