Media 100 Inc.
on Thursday reported its financial results for the fourth quarter and fiscal year ending November 30, 2002. Net sales for the quarter were US$2.6 million, versus $5.8 million in the fourth quarter of fiscal 2001. Net sales for the fourth quarter excluded sales of the 844/X editing systems.
On a generally accepted accounting principles (GAAP) basis, Media 100 reported a net loss of $1.7 million, or $0.13 per share in the fourth quarter, versus net income of $4.4 million, or $0.35 per share, in the fourth quarter of 2001. The company reduced its negative cash flow to $1.3 million in the fourth quarter versus $2.1 million, $4.1 million, and $4.2 million in the third, second, and first quarters respectively. Media 100 ended fiscal 2002 with $7.9 million of cash, cash equivalents, and restricted cash.
Net sales for the fiscal year ended November 30, 2002 were $19.1 million, versus $30.9 million for fiscal 2001. On a GAAP basis, Media 100 reported a net loss of $13.5 million, or $1.05 per share for fiscal 2002, versus a net loss of $11.5 million, or $0.93 per share, for fiscal 2001.
For the first quarter of fiscal 2003, Media 100 is predicting net sales to be approximately $4.0 million, based on continued shipments of the company’s 844/X products to end users. As a result of the announcement of 844/X version 2 on January 21, the company plans to defer all revenue of 844/X units shipped after that date until the software is shipped, which is currently scheduled for May.
Media 100 anticipates its net loss in the first quarter of fiscal 2003 to be between $0.12 and $0.14 per share. After the first quarter of fiscal 2003, the company says it expects “to significantly reduce its net loss, and achieve positive earnings and cash flow” in the second half of fiscal 2003.