Phoenix Technologies Ltd. (PTEC, Financial) filed Annual Report for the period ended 2009-09-30.
Phoenix Technologies is the global leader in system-enabling software solutions for PCs and connected devices. The Company's BIOS software has been sold to customers worldwide and is designed into more than 70 million PCs sold annually, as well as embedded systems and information appliances. Products and services of the Platform Enabling Division play a critical role in linking computing and communication technologies for OEMs, and for Internet service and content providers benefiting the information consumer. Phoenix Technologies Ltd. has a market cap of $94.9 million; its shares were traded at around $2.71 with and P/S ratio of 1.4.
Revenues derived from international sales comprise a majority of our total revenues. During fiscal years 2009, 2008 and 2007, $52.5 million, or 78%, $60.6 million, or 82% and $39.4 million, or 84%, of total revenues for each of the respective years were derived from sales outside of the U.S. See Note 9 Segment Reporting and Significant Customers to the Consolidated Financial Statements for information relating to revenues by geographic area. We have international sales and engineering offices in Japan, Korea, Taiwan, China and India. Almost all of our license fees and royalty contracts are U.S. dollar denominated; however, we do enter into non-recurring engineering (NRE) service contracts in Japan in the local currency. As of September 30, 2009, approximately $2.1 million, or 43%, of the Companys net property and equipment are located outside of the United States.
We constantly seek to develop new products and services, maintain and enhance our current product lines and service offerings, maintain technological competitiveness and meet continually changing customer and market requirements. Our research and development expenditures in fiscal years 2009, 2008 and 2007 were $39.6 million, $29.7 million and $19.2 million, respectively. All of our expenditures for R&D have been expensed as incurred. As of September 30, 2009, our R&D and customer engineering group included 322 full-time employees, or approximately 70% of our total workforce.
Read the The complete Report
Phoenix Technologies is the global leader in system-enabling software solutions for PCs and connected devices. The Company's BIOS software has been sold to customers worldwide and is designed into more than 70 million PCs sold annually, as well as embedded systems and information appliances. Products and services of the Platform Enabling Division play a critical role in linking computing and communication technologies for OEMs, and for Internet service and content providers benefiting the information consumer. Phoenix Technologies Ltd. has a market cap of $94.9 million; its shares were traded at around $2.71 with and P/S ratio of 1.4.
Highlight of Business Operations:
During fiscal years 2009, 2008 and 2007, we executed a number of significant long term volume purchase agreements (VPAs) with several of our major customers. We consider the unbilled portion of these VPA commitments, along with deferred revenues, as our total order backlog. During fiscal year 2009, our total order backlog decreased by $2.5 million, or 7%, from $38.0 million at September 30, 2008 to $35.5 million at September 30, 2009. This decline is principally related to the fact that during the December 2007 period, we had executed a number of VPAs with terms which extended for periods of up to 24 months. We expect to invoice and recognize this $35.5 million as revenue over the future periods; however uncertainties such as the timing of customer utilization of our products may impact the timing of recognition for these revenues.Revenues derived from international sales comprise a majority of our total revenues. During fiscal years 2009, 2008 and 2007, $52.5 million, or 78%, $60.6 million, or 82% and $39.4 million, or 84%, of total revenues for each of the respective years were derived from sales outside of the U.S. See Note 9 Segment Reporting and Significant Customers to the Consolidated Financial Statements for information relating to revenues by geographic area. We have international sales and engineering offices in Japan, Korea, Taiwan, China and India. Almost all of our license fees and royalty contracts are U.S. dollar denominated; however, we do enter into non-recurring engineering (NRE) service contracts in Japan in the local currency. As of September 30, 2009, approximately $2.1 million, or 43%, of the Companys net property and equipment are located outside of the United States.
We constantly seek to develop new products and services, maintain and enhance our current product lines and service offerings, maintain technological competitiveness and meet continually changing customer and market requirements. Our research and development expenditures in fiscal years 2009, 2008 and 2007 were $39.6 million, $29.7 million and $19.2 million, respectively. All of our expenditures for R&D have been expensed as incurred. As of September 30, 2009, our R&D and customer engineering group included 322 full-time employees, or approximately 70% of our total workforce.
Read the The complete Report
