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3DfX misses expectations, shifts fiscal year

3DfX Inc. (Nasdaq: TDFX) missed estimates Tuesday for the first quarter as sales fell 19 percent to $40.4 million. For the quarter ending April 30, the company reported a loss of $2.1 million, or 14 cents a share.

The First Call Corp. consensus of two analysts forecasted a loss of 9 cents a share for the quarter. In the year-ago period, 3DfX earned $7.4 million, or 50 cents a share, on $50 million in sales.

PC component makers have been hard hit as box makers have been cutting out frills, such as graphics and sound cards, to keep the price of the computer low. Adapter card maker Adaptec Inc. (Nasdaq: ADPT) and sound and graphics card maker Creative Technology Ltd. (Nasdaq: CREAF) have also felt a pinch from the sub-$1000 PC market. 3DfX makes accelerators under the names Voodoo and Banshee for video games as well as PCs.

"We believe the numbers we released today demonstrate that we have managed the transition from many customers to an integrated model, and have minimized any adverse impact," said CEO Greg Ballard in a statement.

The company changed its fiscal year to January 31, 2000 during the quarter. As such, January 1999 is reported separately and represents the entire 1999 fiscal year.

Revenues for the stub year that ended January 31, 1999 were $17 million, resulting in a loss for that period of $3.4 million, or 22 cents a share based on 15.7 million outstanding shares.

Shares added 1 3/8 to 18 3/8 on Monday.