8×8 Inc, the Santa Clara, California-based video conferencing systems, semiconductor and software supplier, says it’s been profitable for the past three quarters, has $33m in cash and no long-term debt. Revenues for the first three quarters of its fiscal year total nearly $38m, compared with $19m for the last full fiscal year. 8×8 has sold its VCP chip to just about every maker of ISDN-based videoconferencing systems makers, including the warring pair of PictureTel Inc and Tandberg ASA (CI No 3,356), Vtel Corp, Siemens AG, Sony Corp, Sanyo Electric Corp, and Matsushita Electric Co/Panasonic. The company also sells the ViaTV videophone range, including a desktop system with built-in camera and LCD screen, due to ship this quarter, which use the VCP chip. Unfortunately, things don’t look so bright for the final quarter – OEM customers were overstocking their shelves for market entry in late 1997 so fourth quarter sales are expected to drop off. And the company’s chief executive officer, Joe Parkinson, resigned as the warning was issued last month.
