Thornhill, Ontario-based ATI said sales for the first quarter ended Nov. 30, 1999, were $413.5 million, a 26 percent increase from the year-ago quarter. Adjusted net income for the first quarter, excluding the amortization of acquisitions, rose 5 percent to $54.5 million, or 25 cents per share, compared with $52 million, or 24 cents per share, for the same period last year.
Actual net income for the first quarter, including the amortization of acquisitions, was $53.6 million, or 25 cents per share, compared with $50.1 million, or 23 cents per share, for the same period last year.
ATI's gross margins declined to 34.1 percent for the first quarter compared with 36.6 percent for the year-ago quarter because of shifting in product mix, as well as increased material costs.
The company said sales in the first quarter reflected demand for ATI's Rage 128 and Rage Mobility products, which comprised a greater percentage of corporate revenues than in prior quarters. ATI said that demand for the company's XPERT series of board products was also robust.
"ATI approaches a bright future with growth prospects not only in our traditional PC business, but in new and burgeoning markets like consumer electronics appliances," K.Y. Ho, ATI's chief executive, said in a statement.