MathStar Announces Financial Results for Q3 2008
29 October 2008 - 5:57AM
PR Newswire (US)
HILLSBORO, Ore., Oct. 28 /PRNewswire-FirstCall/ -- MathStar, Inc.
today announced results for its third quarter of 2008, ended Sept.
30, 2008. Revenue in the third quarter was $80,000 compared with
$63,000 in the same period last year. For the nine months ended
September 30, 2008, revenue was $360,000 compared with revenue of
$275,000 in the nine months ended Sept. 30, 2007. Net loss in the
third quarter of 2008 was $661,000 or a loss of $0.07 per share
compared with a net loss of $4,393,000 or a loss of $0.48 per share
in the same period last year. For the nine months ended Sept. 30,
2008, MathStar had a net loss of $14,317,000 or a loss of $1.56 per
share compared with a net loss of $14,395,000 or a loss of $2.37
per share in the same period last year. The company has scheduled
its third quarter 2008 financial results conference call for
Tuesday, Oct. 28, 2008 at 1:30 p.m. Pacific time. To listen to the
call, please dial 303-205-0033 or 800-257-2182. A replay of the
call will be made available on the company's website at
http://www.mathstar.com/. Statements in this press release, other
than historical information, may be "forward-looking" in nature
within the meaning of the Private Securities Litigation Reform Act
of 1995 and are subject to various risks, uncertainties and
assumptions. These statements are based on management's current
expectations, estimates and projections about MathStar and include,
but are not limited to, those set forth in the section of
MathStar's Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 14, 2008 under the heading "Risk
Factors," as updated in our Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2008 and June 30, 2008. MathStar
undertakes no obligation to update any forward-looking statements
in order to reflect events or circumstances that may arise after
the date of this release. MathStar, Inc. Condensed Consolidated
Balance Sheets (Unaudited) (in thousands, except per share data)
December 31, September 30, 2007 2008 Assets Current assets Cash and
cash equivalents $4,339 $6,824 Restricted cash 107 Investments in
marketable securities - short term 22,200 7,942 Accounts receivable
271 130 Inventory 623 Prepaid expenses and other current assets
1,326 221 Total current assets 28,866 15,117 Property and
equipment, net 557 76 Investments in marketable securities - long
term 2,599 799 Other assets 435 25 Total assets $32,457 $16,017
Liabilities and Stockholders' Equity Current liabilities Accounts
payable $930 $26 Deferred revenue 162 Accrued expenses 1,416 536
Total current liabilities 2,508 562 Other long term liabilities 453
302 Total liabilities 2,961 864 Stockholders' equity Preferred
stock, $0.01 par value; 10,000 shares authorized; no shares issued
and outstanding - - Common stock, $0.01 par value; 18,000 shares
authorized; 9,181 shares issued and outstanding at December 31,
2007 and September 30, 2008 459 92 Additional paid-in capital
155,539 155,909 Accumulated deficit (126,502) (140,819) Accumulated
other comprehensive loss - (29) Total stockholders' equity 29,496
15,153 Total liabilities and stockholders' equity $32,457 $16,017
MathStar, Inc. Condensed Consolidated Statements of Operations
(Unaudited) (in thousands, except per share data) Three Months
Ended Nine Months Ended September 30, September 30, 2007 2008 2007
2008 Revenue $63 $80 $275 $360 Cost of sales 58 - 181 1,195 Gross
profit (loss) 5 80 94 (835) Operating expenses: Research and
development 2,655 165 8,387 7,259 Selling, general and
administrative 2,164 666 6,733 4,228 Restructuring and impairment
charges - 17 - 2,618 4,819 848 15,120 14,105 Operating loss (4,814)
(768) (15,026) (14,940) Interest income 426 132 652 622 Other
income, net (5) (25) (21) 1 Net loss $(4,393) $(661) $(14,395)
$(14,317) Basic and diluted loss per share from continuing
operations $(0.48) $(0.07) $(2.37) $(1.56) Weighted average basic
and diluted shares outstanding 9,181 9,181 6,081 9,181 DATASOURCE:
MathStar, Inc. CONTACT: Douglas Pihl of MathStar, Inc.,
+1-503-726-5500, ; or Alexis Pascal of Stapleton Communications,
+1-650-470-0200, , for MathStar, Inc. Web site:
http://www.mathstar.com/
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