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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended June 30, 2004
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Transition Period from:
Commission File Number 0-21422
OPTi Inc.
(exact name of registrant as specified in this charter)
| California | 77-0220697 | |
(State or other jurisdiction of incorporated or organization) | (I.R.S. Employer Identification No.) |
| 880 Maude Avenue, Suite A, Mountain View, CA | 94043 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code (650) 625-8787
Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the proceeding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filings requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). YES ¨ NO x
The number of shares outstanding of the registrant’s common stock as of July 31, 2004 was 11,633,903.
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Form 10-Q
For the Quarterly Period Ended June 30, 2004
INDEX
| Page | ||||||
Part I. Financial Information | ||||||
| Item 1. | Financial Statements (Unaudited) | |||||
| a) | Condensed Consolidated Statements of Operations for the three-months ended June 30, 2004 and 2003 | 3 | ||||
| b) | Condensed Consolidated Balance Sheets as of June 30, 2004 and March 31, 2004 | 4 | ||||
| c) | Condensed Consolidated Statements of Cash Flows for the three-months ended June 30, 2004 and 2003 | 5 | ||||
| d) | Notes to Condensed Consolidated Financial Statements | 6 | ||||
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 10 | ||||
| Item 3. | Quantitative and Qualitative Disclosure about Market Risks | 12 | ||||
| Item 4. | Controls and Procedures | 13 | ||||
Part II.Other information | 14 | |||||
| Item 1. | Legal Proceedings | 14 | ||||
| Item 2. | Changes in Securities | 14 | ||||
| Item 3. | Defaults in Senior Securities | 14 | ||||
| Item 4. | Submission of Matters to a Vote of Shareholders | 14 | ||||
| Item 5. | Other Information | 14 | ||||
| Item 6. | Exhibits and Reports on Form 8-K | 14 | ||||
| 15 | ||||||
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended June 30, | |||||||
| 2004 | 2003 | ||||||
Sales | |||||||
License and royalties | $ | 52 | $ | 584 | |||
Net Sales | 52 | 584 | |||||
Costs and expenses | |||||||
Selling, general and administrative | 348 | 256 | |||||
Total costs and expenses | 348 | 256 | |||||
Operating income (loss) | (296 | ) | 328 | ||||
Interest and other income, net | 28 | 35 | |||||
Income (loss) before income tax provision | (268 | ) | 363 | ||||
Income tax provision | — | — | |||||
Net income (loss) | $ | (268 | ) | $ | 363 | ||
Basic net income (loss) per share | $ | (0.02 | ) | $ | 0.03 | ||
Diluted net income (loss) per share | $ | (0.02 | ) | $ | 0.03 | ||
Shares used in computing basic per share amounts | 11,634 | 11,634 | |||||
Shares used in computing diluted per share amounts | 11,634 | 11,634 | |||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
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CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2004 | March 31, 2004 * | |||||
| Unaudited | ||||||
| (000’s omitted) | ||||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 15,275 | $ | 15,520 | ||
Accounts receivable | 52 | 143 | ||||
Other current assets | 124 | 58 | ||||
Total current assets | 15,451 | 15,721 | ||||
Property and equipment, net | 8 | 9 | ||||
Other assets | — | 14 | ||||
Total assets | $ | 15,459 | $ | 15,744 | ||
Liabilities and Shareholders’ Equity | ||||||
Current Liabilities | ||||||
Accounts payable | $ | 20 | $ | 26 | ||
Accrued expenses | 150 | 164 | ||||
Income taxes payable | 78 | 78 | ||||
Accrued employee expenses | 5 | 2 | ||||
Total current liabilities | 253 | 270 | ||||
Commitments and contingencies | ||||||
Shareholders’ equity | ||||||
Preferred stock, no par value Authorizd shares - 5,000 No shares issued or outstanding | — | — | ||||
Common stock, no par value Authorizd shares - 50,000 Issued and outstanding - 11,634 at June 30, and March 31, 2004 | 15,053 | 15,053 | ||||
Retained earnings | 153 | 421 | ||||
Total shareholders’ equity | 15,206 | 15,474 | ||||
Total liabilities and shareholders’ equity | $ | 15,459 | $ | 15,744 | ||
| * | The balance sheet of March 31, 2004 has been derived from the audited financial statements at that date. |
The accompying notes are an integral part of these condensed consolidated financial statements.
