ATI posts modest profit for Q1 2003

Graphics card and chipmaker ATI Technologies Inc. posted results for the first fiscal quarter of 2003, which ended November 30, 2002. The company posted a small profit for the quarter, quite a turnaround from its 2002 results.

ATI noted revenues of US$322 million for the quarter, up 34.5 percent from quarter to quarter and up 28.8 percent for the same quarter a year ago. Although gross margins dropped and operating expenses increased for the quarter, the company reported a net income of US$5.0 million, compared to a net loss last quarter of US$32.2 million and a net loss of US$10.3 million for the same quarter a year ago.

ATI president and COO David Orton said that his company has obtained "key design wins" in every product category it participates in, and that ATI is pleased with the strength of its PC business. This quarter saw the rollout of ATI's Radeon 9700 and 9000 products -- the 9000 is available as an OEM card in certain Power Mac G4 models, while the 9700 is expected to make its Mac debut sometime early next year.

ATI anticipates a 10 percent drop in revenues for the second quarter, correlating the drop to typical seasonal shifts. ATI also expects gross margins to grow and operating expenses to increase, as the company invests more in research and development. Regardless, ATI hopes to target adjusted net income in the same range as this quarter.

ATI senior vice president and CFO Terry Nickerson said the company's emphasis will be on improving margins and "realizing a contribution from [ATI's] consumer business," which Nickerson said has been soft.

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