-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AQyD7fjsMnmDqwSWRtFWS8QghXPLIzC2DebaVxfkAyH8/5PgFxMhU6Cpv/H3TP1g 49lTER2K14tecqwzdnKNyQ== /in/edgar/work/20000602/0000891618-00-003147/0000891618-00-003147.txt : 20000919 0000891618-00-003147.hdr.sgml : 20000919 ACCESSION NUMBER: 0000891618-00-003147 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000602 ITEM INFORMATION: FILED AS OF DATE: 20000602 FILER: COMPANY DATA: COMPANY CONFORMED NAME: 3DFX INTERACTIVE INC CENTRAL INDEX KEY: 0001010026 STANDARD INDUSTRIAL CLASSIFICATION: [7372 ] IRS NUMBER: 770390421 STATE OF INCORPORATION: CA FISCAL YEAR END: 0201 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-22651 FILM NUMBER: 648609 BUSINESS ADDRESS: STREET 1: 4435 FORTRAN DR CITY: SAN JOSE STATE: CA ZIP: 95134 BUSINESS PHONE: 4089354400 MAIL ADDRESS: STREET 1: 4435 FORTRAN DR CITY: SAN JOSE STATE: CA ZIP: 95134 8-K 1 0001.txt 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): June 2, 2000 3DFX INTERACTIVE, INC. (Exact name of registrant as specified in charter) California 000-22651 77-0390421 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 4435 Fortran Drive San Jose, California 95134 (Address of principal executive offices) (408) 935-4400 (Registrant's telephone number, including area code) 2 Item 5. Other Events. On May 22, 2000, the Registrant issued a press release announcing its earnings for the first quarter ended April 30, 2000. A copy of such press release is filed as Exhibit 99.1 hereto and is incorporated by reference herein. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: June 2, 2000 By: /s/ David Zacarias ----------------------- David Zacarias Vice President, Administration and Chief Financial Officer 3 EXHIBIT INDEX
Exhibit No. Description - ------- ----------- 99.1 Press Release, dated May 22, 2000.
EX-99.1 2 0002.txt EX-99.1 1 EXHIBIT 99.1 3DFX INTERACTIVE ANNOUNCES RESULTS FOR QUARTER ENDED APRIL 30, 2000 SAN JOSE, Calif., May 23/PRNewswire/ -- 3dfx Interactive(R) Inc. (Nasdaq: TDFX - - news) today announced financial results for the quarter ended April 30, 2000, which is the first quarter of the company's fiscal year 2001. 3dfx is a global leader in developing silicon chips and board-level solutions for personal computers to accelerate and improve the visual quality of 3D graphics imaging. The company's products are marketed under the Voodoo brand name. Revenues for the quarter ended April 30, 2000 were $108.6 million, which compares to $40.4 million in the same quarter last year. The increase in revenues was primarily attributed to the sales of board-level products as opposed to chip-level products for the same time one year ago. The gross profit for the quarter was $26.4 million or 24.3 percent of sales, compared to $14.2 million or 35.2 percent of sales in the same quarter last year, and the gross margin decrease was due to product mix changes. The gross margin for the fiscal 2001 first quarter, however, represented a significant improvement over the prior quarter's gross margin of 11.6%. "The results were in line with our expectations, and we feel positive about our operating improvements particularly compared to the previous quarter," stated Alex Leupp, president and CEO. Leupp further noted that the company had successfully executed on its plan to reduce operating expenses by approximately 10 percent from $39.2 million in the fourth quarter of 2000 to $35.7 million in first quarter of 2001. Research and development expenses increased from $11.8 million in the first quarter of 2000 to $16.6 million in the first quarter this year. The difference was due primarily to increases in R&D personnel and the acquisition of STB Systems, Inc. in May 1999. Leupp said R&D expenses should increase in coming quarters because of the company's aggressive efforts to incorporate the GigaPixel technology. Selling, general and administrative (SG&A) expenses increased from $6.6 million in the first quarter of last year to $19.1 million in the first quarter of the current year. The increase was primarily due to the acquisition of STB Systems, Inc. The operating loss before goodwill and taxes was $9.3 million, compared to $4.1 million in the same quarter last year. The net loss was $12.4 million or $0.51 per share compared to a net loss of $2.2 million or $0.14 per share for the first quarter fiscal year 2000. The fiscal 2001 first quarter results were calculated on the basis of 24,510,000 shares outstanding; in the comparable period last year per 2 share results were computed on the basis of 15,768,000 basic shares. The increase in shares