For the first quarter of 2007, the Company reported record first quarter revenue of $5.0 million, an increase of 10 percent from $4.6 million in the same quarter in the prior year. The year-over-year increase in revenue was due to strength in the Company’s engineering services business and in particular from a new engagement contracted during the quarter with a leading global mobile phone manufacturer.
"This quarter’s results demonstrate the strength of our core engineering services business with record first quarter revenues and a new engagement with a top-tier handset manufacturer," said Glenda Dorchak, Chairman and CEO of Intrinsyc. "We also achieved an important milestone last month with the on-schedule production release of Soleus version 1.0, our turnkey software platform for consumer handheld convergence devices and feature phones based on the Microsoft Windows Embedded CE platform."
"These results reflect the value of our deep technical expertise developed over the past 10 years in handheld technology and platform engineering. Our handheld engineering expertise combined with the production availability of the Soleus software platform provide a strong foundation for Intrinsyc’s continued growth," concluded Ms. Dorchak.
For the first quarter of 2007, the EBITDA loss was $2.9 million as compared to the EBITDA loss of $2.1 million in the same quarter of 2006. Expenditures for Soleus research and development were $3.0 million in the first quarter of 2007 compared to $1.5 million in first quarter of 2006. The calculation of EBITDA excludes stock-based compensation expense. [January 16, 2007]
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