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PortalPlayer posts healthy profit on increased sales

SAN FRANCISCO — PortalPlayer Inc. Monday (Oct. 24) reported a third quarter net income of $10.3 million, or 40 cents per diluted share, based on generally accepted accounting principles (GAAP), up sharply from the $6.3 million that the company reported for the second quarter and the $3.2 million that it reported for the third quarter of 2004.

PortalPlayer (San Jose, Calif.) said its third quarter net revenue was $57.9 million, up 30 percent from the $44.6 million that the company reported for the second quarter and up 126 percent from the $25.6 million reported for the same period one year ago.

"We are very pleased with our financial performance in the third quarter of 2005," said Gary Johnson, PortalPlayer president and CEO, in a statement. "In addition, the first flash-based media player that uses our technology was introduced during the third quarter, and, for the first time, we recorded revenue from flash-based designs."

During the third quarter, PortalPlayer scored a coup when it was learned that its 5021C system-on-chip (SoC) for audio processing was used in Apple Computer Inc.'s iPod nano music player.

PortalPlayer said it expects fourth quarter revenue to be in the range of $65 million to $75 million, with GAAP net income in the range of $9.7 million to $12.3 million.

Also Monday, PortalPlayer said it has filed a registration statement with the U.S. Securities and Exchange Commission seeking to offer 4,500,000 shares of its common stock.

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