The revenues for the quarter representing an increase of $1.2 million over the previous quarter and 74% over the year-ago quarter exceeded expectations previously stated. The loss per share reported for the quarter was 15 cents. This loss, which is in line with the expected loss of between 15 to 17 cents, reflects the impact of the non-recurring charges previously announced.
Revenues for fiscal 2001 were $63.6 million, an increase of 19% over fiscal 2000.
Genesis continues to solidify and expand its leadership in the flat-panel monitor market and other high-growth, high-volume markets, such as digital television, said Genesis Microchip’s Chief Executive Officer Amnon Fisher. We believe that the combination of our distinct momentum in flat-panel displays and video-processing markets, along with the successful completion of our recent streamlining, positions our company extremely well for sustained leadership in our sector.
The company expects that revenues in the 2002 fiscal year will continue to be dominated by shipments of product into the flat-panel monitor market. As a result of the timing of the introduction of new products, together with the expected growth of the flat-panel monitor market, the company raises revenue expectations in the June quarter to approximately $20 million and expects sequential growth for the September and December quarters of approximately 10%. We will provide guidance to the March quarter 2002 during our June earnings call.
The company expects gross margins for the June quarter will be in the range of 46% to 47%. The company expects that gross margins in the subsequent quarters also will fall in that same range.
The company expects total operating expenses for research and development and for selling, general and administrative costs in the June quarter will be $8.4 to $8.5 million. For fiscal 2002, it is targeting total operating expenses to remain relatively flat from quarter to quarter. In addition to these costs, the company expects it may incur patent defense costs related to the action taken by Silicon Image, Inc., although no amount is yet determinable.
Finally, the company has tax losses and credits available to it in the 2002 fiscal year, such that it anticipates it will have an effective tax rate of approximately 10% for the year as a whole.