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months Ended June 30, | ||||||||
| 2004 | 2003 | |||||||
| (000’s omitted) | ||||||||
Operating Activities: | ||||||||
Net income (loss) | $ | (268 | ) | $ | 363 | |||
Adjustments: | ||||||||
Depreciation | 1 | 2 | ||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | 91 | 111 | ||||||
Other assets | (52 | ) | (129 | ) | ||||
Accounts payable | (6 | ) | 37 | |||||
Accrued expenses | (14 | ) | (33 | ) | ||||
Accrued employee expenses | 3 | 4 | ||||||
Net cash provided by (used in) operating activities | (245 | ) | 355 | |||||
Investing Activities: | ||||||||
Net cash provided by investing activities | — | — | ||||||
Financing Activities: | ||||||||
Net cash provided by financing activities | — | — | ||||||
Net increase (decrease) in cash and cash equivalents | (245 | ) | 355 | |||||
Cash and cash equivalents beginning of period | 15,520 | 14,996 | ||||||
Cash and cash equivalents end of period | $ | 15,275 | $ | 15,351 | ||||
The accompany notes are an integral part of these condensed consolidated financial statements.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2004
(Unaudited)
1. Basis of Presentation
The information at June 30, 2004 and for the three-month periods ended June 30, 2004 and 2003, are unaudited, but include all adjustments (consisting of normal recurring accruals) which the Company’s management believes to be necessary for the fair presentation of the financial position, results of operations and cash flows for the periods presented. Interim results are not necessarily indicative of results for a full year.
The accompanying financial statements should be read in conjunction with the Company’s audited financial statements for the year ended March 31, 2004.
Sale of the Product Fabrication, Distribution and Sales Operations
On September 30, 2002, the Company announced that it had sold its product fabrication, distribution and sales operations to Opti Technologies, Inc., an unrelated third party. As part of the transaction Opti Technologies was to pay the Company $275,000 in licensing fees and acquire the existing inventory at cost. The Company received $344,000 ($275,000 for the licensing fees and partial payment on the purchase of inventory) in September and the balance of $350,000, for inventory, on October 1, 2002. The Company is also entitled to quarterly royalty payments for the sale of it core logic and USB products by Opti Technologies. The Company is to receive 20% of net sales for the USB products and 40% of net sales for the core logic products. As of June 30, 2004, the Company has received approximately $1,448,000 and accrued an additional $52,000 in license and royalty payments from Opti Technologies. The maximum license and royalty payments that the Company can receive from the agreement with Opti Technologies is $1,500,000, which will be completed upon the receipt of the outstanding balance of $52,000.
Use of Estimates
The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Stock-based compensation
The Company accounts for stock-based compensation arrangements in accordance with the provisions of APB No. 25 (“APB No. 25”), “Accounting for Stock Issued to Employees” and complies with the provisions of Statement of Financial Accounting Standard No. 123 (“SFAS No. 123”), “Accounting for Stock-Based Compensation”. Under APB No. 25, compensation cost is, in general, recognized based on the excess, if any, of the fair market value of the Company’s stock on the date of grant over the amount an employee must pay to acquire the stock. Equity instruments issued to non-employees are accounted for in accordance with the provisions of SFAS No. 123 and Emerging Issues Task Force 96-18.
