Shares in Parthus Technologies rose almost 10 per cent yesterday after the Dublin-based chip design firm reported a net loss of $8.7 million (€8.9 million) for the third quarter.
The company, which is scheduled to merge with Ceva, a division of US-Israeli firm DSP Group, said its year-on-year revenues fell, due to a continued downturn in the semiconductor sector. Total revenue for the third quarter 2002 was $9.5 million compared with $10.4 million in the third quarter 2001, representing a fall of 9 per cent.
Net loss for the third quarter was $8.7 million, representing a net loss per share of $0.015. Excluding amortisation, merger costs, restructuring charges and non-stock cash compensation costs, Parthus's net earnings for the third quarter 2002 were $147,000.
Total operating costs were $16.9 million during the third quarter, compared to $27.9 million for the third quarter 2001, representing a fall of 38 per cent. This decrease reflected continuing cost reduction actions taken by the company over the past 12 months, according to Parthus.
Parthus, which designs chips for personal audio players, mobile phones and Microsoft's video games console, the Xbox, boosted gross margin to 81 per cent during the third quarter 2002, up from 73 per cent in the same period 2001.
