Radius Inc. announced financial results for the third quarter of its 1996 fiscal year ended June 30, 1996.
Net revenues for the quarter were $20.0 million. Income from operations was $954,000 which included $913,000 of restructuring reserve reversals. Net income after interest, taxes and other income related to previously announced product group divestitures was $4.7 million or $0.26 per share. The consolidated results for the third quarter of the prior fiscal year were net revenues of $87.3 million and net loss of $3.1 million or $0.21 per share.
"Returning to operating profitability is a key milestone in Radius' restructuring which began last October," said Chuck Berger, Chairman and CEO. "We have focused on product lines where Radius adds significant technology and therefore can earn higher margins. Operating expenses have been reduced by over 70% and we have reduced overall liabilities by $53.0 million since fiscal year ended 1995."
During the quarter, Radius introduced new graphics and digital video products. The ThunderPower 1920 graphics card sets new standards for graphic card performance and high end publishing features while offering 1920 X 1080 and HDTV resolution. VideoVision Studio PCI brings VideoVision technology to the PCI bus. "Studio started the desktop digital video market three years ago and continues to have the largest installed base of non-linear, digital editing seats," Berger said. "We also upgraded Radius Edit releasing version 2.0 which includes significantly enhanced audio capabilities and more advanced video editing functionality."
All assumptions, anticipations, and expectations contained herein are forward-looking statements that involve uncertainty and risk. Actual results could differ materially from those projected in such forward-looking statements. Each forward-looking statement should be read in conjunction with the Company's entire quarterly Report on Form 10-Q, including, but not limited to, "Management's Discussion and Analysis of Financial Condition and Results of Operations-Certain Factors That May Affect Future Results" contained in such Quarterly Report, and with "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 1995.
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