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ATI revenue jumps 40 percent

Higher demand for desktops, notebooks and related product lines helped the graphics chipmaker's results for the first fiscal quarter of 2004.

Graphics chipmaker ATI Technologies on Friday reported higher profits and improved revenue, propelled by higher shipments of computer components, for the first quarter of fiscal 2004, which ended Nov. 30.

The company's revenue jumped to $469.7 million, up 23 percent from the last quarter of 2003 and 40 percent from $335.4 million in the same quarter a year ago. ATI attributed increased revenue from the previous quarter to increased shipments of desktop integrated processors and multimedia co-processors. The company has also begun shipping PCI Express video processors for the likely transition in the PC market next year.

The net income was $47.4 million, or 19 cents a share, in the quarter--up from $7.3 million, or 3 cents a share, a year earlier. It was $22.3 million or 9 cents per share for the fourth quarter of fiscal 2003. The sequential increase in net income was primarily the result of higher revenue and gross margin.

The Markham, Ontario-based company expects revenue to grow further, to between $430 million and $470 million in the next quarter, due to an upturn in the PC market.

ATI won a major contract from Microsoft to supply components for its Xbox last August. "Product leadership is enabling ATI to win new customers and penetrate new markets today," ATI CEO Ky Ho said in a statement. "Our focused execution on delivering our product road map is attracting new channel partners and establishing broader distribution for the future."