Product category: Embedded Software and Operating Systems
News Release from: Wind River Systems
Edited by the Electronicstalk Editorial Team on 25 February 2002
Wind River keeps cash flowing, but losses mount up
Fourth quarter revenue at Wind River was $80.5 million, up slightly from $80.1 million in the third quarter and down 38% compared with the fourth quarter of fiscal 2001.
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Fourth quarter revenue at Wind River was $80.5 million, up slightly from $80.1 million in the third quarter and down 38% compared with the fourth quarter of fiscal 2001. "The fourth quarter marked the end of a tough year in technology. Our commitment to help our customers manage the increasing complexity of the software they put in their products has never been more important", stated Tom St Dennis, president and chief executive officer of Wind River.
In accordance with generally accepted accounting principles (GAAP), fourth quarter net loss was $50.0 million, compared with a net loss of $19.2 million in the third quarter and a net loss of $10.6 million for the fourth quarter of 2001.
Loss per share was $0.64, compared with a loss of $0.25 per share in the third quarter and a loss of $0.14 per share in the fourth quarter of 2001.
For the fourth quarter, pro forma net loss was $1.5 million, compared with a pro forma net loss of $1.0 million in the third quarter and pro forma net income of $15.5 million in the fourth quarter of 2001.
Fourth quarter pro forma loss per share was $0.02, compared with a pro forma loss of $0.01 per share in the third quarter and down from pro forma earnings per diluted share of $0.19 in the fourth quarter of 2001.
Revenues for fiscal year 2002 were $351.1 million, a 19.7% decrease from $438.0 million in fiscal 2001.
On a GAAP basis, net loss was $375.6 million or a loss of $4.84 per share compared with net loss of $76.4 million or $1.05 per share for fiscal year 2001.
Pro forma operating loss was $15.5 million compared with operating income of $42.8 million for the corresponding period in fiscal 2001.
Pro forma net loss was $4.1 million compared with net income of $40.7 million or a loss of $0.05 per share, compared with earnings per diluted share of $0.52 in fiscal 2001.
"Despite a challenging environment, the past year has been one of building on the strengths of Wind River.
I believe we have improved the way we run our business, which is evident from our continuing positive cash flow from operations.
We are well positioned to leverage our current infrastructure to return to profitable growth in the year ahead", said Mike Zellner, vice president and chief financial officer of Wind River.
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