Lexar Updates Preliminary Fourth Quarter Results
March 06 2006 - 6:30AM
Business Wire
Lexar Media, Inc. (Nasdaq:LEXR) today updated preliminary results
for the fourth quarter ended December 31, 2005 and has rescheduled
its earnings release and related conference call in order to
facilitate the completion of the Company's accounting analysis of
inventory and other reserves. The Company now expects to report
fourth quarter net revenues in the range of approximately $237 to
$240 million and a net loss in the range of $20 to $23 million or
$0.25 to $0.28 per share. The Company will report its results after
the market close on March 14, 2006 and will host a conference call
at 2:00 p.m. PST (5:00 p.m. EST). To participate on the live call,
analysts and investors should dial 800-218-0713 at least ten
minutes prior to the call. The call will also be webcast and can be
accessed from the investor relations section of the Company's web
site at www.lexar.com. A telephonic replay will also be available
until 11:59 p.m. PT on Thursday, March 16, 2006 by dialing
800-405-2236 and entering the passcode: 11050719#. About Lexar
Media, Inc. Lexar is a leading marketer and manufacturer of NAND
flash memory products including memory cards, USB flash drives,
card readers and ATA controller technology for the digital
photography, consumer electronics, industrial and communications
markets. The company holds over 94 issued or allowed controller and
system patents, and licenses its technology to companies including
Olympus Corporation, Samsung Electronics Co., Ltd., SanDisk
Corporation and Sony Corporation. Lexar sells its memory cards
worldwide and through an exclusive agreement, also sells memory
cards under the Kodak(R) brand. Headquartered in Fremont,
California, Lexar has operations in countries around the world.
More information is available at www.lexar.com. Cautionary Note
Regarding Forward-Looking Statements This news release contains
forward-looking information within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 and is subject to the safe harbor created by
those sections. These forward-looking statements include, among
others, statements related to our anticipated financial results for
the fourth quarter ended December 31, 2005. These forward-looking
statements involve a number of risks and uncertainties that could
cause actual results to differ materially from those anticipated by
these forward-looking statements. These risks include: that the
determination of our anticipated financial results for the fourth
quarter, including the impact of various factors on our net loss
and gross margins, is based on preliminary information, which is
subject to change; our operating results, including our gross
margins, are difficult to predict and may fluctuate significantly;
if we are unable to effectively manage our inventory, our operating
results will be negatively impacted; the cost of flash memory is a
significant part of our products' cost structure, and if we are
unable to obtain sufficient quantities of flash memory in a timely
manner and at competitive prices, we may not be able to manufacture
and deliver products to satisfy our customers' requirements,
compete effectively in the market or maintain our targeted gross
margins or market share; future average selling prices may continue
to erode due to excess industry capacity and extreme price
competition which may impact our gross margins and our ability to
maintain our position at our retail accounts; many of our retail
customers and distributors have price protection which could
require us to make large payments if we reduce prices; if we are
unable to anticipate demand and pricing of our products or if we
are unable to effectively manage distributor channels and
relationships and changes in market conditions, our operating
results will be harmed; our licensing revenues may fluctuate
significantly and we may be unable to secure new license or royalty
revenue; increased competition in the digital media market may lead
to a decrease in our revenues and market share; if we are unable to
achieve or maintain our technology leadership position or to obtain
rights to develop and manufacture new form factors on acceptable
terms, our gross margins and revenues would likely decline
significantly; and we are involved in litigation, and may become
involved in additional litigation, the outlook of which is highly
uncertain, that could divert management's time and attention, be
time-consuming and expensive to defend or limit our access to
important technology. Readers should also refer to the risk factors
described in our filings with the Securities and Exchange
Commission, including our Quarterly Report on Form 10-Q for our
fiscal quarter ended September 30, 2005, filed with the Securities
and Exchange Commission on November 9, 2005. We assume no
obligation to update the forward-looking information contained in
this news release. Lexar and the Lexar logo are trademarks of Lexar
Media, Inc. All other brand or product names are trademarks or
registered trademarks of their respective holders.
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