outstanding was primarily attributable to the STB acquisition. Leupp concluded, "Our clear and immediate goal is to return to profitability and then move on with the task of obtaining significant growth by developing new markets for our 3D chips. To that end, we have begun to quickly integrate the personnel and technology of GigaPixel, whose acquisition we announced in March 2000." Conference Call Later Today Leupp said that he would discuss the Company's current prospects, the actions recently initiated, and future prospects during a conference call for investors scheduled at 4:30 p.m. EDT (1:30 p.m. PDT). Interested investors can listen by logging in to www.3dfx.com/earnings or www.vcall.com. Additionally, registered users can log into www.streetfusion.com. The conference call will be archived on all three web sites. A taped replay will be available at 1-888-843-8996, passcode 2343472. About 3dfx Interactive, Inc. 3dfx Interactive is leading the 3D multimedia revolution in personal computers and consumer products. With its patented and award-winning graphics accelerator chips, boards and software, 3dfx provides the technology to create high-impact visual experiences. The Company is recognized worldwide for its ability to bring the world's finest games, educational content, interactive entertainment and media-rich business applications to life. 3dfx products are available in retail stores worldwide, and through leading PC makers including Compaq, Dell, Gateway.3dfx has headquarters in San Jose, Calif., with engineering and manufacturing facilities in Richardson, Texas, and Juarez, Mexico. The Company also operates www.3dfxgamers.com, the premier online community for Voodoo owners and enthusiasts. 3dfx Interactive is available on the Web at http://www.3dfx.com. This document may contain forward-looking statements that are inherently subject to risks and uncertainties. The words "estimate," "project," "intend," "expect," "believe," and similar expressions are intended to identify forward-looking statements. The Company's actual results could differ materially from those currently anticipated due to a number of factors, including, but not limited to, technical or manufacturing or distribution issues, the competitive environment for the Company's products, the timing of new orders, the degree of market penetration of the Company's new products, and other factors set forth in reports and other documents filed by Company with the Securities and Exchange Commission from time to time. 3dfx Interactive is a registered trademark of 3dfx Interactive and Voodoo4 and Voodoo5 are trademarks of 3dfx Interactive. All other names may be trademarks of their respective holders. 3DFX INTERACTIVE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
April 30, January 31, 2000 2000 --------- ----------- Assets: Cash and cash equivalents $ 44,684 $ 41,818 Short-term investments 12,986 24,012 Accounts receivable, net 65,479 66,160 Inventory 51,179 45,065 Other current assets 15,951 28,407 Total current assets 190,279 205,462 Property and equipment, net 37,041 40,269
3 Intangibles 11,066 12,942 Goodwill 31,595 32,709 Other assets 8,675 4,729 $278,656 $296,111 Liabilities and Shareholders' Equity: Short-term debt $25,000 $25,000 Accounts payable 60,503 60,879 Accrued liabilities 18,758 20,285 Current portion of capitalized lease obligations 1,314 732 Total current liabilities 105,575 106,996 Other long term liabilities 1,029 1,881 Shareholders' equity: Common stock 249,493 251,883 Warrants 242 242 Deferred compensation (51) (172) Unrealized gain on equity securities (782) 1,844 Accumulated deficit (76,850) (66,563) Total shareholders' equity $278,656 $296,111
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data)
Three Months Ended -------------------------- April 30, April 30, 2000 1999 -------- --------- Revenues $108,578 $40,444 Cost of revenues 82,167 26,190 Gross profit 26,411 14,254 Operating expenses: Research and development 16,557 11,756 Selling, general and administrative 19,125 6,620 Amortization of goodwill and intangibles 3,830 -- Total operating expenses 39,512 18,376 Income (loss) from operations (13,101) (4,122) Interest and other income (expense), net (45) 911 Income (loss) before income taxes (13,146) (3,211) Provision (benefit) for income taxes (715) (1,027) Net income (loss) $(12,431) $(2,184) Net income (loss) per share Basic $ (0.51) $ (0.14) Diluted $ (0.51) $ (0.14) Shares used in net income (loss) per share calculations Basic 24,510 15,768 Diluted 24,510 15,768
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