Contact:
Shane Y. Hong
Pixelplus Co., Ltd.
6th Floor, Gyeonggi R&DB Center
906-5 Iui-dong, Yeongtong-gu
Suwon-si, Gyeonggi-do, 443-766
Republic of Korea
+82-31-888-5300
OR
Taylor Rafferty:
London - Emilia Whitbread at +44 (0) 20 7614 2900
New York - Jessica McCormick at +1 212 889 4350
Tokyo - Jason Wagers at +81 (0) 3 3221 9513
E-mail pixelplus@taylor-rafferty.com
Pixelplus Co., Ltd.
Consolidated Statements of Operations
(In thousands of USD, except per ADS data)
(Unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
Sep. 30, Sep. 30, Sep. 30, Sep. 30,
2008 2007 2008 2007
Revenues 3,727 3,900 9,683 11,954
Products 3,573 3,534 9,199 8,438
Services 154 366 484 3,516
Cost of revenues 3,157 2,880 8,637 8,393
Products 3,134 2,811 8,554 7,519
Services 23 69 83 874
Gross profit 570 1,020 1,046 3,561
Operating expenses 3,659 2,715 8,528 8,190
Selling, general and
administrative 2,918 1,696 5,970 5,111
Research and
development, net of
government grants 741 1,019 2,558 3,079
Income(loss) from
operations (3,089) (1,695) (7,482) (4,629)
Other income(expense)
Interest
income(expense), net (53) 54 (71) 140
Foreign exchange gain
(loss), net (1) 2 3 7
Reversal of Allowance
for Doubtful Accounts - 67 - 606
Gain from sales of
securities 231 365 231 365
Others, net 50 7 121 39
Income(loss) before
income taxes, gain from
equity method
investments, dilution
gain and minority
interest (2,862) (1,200) (7,198) (3,472)
Income tax expenses - - - -
Income(loss) before gain
from equity method
investments, dilution
gain and minority
interest (2,862) (1,200) (7,198) (3,472)
Gain from equity method
investments, net - - - -
Dilution gain from
equity method
investment and
consolidated subsidiary - - - -
Minority interest - - - -
Before cumulative effect
of change in accounting
principle (2,862) (1,200) (7,198) (3,472)
Cumulative effect of
change in accounting
principle - - - -
Net income (loss) (2,862) (1,200) (7,198) (3,472)
======= ======= ======= =======
Accretion of preferred
shares - - - -
Net loss attributable to
common shareholders (2,862) (1,200) (7,198) (3,472)
======= ======= ======= =======
Loss per ADS - basic and
diluted (0.84) (0.36) (2.13) (1.07)
ADSs used in computing
loss per ADS - basic
and diluted 3,403,433 3,292,678* 3,383,434 3,253,317*
*These figures were calculated based on Pixelplus' one-for-four reverse
stock split of its American Depositary Receipts effective as of the open
of business on April 14, 2008.
