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Lawsuit lowers Standard

Standard Microsystems posts a third-quarter loss attributed to a one-time charge for settling a lawsuit and lower-than-expected sales.

Standard Microsystems (SMSC), a circuits and systems supplier for PCs, today reported a third-quarter loss attributed to a one-time charge for settling a lawsuit and lower-than-expected sales.

Standard reported a net loss of $3.9 million, or 28 cents per share, for the quarter ending November 30, compared with profits of $300,000, or 2 cents a share, a year ago. Excluding the $4.1 million one-time charge for settling a lawsuit with Penril DataComm Networks, the company would have posted a loss of 10 cents a share, which was in line with Wall Street's expectations.

Penril had filed a suit over violation of rights and obligations in a technology and products agreement it held with a company that Standard Microsystems later acquired.

Revenues grew a slight 3.5 percent to $93.8 million for the quarter, compared with a year ago. Sales in the component products division were dragged down by lower-than-expected orders for its input-output circuits in the Pacific Rim.

The company's system products division also posted lower revenues in the third quarter, compared with the previous quarter as newer Ethernet product sales failed to offset a slowdown with its ten-megabit Ethernet products.