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ATI Reports Fourth Quarter and Fiscal 2005 Results
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Old 6th October 2005, 15:37   #1
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Default ATI Reports Fourth Quarter and Fiscal 2005 Results

MARKHAM, Ontario, Oct 06, 2005 (BUSINESS WIRE) -- ATI Technologies Inc. (ATYT)(ATY) today announced financial results for the fourth quarter and fiscal year ended August 31, 2005. These results are in line with the preliminary results announced on August 29, 2005.

Revenues(1) for the fourth quarter were $470 million, a $60 million decline relative to the third quarter of fiscal 2005. Gross margin percentage was 9.0% including a $67 million inventory write-down taken in the quarter. Excluding this write-down, gross margin was 23.3%. Net loss for the quarter was $104 million ($0.41 per diluted share). Stock-based compensation costs(2) in the quarter totaled $11.2 million. Excluding the inventory write-down of $67 million and stock-based compensation costs and related taxes, the net loss for the quarter was $29 million or $0.12 per share.

Revenues for fiscal 2005 rose 11% to $2.22 billion. Gross margin was 27.6%. Net income for the year was $17 million ($0.07 per diluted share) versus $205 million ($0.80 per diluted share) in 2004. Stock-based compensation costs in fiscal 2005 totaled $42.5 million as compared with $7.6 million last year. Excluding the inventory write-down and stock-based compensation costs and related taxes, net income for the year was $119 million or $0.46 per share.

"We are entering fiscal 2006 with new products and an intense focus on operational and financial performance," said David Orton, ATI's Chief Executive Officer. "We've delivered top-to-bottom technology and performance leadership with the 90 nm Radeon(R) X1000 series. We are aggressively implementing concrete programs in the areas of delivery performance, product cost improvements and operational efficiencies. Our new products and operational programs position us well for the future."

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