SFAS No. 123 pro forma disclosures
Had compensation cost for the Company’s option plans been determined using the fair value at the grant dates, as prescribed in SFAS No. 123, the Company’s net income (loss) would have been as follows (in thousands, except per share amounts):
Three-Months Ended June 30, | |||||||
| 2004 | 2003 | ||||||
Net income (loss): | |||||||
As reported | $ | (268 | ) | $ | 363 | ||
Less: Total stock-based employee compensation expense under the fair value based methods for all awards, net of related tax effects | 1 | — | |||||
Pro forma net income (loss) | $ | (269 | ) | $ | 363 | ||
Pro forma basic net income (loss) per share | $ | (0.02 | ) | $ | 0.03 | ||
Pro forma diluted net income (loss) per share | $ | (0.02 | ) | $ | 0.03 | ||
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2. Net Income (Loss) Per Share
Basic net income (loss) per share and diluted net loss per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income per share is calculated using the weighted average number of common and dilutive common equivalent shares outstanding during the period. Common equivalents shares consist of stock options. At June 30, 2004 and 2003, options for 150,666 shares at exercise prices ranging from $1.27 to $7.50 were outstanding but were excluded from the calculation of earnings per share as their impact was antidilutive.
The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share amounts):
Three Months ended June 30, | |||||||
| 2004 | 2003 | ||||||
Net income (loss) | $ | (268 | ) | $ | 363 | ||
Weighted average number of common shares outstanding | 11,634 | 11,634 | |||||
Basic and diluted net income (loss) per share | $ | (0.02 | ) | $ | 0.03 | ||
Weighted average number of common shares outstanding | 11,634 | 11,634 | |||||
Effect of dilutive securities: | |||||||
Employee stock options | — | — | |||||
Denominator for diluted net income (loss) per share | 11,634 | 11,634 | |||||
Diluted net income (loss) per share | $ | (0.02 | ) | $ | 0.03 | ||
3. Concentrations
Major Customers and Credit Risks
The Company derives all of its current royalty revenues from Opti Technologies, Inc., an unrelated third party. At June 30, 2004, all of the Company’s accounts receivable balance is with this company. All of the Company’s accounts receivable balance at June 30, 2004 has been collected subsequent to June 30, 2004.
During the first fiscal quarter of 2005, the Company recorded the remaining $52,000 in royalty revenue from Opti Technologies, Inc. No further revenue is expected from Opti Technologies, Inc. and the Company’s future revenues depend on the success of our strategy of pursuing license claims on our intellectual property position.
4. Comprehensive income (loss)
The Company’s total comprehensive income (loss) is as follows (in thousands):
Three-Months ended June 30, | |||||||
| 2004 | 2003 | ||||||
Net income (loss), as reported | $ | (268 | ) | $ | 363 | ||
Other comprehensive gain | |||||||
Unrealized gain on marketable securities | — | 29 | |||||
Comprehensive income (loss) | $ | (268 | ) | $ | 392 | ||
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5. Commitments and Contingencies
The Company has from time to time been notified of claims that it may be infringing patents, maskworks rights or copyrights owned by third parties. There can be no assurance that the Company will not become involved in litigation regarding the alleged infringements by the Company of third party intellectual property rights. However, the Company believes that the final disposition of such matters will not have a material adverse effect on the Company’s financial position, results of operations and cash flows.
The Company generally indemnifies, under predetermined conditions, its customers for infringement of third party intellectual property rights by its products or services.
6. Taxes
The Company recorded no tax provisions for the three-month periods ended June 30, 2004 and 2003. The Company’s effective tax rate differed from the federal statutory rate in 2004 and 2003 due to the uncertainty of the Company returning to profitability and the utilization of prior year tax losses earned forward, respectively.
7. Revenue
During the three-month period ending June 30, 2004 and 2003, the Company recognized royalty revenue of $52,000 and $159,000, respectively. The remaining revenue in the three month period ending June 30, 2003 related to a non recurring license fee.
No further revenue is expected from Opti Technologies, Inc. and the Company’s future revenues depend on the success of our licensing strategy of pursuing license claims on our intellectual property position.
