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ATI announces fiscal quarter results

ATI Technologies announced the report for Q1 of its 2003 fiscal year, ended November 30, 2002. According to the report, the last quarter revenue made $322 million, being 34.5% higher than in the previous quarter year and 28.8% higher than last year.

The gross profit made 27.3% against 30.1% in the previous quarter, transaction costs, including amortization and fictitious assets, grew from $70.1 million in the previous quarter to $79.6 million. At that the net profit made $5.0 million or $0.02/stock against the net loss of $32.2 million or $0.14/stock in the previous quarter and the $10.3 million net loss or $0.04/stock a year ago.

According to ATI, the main revenue source were the Radeon 9700 and 9000 GPU sales as well as the sales of integrated graphics solutions.

As the past quarter signifies the sales season peak, ATI believes that revenues are to reduce by about 10% next quarter, however, the net profit should remain at the same level.

Despite the positive fiscal results and small profit, the values of the ended fiscal quarter turned out to be lower than expected. This along with the low forecast for the next quarter and the began investigation of Ontario Securities Commission in relation to the previous ATI activity in the offshore equity market resulted in the reduction of the stock level by 24% to $4.87.

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