Shares in computer chip designer ParthusCeva surged by over 33 per cent yesterday following the publication of better than expected first-quarter results.
The firm, which announced the resignation of its Irish chief executive and finance officer recently, reported a net loss of $1.3 million (€1.18 million) for the quarter, equivalent to a loss per share of $0.073.
Total revenues for the first quarter 2003 were $8.8 million, an increase of 56 per cent over the fourth quarter 2002 - a period when ParthusCeva was formed from the merger of Parthus and the Ceva division of DSP Group.
Merger costs and the write-off of in-process research and development had caused ParthusCeva to report a net loss of $24 .4 million in the fourth quarter 2002.
Comparisons with the net profit figure of $515,000 reported in the result's statement for the first quarter of 2002 are difficult.
This figure only refers to parts of Ceva's business and not Parthus' business, due to accountancy rules that were laid out in the merger.
Mr Brian Long, ParthusCeva's interim chief executive, said that ParthusCeva had achieved strong licensing performance and good cost control in the first quarter despite a continued weak semiconductor industry.
He said the firm had already signed several deals in the first month of the second quarter, which gave him confidence this momentum could be sustained in the quarter.
ParthusCeva shares surged over 33 per cent on the Nasdaq yesterday following the results announcement.
The share closed at $4.47, up $1.12 on the day.