8. National Semiconductor Settlement
On June 26, 2003, the Company and National Semiconductor Corporation (“NSC”) reached a Settlement and Patent License Agreement in regards to the claim filed by the Company against NSC in April 2002, and NSC’s counterclaim filed against the Company in September 2002.
The license agreement grants NSC a non-exclusive, perpetual, royalty-free, worldwide license under the OPTi patents at issue in the April 2002 claim and also grants to OPTi a non-exclusive, perpetual, royalty-free, worldwide license under the NSC patent at issue in the September 2002 counterclaim.
Concurrent with the execution of this agreement NSC made a one-time payment to OPTi, which was recorded as license revenue. Both parties also executed a Stipulation and Order of Dismissal, whereby the parties dismissed with prejudice all claims and counterclaims asserted against each other.
9. Nasdaq Delisting
On May 24, 2004, the Company received notice from Nasdaq that pursuant to the April 1, 2004 oral hearing before the Nasdaq listing Qualification Panel, a determination had been made in the matter of the Company and its request for continued inclusion on the Nasdaq National Market.
After a review of the entire record the qualification panel concluded that the Company was a public shell. The panel was of the opinion that the pursuit of patent infringement claims did not constitute active and sustainable business operations. Based on the foregoing, the Panel determined that, in order to preserve and strengthen the
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quality of and public confidence in The Nasdaq Stock Market, and in order to protect the integrity of The National Stock Market, prospective investors and the public interest, the Company’s securities should be delisted from The Nasdaq Stock Market. The delisting became effective with the opening of business on May 26, 2004.
The Company’s common stock is currently being listed and traded on the over-the-counter market in the so-called “pink sheets”.
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Item 2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations
Results Of Operations
Information set forth in this report constitutes and includes forward looking information made within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities and Exchange Act of 1934, as amended, that involve risks and uncertainties. The Company’s actual results may differ significantly from the results discussed in the forward looking statements as a result of a number of factors, including the ability of licensee to continue to sale the licensed products, market conditions generally and in the personal computer and semiconductor industries, changes in intellectual property law in the semiconductor industry and in general and other maters. Readers are encouraged to refer to “Factors Affecting Earnings and Stock Price” found below in this Item 2.
Opti was founded in 1989 and was an independent supplier of semiconductor products to the personal computer market. During fiscal 2003, the Company announced that it had sold its product fabrication, distribution and sales operations to Opti Technologies, Inc., an unrelated third party. In addition, the Company believes that certain of its patented technology is in widespread unlicensed use and the Company has been engaged in perfecting its intellectual property position, investigating unlicensed use of its technology and developing and validating a strategy to pursue product licenses from unlicensed users.
In the future, the Company will pursue revenue through the pursuit of licenses from users of its intellectual property. The Company does not expect to receive additional significant revenue other than any that may result through the pursuit of its patent infringement cases and associated licensee efforts.
Critical Accounting Policies
We have identified the policies below as critical to our business operations and the understanding of our results of operations. The impact and any associated risks related to these policies on our business is discussed throughout Management’s Discussion and Analysis of Financial Conditions and Results of Operations where such policies affect our reported and expected financial results. Note that our preparation of this report on Form 10-Q requires us to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reported period. There can be assurance that actual results will not differ from those estimates.
Contingencies
From time to time we are subject to proceedings, lawsuits and other claims related to labor, products, patents and other matters. We are required to assess the likelihood of any adverse judgements or outcomes to these matters as potential ranges of probable losses. A determination of the amount of reserves required, if any, for these contingencies is made after careful analysis of each individual issue. The required reserves may change in the future due to new developments in each matter or changes in approach such as a change in settlement strategy in dealing with these matters.
Fiscal 2005 Compared to Fiscal 2004
Revenues
Net revenues for the first quarter ended June 30, 2004 were $52,000, as compared to net revenues of $584,000 for the quarter ended June 30, 2003. The decrease in net revenue for the three-month period ending June 30, 2004, as compared to the three-month period ending June 30, 2003, was due to lower royalty revenue from Opti Technologies, Inc. and a one-time license fee received in the quarter ended June 2003.
