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Chip maker Cyrix posts net loss

Running into stiff competition from market leader Intel, Cyrix posts a net loss of $6.9 million for the quarter that ended September 30.

Cyrix (CYRX), a supplier of Intel-compatible processors, recorded a net loss of $6.9 million for the quarter that ended September 30.

Revenues were $33.1 million, down 38 percent from the $53.6 million reported in the same period last year but up from the prior quarter, when revenues were $27.1 million.

The $6.9 million net loss resulted in a loss of 36 cents per share, compared with net income of $.6 million or an earnings per share of 3 cents for the same period last year, the company said.

Revenues for the first nine months of 1996 were $111.8 million, down from $189 million in the same period last year. Cyrix recorded a net loss of $21.4 million or $1.11 per share in the first nine months of 1996, compared with net income of $25.5 million or $1.28 per share in the prior nine months of 1995.

During the third quarter, Intel litigation was concluded, the company said. Intel had until July to file an appeal in the Federal Circuit Court of Appeals regarding a opinion that IBM and SGS-Thomson, which manufacture processors for Cyrix, were licensed by Intel to make microprocessors for Cyrix. Intel did not file an appeal and, as a result, under the earlier Intel settlement agreement paid Cyrix $2 million, Cyrix said in a written statement.

Also, on September 26, 1996, the U.S. District Court in Dallas entered a judgment dismissing the securities class action lawsuit against Cyrix and a number of its officers. The plaintiffs did not file an appeal and the decision is now final, Cyrix said.