SANTA CLARA, Calif., June 7 /PRNewswire-FirstCall/ -- NeoMagic
Corporation (NASDAQ:NMGC), today reported its results for the
fiscal first quarter 2008. Total revenue for the first quarter of
fiscal 2008, ended April 29, 2007, was $482 thousand, compared to
total revenue of $117 thousand for the fourth quarter of fiscal
2007. Net loss for the first quarter of fiscal 2008 was $3.2
million, or $0.26 per share, compared to net loss of $3.0 million,
or $0.27 per share, in the fourth quarter of fiscal 2007. In
connection with the warrants issued in the Company's December 2006
financing, it recognized a gain of $1.0 million in the first
quarter of fiscal 2008 for a change in fair value on revaluation of
the warrant liability as of April 29, 2007 compared to a gain of
$1.8 million in the fourth quarter of fiscal 2007 on revaluation of
the warrant liability as of January 28, 2007. Cash, cash
equivalents and short-term investments decreased from $20.5 million
at January 28, 2007 to $16.1 million at April 29, 2007. "I am proud
to say that we achieved some key milestones this quarter. We
continue to see more designs wins transitioning into production and
are encouraged by our current pipeline," said Douglas Young,
president and chief executive officer of NeoMagic. "To date, we
have received production orders for the MiMagic 6+ processors for
several ISDB-T based mobile TV products for the Japanese market. We
are excited to see the hard work that went into the development of
the ISDB-T solution result in this ramp," continued Young. "Also
noteworthy is the addition of Steven P. Berry to our executive
team. Steve will be joining NeoMagic as chief financial officer
effective August 6, 2007. Steve's extensive experience in financial
leadership roles, especially within the semiconductor industry,
will make him a great asset to the company's growth and
development," concluded Young. Conference Call Highlights Topics to
be covered on NeoMagic's quarterly conference call include the
following: -- ISDB-T products are expected to go into full
production in the next several weeks. -- Opportunities for
multimedia-rich GPS navigation products with integrated Mobile TV
and/or Camera. -- Design win with Freenex, a Korean customer, for
MiMagic 6+ based navigation system targeted for the automotive
market expected to be in production during the current fiscal
quarter. -- Windows Mobile Certified manufacturing kit targeted for
mobile manufacturers in China; production is scheduled for fiscal
third quarter. -- Production orders from customer in Asia for a
MiMagic-3 based product to be used in an automatic toll-collection
traffic control system. -- LG follow-on wireless IP camera product
on schedule and is expected to go into production in the current
fiscal quarter. Dial-in Information NeoMagic will hold its first
quarter fiscal 2008 conference call to discuss the information
contained in this press release today at 5:00 p.m. Eastern Time
(2:00 p.m. Pacific Time). The call can be accessed via the Internet
at http://www.neomagic.com/, "Investor Resources." The call can
also be accessed by dialing 866-793-1342 in the U.S. and
703-639-1313 internationally. There is no passcode. A replay of the
call will be available for seven days beginning on June 7 at 9:00
p.m. Eastern Time (6:00 p.m. Pacific Time). The replay number is
888-266-2081 in the U.S. and 703-925-2533 internationally. The pass
code for the replay is 1084882. The webcast is also being
distributed over CCBN's Investor Distribution Network to both
institutional and individual investors. Individual investors can
listen to the call through CCBN's individual investor center at
http://www.fulldisclosure.com/ or by visiting any of the investor
sites in CCBN's Individual Investor Network. Institutional
investors can access the call via CCBN's password-protected event
management site, StreetEvents (http://www.streetevents.com/). About
NeoMagic NeoMagic Corporation delivers semiconductor chips and
software that provide mobile solutions that enable new multimedia
features for handheld devices. These solutions offer low power
consumption, small form-factor and high performance processing. The
Company demonstrated one of the first solutions used for H.264
video decoding in a mobile digital TV phone, and is developing and
delivering solutions for audio/video processing of the dominant
mobile digital TV standards, including ISDB-T, T-DMB, E-DMB and
DVB-H. For its complete system solution, NeoMagic delivers a suite
of middleware and sample applications for imaging, video and audio
functionality, and provides multiple operating system ports with
customized drivers for the MiMagic product family. NeoMagic has a
patent portfolio of over 27 patents that cover NeoMagic's
proprietary array processing technology, embedded DRAM and other
technology. Information on the Company may be found on the World
Wide Web at http://www.neomagic.com/. This press release contains
forward-looking statements within the meaning of the Securities Act
of 1933 and the Securities Exchange Act of 1934, including the
