SUNNYVALE, Calif., May 6, 2011 (GLOBE NEWSWIRE) -- LOGIC Devices Incorporated (OTCQX:LOGC) today reported its revenues and earnings for the second quarter of fiscal 2011. Net revenues aggregated $573,400 for the quarter ended March 31, 2011, compared to $553,200 reported in the same quarter of fiscal 2010. Revenues recovered sharply from $208,400 reported in the immediately preceding quarter ended December 31, 2010. The Company reported a net loss of $104,500, or $(0.01) per share, for the fiscal 2011 quarter, compared to a net loss of $418,400, or $(0.06) per share, for the fiscal 2010 quarter.
"During the quarter ended March 31, we had a good rebound in revenues compared to recent quarters, and as a result, our loss for the quarter fell significantly. Revenues strengthened primarily as a result of improved order rates for both video processing and defense related purchases. The full impact of aggressive cost cutting undertaken in prior quarters reduced our fixed burn rate, notably our indirect R&D and SG&A expenses. Gross margins were also strong as a result of both the product mix and the improved absorption of fixed overhead with higher revenue levels. We will have considerable earnings leverage as revenues increase. We are pleased with this recent progress, knowing full well we still have a long way to go to reach our goals," stated Bill Volz, president of LOGIC Devices.
"Notable events during the quarter: We put in place a line of credit secured by our receivables, and we entered in to an equity financing agreement to gradually bring in much needed additional capital as we move forward. An S-1 registration statement is currently waiting SEC review so that we can begin selling a limited number of shares as our capital needs dictate under this program. Several members of the board of directors also contributed much needed additional capital during the quarter. Just after the close of the quarter, we completed our 3-year recertification ISO: 9001:2008 audit and we received approval to transition to the highest tier of the OTC Markets, the OTCQX."
"Opportunities for additional revenue growth continue to present themselves through interest in our integrated module product line. However, our assembly subcontractor has still been unable to resolve yield and reliability problems that are limiting our ability to capitalize on these current opportunities. We are working to address this problem as our highest priority," concluded Volz.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Any statements in this press release regarding expectations of future events are "forward-looking statements" involving risks and uncertainties, including, but not limited to, market acceptance risks, the effect of economic conditions and shifts in supply and demand, the impact of competitive products and pricing, product development, commercialization and technological difficulties, availability of capital, and capacity and supply constraints. Please refer to the Management Discussion and Analysis of Financial Condition and Results of Operations (MD&A) for a discussion of risks in the most recent LOGIC Devices Annual Report on Form 10-K and the quarterly report under Form 10-Q.
LOGIC Devices Incorporated, an ISO 9001:2008 registered company, is focused on developing high-performance, digital silicon and integrated product solutions for high-performance, power-sensitive applications. Our products meet or exceed the requirements for broadcast video, medical imaging, industrial-embedded computer, surveillance, and instrumentation, as well as telecommunications companies. More information about LOGIC Devices and its products is available at .
CONTACT: Bill Volz, President Kimiko Milheim, CFO (408) 542-5400