Business Editors SAN JOSE, Calif.--(BUSINESS WIRE)--OSEE-- OSE USA Inc. (OTC:OSEE), reported its results today for the first quarter and year ended March 28, 2004. Revenues from the continuing operations were $1,023,000 and $770,000 for the first quarter ended March 28, 2004 and March 30, 2003, respectively. The Company reported a net loss from continuing operations applicable to common stockholders of ($308,000) or ($0.01) per diluted share, for the first quarter of 2004, compared with a net loss of ($778,000) or ($0.01) per diluted share, for the first quarter of 2003. Net loss applicable to common stockholders were ($308,000) or ($0.01) per diluted share, for the first quarter of 2004, compared with a net loss of ($2,181,000) or ($0.04) for the first quarter of 2003. The Company sold the assets of its manufacturing segment in September 2003 and currently operates in the distribution segment only. Revenue and associated cost related to the manufacturing segment have been included in the discontinued operations for the three-month periods for years 2003 and 2004. Total revenues and expenses for the years presented in the financial statements are derived from the distribution segment and classified as continuing operations. Founded in 1992 and formerly known as Integrated Packaging Assembly Corporation (IPAC), OSE USA, Inc. has been the nation's leading onshore advanced technology IC packaging foundry. In May 1999 Orient Semiconductor Electronics Limited (OSE), one of Taiwan's top IC assembly and packaging services companies, acquired controlling interest in IPAC, boosting its US expansion efforts. After the closure of its US manufacturing operations, the Company will focus on servicing its customers through its offshore manufacturing affiliates. OSE USA's customers include IC design houses, OEMs, and manufacturers. -0- *T OSE USA, Inc. Condensed Consolidated Balance Sheets (In thousands except share and per share data) December 31, March 28, 2003 2004 (Unaudited) ------------ ------------ Assets Current assets: Cash and cash equivalents $591 $442 Accounts receivable, net of allowance for doubtful accounts of $8 and $14, respectively 2,237 2,452 Prepaid expense and other current assets 52 201 Assets from discontinued operations 60 54 ------------ ------------ Total current assets 2,940 3,149 Property and equipment, net 75 71 Note receivable 500 500 Intangible assets, net of accumulated amortization of $1,470 and $1,559, respectively 2,087 1,998 ------------ ------------ Total Assets $5,602 $5,718 ============ ============ Liabilities Convertible Preferred Stock and Stockholders' Deficit Current liabilities: Loan payable - related party 26,102 26,102 Accounts payable - related parties 7,014 7,350 Accrued dividends and interest on unpaid dividends 3,859 4,150 Accrued expenses and other liabilities 985 974 Liabilities from discontinued operations 1,192 1,034 ------------ ------------ Total current liabilities 39,152 39,610 Deferred gain on sale of facilities 561 527 ------------ ------------ Total Liabilities 39,713 40,137 ------------ ------------ Convertible preferred stock, $0.001 par value; 20,000,000 shares authorized; 6,023,225 (Series A: 3,000,000 shares, Series B: 3,023,225 shares) issued and outstanding; liquidation preference: Series A: $1.70 per share, Series B: $1.98 per share 11,100 11,100 ------------ ------------ Stockholders' deficit: Common stock, $.001 par value; 300,000,000 shares authorized; 56,416,212 (2002) and 56,725,808 (2003) shares issued and outstanding 56 56 Additional paid-in capital 54,458 54,458 Accumulated deficit (99,725) (100,033) ------------ ------------ Total stockholders' deficit (45,211) (45,519) ------------ ------------ Total liabilities and stockholders' deficit $5,602 $5,718 ============ ============ OSE USA, Inc. Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Three Months Ended --------------------- March 30, March 28, 2003 2004 ----------- ---------- Revenues $770 $1,023 Operating expenses: Selling, general and administrative 1,169 824 ----------- ---------- Total operating expenses 1,169 824 ----------- ---------- Operating income (loss) from continuing operations (399) 199 Interest and other income 13 0 Interest expense (118) (217) ----------- ---------- Loss from continuing operations before taxes (504) (18) Provision for taxes 2 0 ----------- ---------- Net loss from continuing operations (506) (18) Preferred stock dividends and interest on unpaid dividend 272 290 ---------------------- Net loss from continuing operations applicable to common stockholders (778) (308) Net loss from discontinued operations (1,403) (0) ----------- ---------- Net loss applicable to common stockholders ($2,181) ($308) =========== ========== Per share data: Net loss per share from continuing operations applicable to common stockholders - basic and diluted ($0.01) ($0.01) Net loss per share from discontinued operations - basic and diluted ($0.03) ($0.00) Net loss per share applicable to common stockholders - basic and diluted ($0.04) ($0.01) Number of shares used to compute per share data basic and diluted 56,604 56,726 =========== ========== *T KEYWORD: CALIFORNIA INDUSTRY KEYWORD: MANUFACTURING HARDWARE COMPUTERS/ELECTRONICS EARNINGS SOURCE: OSE USA, Inc. CONTACT INFORMATION: OSE USA, Inc. Edmond Tseng, 408-383-0818
THEY HAVEN'T TRADED ALL DAY AND THE ASK JUST WENT UP TO 0.06 WITH A GREEN TRANSACTION. PLANT YOUR FEET, YOU KNOW HOW THIS ONE RIPS WHEN IT GOES!!!!!
------------------ Due Da Due......But Be Quick About It!!!!!
posted
OSEE - OSE USA INC (OTCBB) Date Open High Low Last Change Volume % Change 05/28/04 0.05 0.05 0.05 0.05 unch 85900 unch%
Composite Indicator Trend Spotter (TM) Buy
Short Term Indicators 7 Day Average Directional Indicator Buy 10 - 8 Day Moving Average Hilo Channel Buy 20 Day Moving Average vs Price Hold 20 - 50 Day MACD Oscillator Buy 20 Day Bollinger Bands Hold
Short Term Indicators Average: 60% - Buy 20-Day Average Volume - 191595
Medium Term Indicators 40 Day Commodity Channel Index Hold 50 Day Moving Average vs Price Buy 20 - 100 Day MACD Oscillator Buy 50 Day Parabolic Time/Price Sell
Medium Term Indicators Average: 25% - Buy 50-Day Average Volume - 440932
Long Term Indicators 60 Day Commodity Channel Index Hold 100 Day Moving Average vs Price Buy 50 - 100 Day MACD Oscillator Buy
Long Term Indicators Average: 67% - Buy 100-Day Average Volume - 266829
Overall Average: 56% - Buy
Price Support Pivot Point Resistance
0.05 0.04 0.05 0.06
Appears to be gaining strength again....watch for possible .045 price but may not see it. History shows that when this wants to move it can really boogie.
------------------ Due Da Due......But Be Quick About It!!!!!
posted
low O/S but the finacials are looking a little bad but if they pay theyir debt on time this thing will run hard I think OSEE -- OSE USA, Inc. (DE) Com (No Par)
Address: 2221 Old Oakland Rd. San Jose CA 95131-1402 USA Phone: 408-321-3600 Company Website: http://www.ose-usa.com
Officers: Edmond Tseng, Pres. & CEO
Shares Outstanding: 56,416,000 as of 2002-11-20
Estimated Market Cap: 3.102M as of 2004-05-28
Current Capital Change: None
Dividends: None
State of Incorporation: DE
Company Notes: Formerly=Integrated Packaging Assembly Corp. until 8-01
Class Notes: New Issue=2-96 3,000,000 shs at $7.50 by Donaldson, Lufkin & Jenrette et al.
Transfer Agents: Mellon Investor Services, Los Angeles, CA 90071
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