Company's design wins, expected orders, production timing,
availability of new products and revenue opportunities. These
forward-looking statements reflect current expectations. However,
actual events and results could vary significantly based on a
variety of factors, including but not limited to customer
acceptance of NeoMagic products, the market acceptance of mobile
phones and other devices developed and marketed by customers that
use the Company's products, customers' plans to develop smart
phones, feature phones and other products, the acceptance of
advanced multimedia services such as H.264 television on mobile
phones and other products, the Company's ability to execute product
and technology development plans on schedule, and the timely
availability of sufficient manufacturing capacity at the Company's
foundry to meet future customer demand for products. There is no
certainty that current or future design wins will result in revenue
for NeoMagic or that customer forecasts will be accurate. Customers
may cancel or delay projects or switch to other vendors. In
addition, customers may fail to achieve their expected sales
objectives due to competitive or other reasons. Our patent
licensing activities involve various risks and uncertainties,
including, without limitation, uncertainties as to the willingness
of other companies to pay significant fees to license our
intellectual property, the length and uncertain outcome of
licensing negotiations, the possibility that litigation may be
required to enforce patents, and the risks and costs inherent in
any patent litigation. Additional risks that could affect the
Company's future operating results are more fully described in the
Company's most recent annual report, its most recent quarterly
report and other filings with the United States Securities and
Exchange Commission (SEC), and are available online at
http://www.sec.gov/. NeoMagic may, from time to time, make
additional written or oral forward-looking statements, including
statements contained in filings with the SEC and reports to
shareholders. NeoMagic does not undertake the obligation to update
any forward-looking statements that may be made by or on behalf of
the company, except as may be required by law. NeoMagic and the
NeoMagic circle logo are registered trademarks, and MiMagic and
NeoMobileTV are trademarks, of NeoMagic Corporation. All other
trademarks are the property of their respective owners. NeoMagic
disclaims any proprietary interest in the marks and names of
others. (Logo:
http://www.newscom.com/cgi-bin/prnh/20020802/NMGCLOGO) NEOMAGIC
CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (In
thousands, except per share data) (Unaudited) Three Months Ended
April 29, January 28, April 30, 2007 2007 2006 Product revenue $482
$117 $86 Licensing revenue 0 0 0 Total revenue 482 117 86 Cost of
product revenue 344 126 86 Cost of licensing revenue 0 0 0 Total
cost of revenue 344 126 86 Gross profit (loss) 138 (9) 0 Operating
expenses: Research and development 2,963 3,477 3,284 Sales, general
and administrative 1,559 1,198 1,940 Total operating expenses 4,522
4,675 5,224 Loss from operations (4,384) (4,684) (5,224) Interest
income and other 193 231 270 Interest expense (24) (292) (37)
Change in fair value of warrant liability 991 1,835 0 Loss before
income taxes (3,224) (2,910) (4,991) Income tax provision 21 94 16
Net loss $(3,245) $(3,004) $(5,007) Basic net loss per share
$(0.26) $(0.27) $(0.53) Diluted loss per share $(0.26) $(0.27)
$(0.53) Weighted average common shares outstanding for basic 12,286
11,329 9,521 Weighted average common shares outstanding for diluted
12,286 11,329 9,521 NEOMAGIC CORPORATION CONSOLIDATED CONDENSED
BALANCE SHEETS (In thousands) April 29, 2007 January 28, 2007
(unaudited) ASSETS Current assets: Cash and cash equivalents
$11,118 $16,468 Short-term investments 4,986 4,014 Accounts
receivable, net 420 65 Inventory 1,166 1,068 Other current assets
517 397 Total current assets 18,207 22,012 Property, plant and
equipment, net 1,201 1,494 Other assets 574 584 Total assets
$19,982 $24,090 LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Accounts payable $1,239 $1,662 Compensation and
related benefits 1,236 1,017 Income taxes payable 1,025 1,112 Other
accruals 170 100 Current portion of capital lease obligations 707
866 Warrant liability 2,862 3,853 Total current liabilities 7,239
8,610 Capital lease obligations 579 655 Other long-term liabilities
126 148 Stockholders' equity: Common stock 39 39 Additional
paid-in-capital 117,354 116,850 Accumulated other comprehensive
loss (1) (2) Accumulated deficit (105,354) (102,210) Total
stockholders' equity 12,038 14,677 Total liabilities and
stockholders' equity $19,982 $24,090
http://www.newscom.com/cgi-bin/prnh/20020802/NMGCLOGO
http://photoarchive.ap.org/ DATASOURCE: NeoMagic Corporation
CONTACT: Bob Newman, Acting Chief Financial Officer of NeoMagic
Corporation, +1-408-988-7020; or Investors, Erica Mannion of
Sapphire Investor Relations, LLC, +1-212-766-1800, for NeoMagic
Corporation Web site: http://www.neomagic.com/
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