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Phoenix Q2 net loss widens

Posted a revenue of $15.82m compared to $17.06m for Q2 2009

By CBR Staff Writer

Phoenix Technologies, a provider of core systems software and embedded technologies, has reported a net loss of $55.15m, or $1.93 per diluted share, for the second quarter ended March 31, 2009, compared to a net loss of $1.36m, or $0.05 per diluted share, for the same period in 2008.

The company has reported total revenues of $15.82m for the second quarter of fiscal 2009, compared to $17.06m for the same quarter of fiscal 2008.

For the first six months of fiscal 2009, total revenues were $33.18m, compared to $34.42m for the same period of fiscal 2008. Net loss was $64.5m, or $2.27 per diluted share, compared to a net income of $1.13m, or $0.04 per diluted share, for the same period in 2008.

Woody Hobbs, president and CEO of Phoenix, said: Our second quarter performance reflects the substantial impact of the weakened global economy on the PC industry. Inventory reductions across the global supply chain and reduced end-user PC demand drove weaker core systems revenues, and since we continued to fund important market adoption initiatives for our new products, our result was negative cash flow from operations for the quarter. In advance of these expected results, we took decisive actions to reduce our cost structure and improve operational efficiency.

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