Net product sales of $70.1 million for the first quarter of 1995 increased 52 percent over the $46.3 million reported for the same period last year, and decreased 4 percent compared to $73 million reported in the prior quarter. Unit shipments were up sequentially.
Net income of $17.5 million, including a royalty payment for the first quarter of 1995, was up substantially over $5.2 million reported for the same period last year. Net income was up 38 percent compared to the prior quarter. Cyrix's gross profit margin as a percentage of net product sales (excluding royalty revenue) declined to 43 percent in the first quarter of 1995 from 50 percent during the prior quarter due to price pressures on entry-level 486 processor products.
During the first quarter of 1995, Cyrix provided pre-production samples of its two new fifth and sixth generation products to personal computer manufacturers. "Reaction has been positive to the early testing," stated Jerry Rogers, President and CEO. "We are poised to be a major player in the high-end market if we can execute and get our new products to market in the third quarter."
Cyrix Corporation, founded in 1988, designs, develops and manufactures high performance processors for the personal computer industry. Cyrix has demonstrated the ability and commitment to bring innovative and compatible technology to market in an impressive design cycle time. Cyrix is a publicly held company traded on NASDAQ.
March 31, December 31, 1995 1994 ----------------------------- Assets Cash, cash equivalents and investments $ 65,359 $ 59,241 Accounts receivable, net 46,173 41,995 Inventories 10,698 18,477 Deferred taxes and other assets 18,801 12,455 ----------------------------- Total current assets 141,031 132,168 Net property and equipment 73,241 38,047 Prepayments for product purchases, less current portion 34,880 23,330 Deferred taxes and other assets 2,845 2,589 ----------------------------- Total assets $ 251,997 $ 196,134 ============================= Liabilities and Stockholders' Equity Current liabilities $ 63,518 $ 52,153 Long-term debt, less current maturities 44,178 18,253 ----------------------------- Total liabilities 107,696 70,406 Stockholders' equity 144,301 125,728 ----------------------------- Total liabilities and stockholders' equity $ 251,997 $ 196,134 =============================
Quarter ended March 31, 1995 1994 ----------------------------- Net sales $ 85,144 $ 46,280 Cost of sales 40,067 21,942 ----------------------------- Gross margin 45,077 24,338 ----------------------------- Marketing, general and administrative 10,215 11,875 Research and development 7,446 5,324 ----------------------------- Total operating expenses 17,661 17,199 ----------------------------- Income from operations 27,416 7,139 Income from litigation settlement -- 500 Net interest income (expense) (305) 184 ----------------------------- Income before taxes 27,111 7,823 Taxes on income 9,626 2,660 ----------------------------- Net income $ 17,485 $ 5,163 ============================= Net income per common and common equivalent share $0.88 $0.26 ============================= Weighted average common and common equivalent shares outstanding 19,762 19,839