In fiscal 2000, the Company reported a net loss of $30.6 million, or $(0.67) per diluted share for the full year on a pro forma basis. Net revenues for fiscal 2001 reached $176.2 million, a 104 percent increase over net revenues of $86.5 million reported in fiscal 2000. Oak continues to be debt free and, at year-end, had cash and investments of approximately $124 million.

For the fourth quarter of fiscal 2001, revenues were $36.8 million, essentially flat with revenues in the fourth quarter of fiscal 2000, but approximately 33 percent above the $27.7 million posted for the third quarter of 2001. For fiscal fourth quarter 2001, the Company posted a pro forma net loss of $1.0 million, or $(0.02) per diluted share. This compares with a pro forma net loss of $0.8 million, or $(0.02) per diluted share in the fourth quarter of fiscal 2000.

On a GAAP basis, during the quarter ended June 30, 2001, the Company reclassified accumulated comprehensive losses totaling $17.4 million, which were recorded on the balance sheet previously, and charged them to net income and retained earnings, bringing the net loss for the quarter to $22.1 million, or $(0.41) per share, and a net loss for the year to $30.6 million or $(0.56) per share. These valuation-related losses relate to the potential impairment of certain equity securities Oak received from a telecommunications-related semiconductor company in exchange for the sale of a business in January 2000. This reclassification in the equity section of the balance sheet and charge to net income recognizes that the decline in value of these securities may be other than temporary. The original gain from the sale of the business was excluded from pro forma results and thus the valuation adjustments have been excluded as well.

During fiscal 2000, Oak divested one business and completed acquisitions of two others all in an effort to support the Company’s transition from a semiconductor company to a total solutions company in the digital imaging and optical storage markets.

SOURCE: COMPANY PRESS RELEASE