Revenues for the fourth quarter of 1999 were $21.8 million. Net income
for the fourth quarter of 1999 was $1.6 million, or $.08 per share on
approximately 19.7 million shares outstanding. All per share amounts are
computed on a diluted basis.
The company has restated results for the first three quarters of 1999.
During the course of preparing the annual financial statements, AXT learned
that certain expenses of Lyte Optronics for the period from Jan. 1, 1999 to
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May 28, 1999 were understated by approximately $4 million, net of income
taxes. The company acquired Lyte Optronics on May 28, 1999, in a transaction
accounted for as a pooling of interests. Certain shares issued by the company
to acquire Lyte Optronics will be returned to the company by the selling
shareholders as a result of the understatement of expenses. In addition,
certain expenses of Lyte Optronics for the quarter ended Sept. 30, 1999 were
understated by approximately $1.2 million, net of income taxes.
Restated net revenues for fiscal 1999 were $81.5 million. Restated net
income for 1999 was $ 3.5 million, or $.18 per share on approximately
19.8 million shares outstanding, before taking into account acquisition costs
of $2.8 million and the extraordinary loss of $500,000 associated with the
acquisition of Lyte Optronics. All per share amounts are computed on a
diluted basis.
The company also reported that it is cooperating with Cal-OSHA in an
investigation regarding higher than permissible levels of potentially
hazardous materials in certain areas of the AXT facility in Fremont, Calif.
The company has put in place engineering, administrative and personal
protective equipment programs to address this issue. The AXT facility is in
full operation, and the company is pleased to report that no accidents or
injuries resulted from this matter. Although civil and criminal charges can
be imposed by Cal-OSHA, the current focus of the investigation is on civil
enforcement.
The company further reported that it has begun shipping its blue light
emitting diode (LED) product in pilot quantities. The new 470 nm aluminum
indium gallium nitride (AlInGaN)-based high brightness blue LED has
approximately 1.5 milliwatt power output at 20 milliamps. This product is
used in applications such as full color video display signs, back lighting for
LCD displays in cell phones and automobile instrument panels and white light
LED illumination. The new blue LED product builds upon the company’s current
offering of aluminum indium gallium.
