Financial

posted on 22 July 2008 13:30

Hifn, a supplier of cards to accelerate, secure, classify, and compress information to OEMs, has reported an unsatisfactory third quarter's results and equally poor results for the first nine months of its fiscal 2008.

Q3 fy08 revenues were $10.2 million, 12% down on the year-ago quarter's $11.7 million. This produced a net loss of $1.9 million (-$0.13/share) compared to Q3 fy07's net profit of $284,000 ($0.02/share).

The nine month picture was similar; $30.4 million being the revenue number for the first nine months of fy08 compared to the year-ago period's $32.0 million. The respective net revenue numbers are fy08: -$4.6 million (-$0.31/share), and fy07: -$3.1 million (-$0.22/share). The company is basically going slowly backwards.

Hifn chairman and CEO Albert Sisto said: “We are pleased with the 34% sequential growth this quarter for our industry-leading capacity
optimizing storage cards, the Express DR1000 and DR600. Our operating expenses remained flat sequentially and order patterns were
strong and have continued into the July quarter. We introduced important new products during the quarter, including the first of our storage
products for accelerating de-duplication applications. We are excited by our momentum in design activity and design wins, reflecting our
expanding portfolio of solutions, expanded sales force and strong execution of our product and technology roadmap that we believe will
continue to drive our growth and return us to profitability.”

Hopefully the new products will arrest the sales slump.

^{[Chris Mellor.]}