S3 Incorporated announced on Thursday its first quarter results ending on March 31, 1999. Net revenues were US$44.3 million, an increase of $2.8 million over 1998's fourth quarter revenues of $41.5 million. However, in comparison to the first quarter 1998 results of $82.5 million, the company had a loss of about 46 percent.
S3 also reported a net loss of $13.9 million for the quarter, compared to the much larger loss of $70.3 million for the fourth quarter of 1998 and a net income of $4.1 million in the first quarter of 1998.
"We are extremely pleased with Q1 financial results, as they show revenue growth from the prior quarter as well as an improvement in operations over both the prior quarter and the same quarter of last year," said Ken Potashner, president and CEO of S3 Incorporated. "We believe this growth demonstrates a significant turnaround occurring at S3, and we look to accelerate this growth as we begin realizing the revenue from Savage4 and Savage/MX throughout the remainder of this year."
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