Annual revenues were $53.3 million, up 37% from $38.8 million reported in the comparable 1999 period. Income from operations, excluding a one-time charge for merger-related costs, increased to $8.8 million from $4.5 million in the previous year. The company incurred $3.5 million of merger-related costs associated with the merger of Genesis and Paradise Electronics, completed in May 1999.
Diluted earnings per share for the year was $0.30 versus $0.34 recorded for fiscal 1999. On a pro forma basis, after adjusting for the merger-related costs and the effect of tax loss carryovers, diluted earnings per share was $0.38 in fiscal 2000, an increase from $0.23 in the comparable year ago period.
We are pleased with the company’s annual results for fiscal 2000, said Genesis Chairman Paul M. Russo. Genesis had some notable accomplishments during the year including our successfully completed merger with Paradise Electronics. The synergy between the two companies and their technologies led to the introduction of an array of leadership products in all the markets we serve. In addition, Amnon Fisher who joined the company as President and COO, has now been promoted to CEO. Amnon’s vast experience will be instrumental as we continue to focus on the flat panel display and high-volume consumer markets.
Fourth quarter revenues were $10.6 million, an increase from $10.1 million reported in the quarter ended December 31, 1999. As previously announced, the third and fourth quarters were impacted by LCD monitor price increases to consumers, which temporarily reduced demand for analog-interface LCD monitor chipsets, the company’s primary served market.
Net income of $509,000 for the quarter increased from $200,000 reported in December 1999. Diluted earnings per share for the quarter was $0.03, a sequential increase from $0.01. Unit shipments of chipsets into the LCD monitor market were 480,000 in the quarter versus 420,000 units reported in the December 1999 quarter, a sequential increase of 14%.
This quarter’s results were in line with expectations, said Genesis President and CEO Amnon Fisher. In addition, the company announced some significant product-related developments. The DVI-compliant gmZRX1 ramped into volume production and is expected to contribute to a significant increase in total units shipped during the June quarter. We also introduced the gm3020, the latest in a series of DVI-compliant integrated circuits – a device boasting integrated High-bandwidth Digital Content Protection (HDCP). The gm3020 will begin sampling in June with volume production expected to ramp in the third and fourth quarters.
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