During the first fiscal quarter of 2005, the Company recorded the remaining $52,000 in royalty revenue from Opti Technologies, Inc. No further revenue is expected from Opti Technologies, Inc. and the Company’s future revenues depend on the success of our strategy of pursuing license claims on our intellectual property position.
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Selling, General and Administrative
Selling, general and administrative costs were $348,000 in the quarter ending June 30, 2004 as compared to $256,000 for the quarter ending June 30, 2003. The increase in selling, general and administrative expenses for the quarter ending June 30, 2004 versus the prior year is due to an increase in legal expenses. The Company anticipates that selling, general and administrative costs could increase in future quarters as the Company’s legal expenses will grow as it pursues licenses from users of its intellectual property.
Interest and Other Income, Net
Interest and other income, net was $28,000 and $35,000 for the quarters ended June 30, 2004 and 2003, respectively. The decrease in interest and other income for the comparable periods is due to lower interest rates in the quarter ended June 30, 2004 as compared the quarter ended June 30, 2003.
Income Taxes
The Company recorded no tax provisions for the three-month periods ended June 30, 2004 and 2003. The Company’s effective tax rate differed from the federal statutory rate in 2004 and 2003 due to the uncertainty of the Company returning to profitability and the utilization of prior year tax losses carried forward, respectively.
Liquidity and Capital Resources
Cash, cash equivalents and short-term investments decreased to $15,275,000 at June 30, 2004 from $15,520,000 at March 31, 2004. The decrease in cash, cash equivalents and short-term investments of approximately $0.2 million from March 31, 2004 to June 30, 2004, primarily relates to net loss for the period. Working capital as of June 30, 2004 decreased to $15,184,00 from $15,451,000 at March 31, 2004, this decrease relates to the net loss during the period. During the first three-months of fiscal 2005, operating activities used $0.2 million of cash. Cash used from operating activities was primarily due to the net loss of $268,000 during the period and an increase in other assets of $52,000, partially offset by, a $91,000 decrease in accounts receivable as the Company reached the maximum royalty amounts it could earn under the Opti Technologies Inc. license agreement. The Company had no investing or financing activities during the three-month periods ending June 30, 2004 and 2003, respectively.
At June 30, 2004, the Company’s principal source of liquidity included cash and cash equivalents of approximately $15.3 million. The Company believes that its existing sources of liquidity will satisfy the Company’s projected working capital and other cash requirements through at least the next twelve months.
The Company’s current building lease agreement is scheduled to end on April 30, 2005. The total remaining commitment under the amended lease at June 30, 2004 is approximately $50,000.
Factors Affecting Earnings and Stock Price
Reporting of OPTi Common Stock Trading on the Pink Sheets
In May 2004, the Nasdaq National Market advised us that it had denied our appeal of the Nasdaq staff’s determination to delist our common stock due to the staff’s belief that OPTi’s current business plan of pursuing license revenues from companies we believe are infringing OPTi’s patents did not constitute active business operations, at a level and type consistent with the Nasdaq’s qualitative listing criteria for listed companies.
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Since May 26, 2004, our common stock has traded over-the-counter and has been qouted on the Pink Sheets. Some investors may be less likely to invest in stocks that are not traded on recognized national markets and listing services such as Nasdaq. Therefore, investors in our common stock may experience reduced liquidity when attempting to trade shares of our common stock.
Dependence on Intellectual Property Position
The success of the Company’s current strategy of resolving potential infringement of its patented core logic technology can be affected by new developments in intellectual property law generally and with respect to semiconductor patents in particular and upon the Company’s success in defending its patent position. It is difficult to predict developments and changes in intellectual property law. However, such changes could have an adverse impact on the Company’s ability to pursue infringement claims on its previously developed technology.
