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ATI's Posts Sharp Increase In Profit On Declining Revenue

ATI announced results for Q4 and fiscal 2002, bouncing back from 2001's net loss to post almost $50 million in net income for the year.
In fiscal 2002, ATI's revenue declined 2% to $1.02 billion but net income shot up to $49.7 million (20 cents per share) as its gross margins improved. Last year it posted a $16.3 million loss. Revenue for Q4 was $239.5 million (up 5% from a year ago), but ATI posted a net loss of $32.2 million (14 cents per share) for the quarter, largely due to increased R&D expenses and expenses related to its acquisition of NxtWave Communications. In its outlook for fiscal 2003, the company said it expects the Radeon 9700 family and new integrated chip sales elevate revenues, but acknowledged that operating expenses will continue to increase as a result of the NxtWave purchase. It predicts net income per share of 3-5 cents in Q1 2003.

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