Consumer electronics maker Brillian Corp., for the quarter ended Sept. 30, 2005, reported revenue of $659,000, down 10 percent from the same period in 2004. Net loss for the quarter was $9.6 million, or $1.30 per share, compared with a net loss of $6.3 million, or $0.91 per share, in the third quarter of 2004.
Year-to-date revenue was $2.5 million, up 8 percent from the same period last year. Net loss for the 9 months ended Sept. 30, 2005 was $22.0 million, or $3.10 per share, compared with a net loss of $16.6 million, or $2.69 per share, for the comparable period of 2004.
Results for the third quarter of 2005 include inventory write-offs of approximately $870,000 in order to reduce inventory carrying amounts to the lower of cost or market, stock-based compensation charges of approximately $353,000, non-cash interest expense, consisting of amortization of debt discount and offering costs of approximately $1.3 million and a loss on investment in startup company of $1.1 million.
"This is an exciting time for Brillian, our employees, and our stockholders. As we look forward to the stockholder meeting on November 29 and completion of the merger with Syntax, we remain focused on production of our new light engine as well as our 1,080p HDTVs," said Vincent F. Sollitto Jr., president and CEO of Brillian.
Brillian said its efforts in the fourth quarter are centered around closing the planned merger with Syntax Groups Corp. Both Syntax and Brillian have shareholder meetings scheduled for Nov. 29, 2005, to vote on the proposed merger. Assuming both shareholder groups approve the merger, Brillian anticipates that closing can occur shortly thereafter.
Assuming the proposed merger is approved and closes on or about Nov. 30, 2005, only 1 month of Brillian operations will be included in the combined financial results of Syntax-Brillian Corp. Based on this assumption, Brillian's current outlook for Syntax-Brillian for the 3 months ending Dec. 31, 2005, is for a range of revenue from $55 to $65 million and operating income ranging from a $-700,000 to $1.7 million.
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