Meidell Tactical Advantage Etf (delisted) (AMEX:MATH)
Historical Stock Chart
From Jun 2019 to Jun 2024
HILLSBORO, Ore., Oct. 28 /PRNewswire-FirstCall/ -- MathStar, Inc. today announced results for its third quarter of 2008, ended Sept. 30, 2008.
Revenue in the third quarter was $80,000 compared with $63,000 in the same period last year. For the nine months ended September 30, 2008, revenue was $360,000 compared with revenue of $275,000 in the nine months ended Sept. 30, 2007.
Net loss in the third quarter of 2008 was $661,000 or a loss of $0.07 per share compared with a net loss of $4,393,000 or a loss of $0.48 per share in the same period last year. For the nine months ended Sept. 30, 2008, MathStar had a net loss of $14,317,000 or a loss of $1.56 per share compared with a net loss of $14,395,000 or a loss of $2.37 per share in the same period last year.
The company has scheduled its third quarter 2008 financial results conference call for Tuesday, Oct. 28, 2008 at 1:30 p.m. Pacific time. To listen to the call, please dial 303-205-0033 or 800-257-2182. A replay of the call will be made available on the company's website at http://www.mathstar.com/.
Statements in this press release, other than historical information, may be "forward-looking" in nature within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to various risks, uncertainties and assumptions. These statements are based on management's current expectations, estimates and projections about MathStar and include, but are not limited to, those set forth in the section of MathStar's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 14, 2008 under the heading "Risk Factors," as updated in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2008 and June 30, 2008. MathStar undertakes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
MathStar, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except per share data)
December 31, September 30,
2007 2008
Assets
Current assets
Cash and cash equivalents $4,339 $6,824
Restricted cash 107
Investments in marketable
securities - short term 22,200 7,942
Accounts receivable 271 130
Inventory 623
Prepaid expenses and other current assets 1,326 221
Total current assets 28,866 15,117
Property and equipment, net 557 76
Investments in marketable
securities - long term 2,599 799
Other assets 435 25
Total assets $32,457 $16,017
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $930 $26
Deferred revenue 162
Accrued expenses 1,416 536
Total current liabilities 2,508 562
Other long term liabilities 453 302
Total liabilities 2,961 864
Stockholders' equity
Preferred stock, $0.01 par value; 10,000
shares authorized; no shares
issued and outstanding - -
Common stock, $0.01 par value; 18,000
shares authorized; 9,181 shares issued
and outstanding at December 31, 2007
and September 30, 2008 459 92
Additional paid-in capital 155,539 155,909
Accumulated deficit (126,502) (140,819)
Accumulated other comprehensive loss - (29)
Total stockholders' equity 29,496 15,153
Total liabilities and stockholders' equity $32,457 $16,017
MathStar, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2007 2008 2007 2008
Revenue $63 $80 $275 $360
Cost of sales 58 - 181 1,195
Gross profit (loss) 5 80 94 (835)
Operating expenses:
Research and development 2,655 165 8,387 7,259
Selling, general and
administrative 2,164 666 6,733 4,228
Restructuring and
impairment charges - 17 - 2,618
4,819 848 15,120 14,105
Operating loss (4,814) (768) (15,026) (14,940)
Interest income 426 132 652 622
Other income, net (5) (25) (21) 1
Net loss $(4,393) $(661) $(14,395) $(14,317)
Basic and diluted loss per
share from continuing
operations $(0.48) $(0.07) $(2.37) $(1.56)
Weighted average basic and
diluted shares outstanding 9,181 9,181 6,081 9,181
DATASOURCE: MathStar, Inc.
CONTACT: Douglas Pihl of MathStar, Inc., +1-503-726-5500,
; or Alexis Pascal of Stapleton Communications,
+1-650-470-0200, , for MathStar, Inc.
Web site: http://www.mathstar.com/