Uncertain Revenue Stream
During the first fiscal quarter of 2005, the Company accrued the remaining $52,000 in royalty revenue from Opti Technologies, Inc. No further revenue is expected from Opti Technologies, Inc. and the Company’s future revenues depend on the success of our strategy of pursuing license claims on our intellectual property position. Although the Company recently engaged a law firm to pursue licensing on our behalf, there can be no assurances whether or when revenues will result from the pursuit of such claims.
In addition, the Company’s focus on pursuing claims related to its intellectual property position can result in one time payments that may increase revenues during a single fiscal period but may not be repeated in future periods. For example, in the fiscal quarter ended June 30, 2003, the Company reached a settlement of certain claims and counterclaims with National Semiconductor that included, among other things, a one time cash payment to the Company. Under the terms of the settlement, the Company will not receive future payments from National Semiconductor. Consequently, settlements will cause our operating results to fluctuate from period to period and revenues that we may receive from such a settlement should not be viewed as indicative of future trends in our operating results.
Fluctuations in Operating Results
The Company has experienced significant fluctuations in its operating results in the past and expects that it will experience such fluctuations in the future. In the future, the Company’s operating results will largely be dependent on its ability to generate revenue from its pursuit of license and patent infringement claims.
Limited Trading Volume
Daily trading volume in our shares has varied from zero to over one million shares during the last two years. Therefore, investors in our stock may find liquidity in our shares to be limited and difficult to predict.
Possible Volatility of Stock Price
There can be no assurances as to the Company’s operating results in any given period. The Company expects that the trading price of its common stock will continue to be subject to significant volatility.
Item 3. Quantitative and Qualitative Disclosure About Market Risks
Interest Rate Sensitivity
We maintain our cash primarily in money market funds. We do not have any derivative financial instruments. As of June 30, 2004, all of our cash investments mature in less than thirty days. Accordingly, we do not believe that our investments have significant exposure to interest rate risk.
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Item 4. Controls and Procedures
| (a) | We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to exchange Act Rules 13a-14 and 13a-15 as of the end of the Company’s fiscal quarter ended June 30, 2004. Based upon that evaluation, our Chief Executive Officer along with our Chief Financial Officer concluded that, as of the end of the fiscal quarter, our disclosure controls and procedures are effective in timely alerting them to material information relating to the Company required to be included in our periodic SEC filings. |
| (b) | There have been no significant changes (including corrective actions with regard to significant deficiencies or material weaknesses) in our internal controls or in other factors that could significantly affect these controls subsequent to the date of the evaluation referenced in paragraph (a) above. |
We intend to review and evaluate the design and effectiveness of our disclosure controls and procedures on an ongoing basis and to improve our controls and procedures over time and to correct any deficiencies that we may discover in the future. Our goal is to ensure that our senior management has timely access to all material financial and non-financial information concerning our business. While we believe the present design of our disclosure controls and procedures is effective to achieve our goal, future events affecting our business may cause us to significantly modify our disclosure controls and procedures.
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Part II. Other Information
See footnote 7 in Notes to Condensed Consolidated Financial Statements
Not applicable and has been omitted.
Item 3. Defaults on Senior Securities
Not applicable and has been omitted.
Item 4. Submission of Matters to a Vote of Shareholders
Not applicable and has been omitted.
Item 6. Exhibits and Reports on Form 8-K.
| (a) | Exhibits |
31.1 and 31.2 Certification of the Chief Executive Officer and Chief Financial Officer in accordance with 8 U.S. 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1 and 32.2 Certification of Chief Executive Officer and Chief Financial Officer in accordance with rule 15d-14, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
| (b) | Reports on Form 8-K: |
None reported.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
OPTi Inc. | ||||
Date: 8/13/04 | By: | /s/ Michael Mazzoni | ||
| Michael Mazzoni | ||||
| Signed on behalf of the Registrant and as | ||||
| Chief Financial Officer | ||||
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