Tioga revenues leap to $2.9m as STM contract brings in $2.8m

Tioga Technologies (Nasdaq:TIGA.OB), the former chips division that Orckit (Nasdaq:ORCT) spun off in July 2000, reported second-quarter 2002 revenues of $2.9 million.

Of that, $2.8 million were generated by development and marketing services revenues from STMicroelectronics, agreements on which Tioga closed in the second quarter.

Tioga's services agreement with STMicroelectronics expires in early 2003, it noted.

Revenues for the second quarter of last year were $0.36 million.

Operating expenses for the second quarter of 2002 were $2.4 million, as compared to $4.7 million reported for the second quarter of 2001.

Net income for the second quarter of 2002 was $9.9 million, as compared to a net loss of $4.6 million for the second quarter of 2001. The increase in net income for the second quarter of 2002 is a result of Tioga's agreements with STMicroelectronics.

The income from these agreements is reflected in the services revenues and the other income that includes a one-time income under a Technology Transfer Agreement with STMicroelectronics.

For the six months ended June 30, 2002, Tioga reported net income of $7.3 million as compared to a net loss of ($14.8) million for the six months ended June 30, 2001.

Net earnings per share for the second quarter of 2002 were $0.40 as compared to a net loss of 20 cents per share for the second quarter of 2001.

For the six months ended June 30, 2002, Tioga reported net earnings per share of $0.30 as compared to a net loss per share of 65 cents for the six months ended June 30, 2001.

Subsequent to June 30, 2002, Tioga repaid $13.0 million of current maturities of the long-term loan it received from Orckit Communications. The cash balance as of July 31, 2002 was $3.4 million.

Commenting on the results, Douglas Goodyear, President and CEO of Tioga said, "In the remainder of 2002 we will continue to focus our attention and resources on core engineering and marketing activities in accordance with our Development, Marketing and Services Agreement with STMicroelectronics and we expect that substantially all of our revenues will be generated from ST."

More from Technology

50 Stocks That Could Be Shredded If a U.S. Trade War With China Ignites

50 Stocks That Could Be Shredded If a U.S. Trade War With China Ignites

GameStop Jumps 9% on Private Equity Buyout Rumors

GameStop Jumps 9% on Private Equity Buyout Rumors

Worth a Stunning $6.6 Trillion, Tech Stocks Have Taken Over the Market

Worth a Stunning $6.6 Trillion, Tech Stocks Have Taken Over the Market

Here's Why Snap Shares Climbed Monday

Here's Why Snap Shares Climbed Monday

Dropbox Soars in Third-Straight Record-Setting Session

Dropbox Soars in Third-Straight Record-Setting Session