Tuesday, July 20, 2004
Second quarter 2004 sales revenues were $86.1 million at flash memory company M-Systems Inc., more than tripling sales in the second quarter of 2003, the company said Monday (July 19).
The companies chief executive said third quarter sales revenues would be at least $86 million and that the full years sales guidance was being raised from $275 million to $325 million.
Revenues increased 237 percent compared to revenues of $25.6 million in the second quarter of 2003, and an increase of 34 percent compared to revenues of $64.2 million in the first quarter of 2004.
M-Systems also reported a net income of $5.4 million compared to a net profit of $3.7 million in the first quarter of 2004, and a net loss of $0.4 million in the second quarter of 2003.
"We are extremely pleased with our results for the second quarter of 2004, which exceeded our expectations and represent the twelfth consecutive quarter of sequential growth. Our revenues increased by 34 percent quarter over quarter, approximately twice the rate at which our operating expenses grew, enabling us to increase our operating income by 56 percent over the first quarter," Dov Moran, president and chief executive officer of M-Systems, said in a statement.
By: DocMemory
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