<PAGE>
FORM 10-Q
---------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
--------------
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to _______
Commission file number 0-26380
----------------------------------------------------
PIXTECH, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 04-3214691
- --------------------------------------------------------------------------------
(State or other jurisdiction of (IRS Employer Identification
incorporation or organization) No.)
Avenue Victoire, 13790 Rousset, France
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
011-33-42-29-10-00
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes No X
---- ----
The number of shares outstanding of each of the issuer's classes of common stock
as of
Class Outstanding at March 31, 1996
----- -----------------------------
Common Stock, $.01 par value 8,136,146
<PAGE>
PIXTECH, INC.
-------------
TABLE OF CONTENTS
-----------------
<TABLE>
<CAPTION>
PAGE NO.
PART I FINANCIAL INFORMATION
<S> <C> <C> <C>
ITEM 1 Financial Statements
Balance Sheets as of March 31, 1996
and December 31, 1995................................ 3
Statements of Operations for the Three Months
Ended March 31, 1996 and 1995,
and the period from June 18, 1992 Ended
March 31, 1996....................................... 4
Statements of Cash Flows for the Three Months
ended March 31, 1996 and 1995, and the period
from June 18, 1992 Ended March 31, 1996.............. 5
Statement of Stockholders' Equity.................... 6
Notes to Financial Statements........................ 8
ITEM 2 Management's Discussion and Analysis
of Financial Condition and Results of
Operations........................................... 9
PART II OTHER INFORMATION
ITEM 1 Legal Proceedings.................................... 12
ITEM 2 Changes in Securities................................ 12
ITEM 3 Defaults upon Senior Securities...................... 12
ITEM 4 Submission of matters to a vote of
security holders..................................... 12
ITEM 5 Other Information.................................... 12
ITEM 6 Exhibits and Reports on Form 8-K..................... 12
Signatures............................................................. 13
</TABLE>
-2-
<PAGE>
PixTech, Inc.
(a development stage company)
CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands, except per share amounts)
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
----------------- ---------------
(unaudited)
<S> <C> <C>
ASSETS
Current Assets:
Cash and cash equivalents............... $ 16,745 $17,563
Accounts receivable:
Trade................................. 3,583 5,420
Other................................. 91 187
Inventory............................... 449 411
Other................................... 2,361 3,229
----------- -----------
Total current assets.................. 23,229 26,810
Property, plant and equipment, net........ 12,026 12,608
Goodwill, net............................. 352 --
Deferred tax assets....................... 5,379 5,469
Other assets - long term.................. 419 492
----------- -----------
Total assets....................... $ 41,405 $ 45,379
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long term debt....... $ 623 $ 623
Current portion of capital lease
obligations............................ 901 907
Current portion of long term
liabilities............................ 1,650 1,650
Accounts payable........................ 4,818 6,140
Accrued expenses........................ 1,379 1,290
Other................................... 60 281
----------- -----------
Total current liabilities........... 9,431 10,891
Deferred revenue - long term............ 2,460 3,093
Long term debt, less current portion.... 3,143 3,268
Capital lease obligation, less current
portion................................ 1,570 1,825
Other long term liabilities, less
current portion........................ 1,771 1,772
----------- -----------
Total liabilities................... 18,375 20,849
=========== ===========
Stockholders' equity
Convertible preperred stock............ -- --
Common stock........................... 81 81
Other stockholders' equity............. 34,150 34,359
Deficit accumulated during development
stage................................. (11,201) (9,910)
Total stockholders' equity......... 23,030 24,530
----------- -----------
Total liabilities and stockholders'
equity............................ $ 41,405 $ 45,379
=========== ===========
</TABLE>
See accompanying notes.
<PAGE>
PixTech, Inc.
(a development stage company)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
<TABLE>
<CAPTION>
Period from
June 18,
1992
(date of
Three Months Ended Inception)
March 31, through
March 31,
------------------------- -----------
1996 1995 1996
----------- ----------- -----------
<S> <C> <C> <C>
Revenues:
Cooperation & license revenues.... $ 1,890 $ -- $ 19,728
Product sales..................... 183 102 1,028
Other revenues.................... 934 204 2,317
----------- ----------- -----------
3,007 306 23,073
----------- ----------- -----------
Cost of revenues
License fees and royalties........ -- -- (1,314)
----------- ----------- -----------
Gross margin........................ 3,007 306 21,759
----------- ----------- -----------
Operating expenses:
Research and development:
Acquisition of intellectual
property rights................ -- -- (4,765)
Other........................... (3,501) (2,928) (25,395)
----------- ----------- -----------
(3,501) (2,928) (30,160)
Sales and marketing............... (232) (243) (2,821)
General and administrative........ (688) (448) (5,867)
----------- ----------- -----------
Total operating expenses............ (4,421) (3,619) (38,848)
----------- ----------- -----------
Loss from operations................ (1,414) (3,313) (17,089)
Other income /(expense)
Interest income/(expense)......... 97 (203) 370
Foreign exchange gains............ 26 675 370
----------- ----------- -----------
123 472 740
Loss before income tax benefit...... (1,291) (2,841) (16,349)
Income tax benefit.................. -- 200 5,148
----------- ----------- -----------
Net loss............................ $(1,291) $(2,641) $(11,201)
=========== =========== ===========
Net loss per share: $(.16) $(.42)
======== ========
Shares used in computing net loss
per share.......................... 8,122 6,126
=========== ===========
</TABLE>
See accompanying notes.
<PAGE>
PixTech, Inc.
(a development stage company)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, except per share amounts)
(unaudited)
<TABLE>
<CAPTION>
Period from
June 18,
1992
(date of
inception)
Three Months Ended through
March 31, March 31,
------------------------- -----------
1996 1995 1996
----------- ----------- -----------
<S> <C> <C> <C>
Net loss....................... $ (1,291) $ (2,641) $ (11,201)
Total adjustments to net
loss.......................... 1,671 366 3,438
--------- --------- ---------
Net cash (used in) provided
by operating activities....... 380 (2,275) (7,763)
--------- --------- ---------
Investing activities
Additions to property plant
and equipment................. (583) (911) (11,012)
Additions to intangible
assets........................ (130) -- (130)
--------- --------- ---------
Net cash used in investing
activities.................... (713) (911) (11,142)
Financing activities
Stock issued................... 7 3 33,927
Sale of treasury stock......... -- 11 --
Proceeds from long-term
borrowings.................... -- -- 6,190
Proceeds from sale
leaseback transactions........ -- 2,731 2,731
Payments for equipment
purchases financed by
accounts payable.............. -- (2,364) (2,709)
Repayment of long term
borrowing and capital
lease obligations............. (256) (437) (3,185)
--------- --------- ---------
Net cash provided by/(used in)
financing activities.......... (249) (56) 36,954
--------- --------- ---------
Effect of exchange rates
on cash....................... (236) (852) (1,304)
--------- --------- ---------
Net (decrease)/increase in
cash and cash equivalents..... (818) (4,094) 16,754
Cash and cash equivalents
beginning of period........... 17,563 4,736 --
--------- --------- ---------
Cash and cash equivalents
end of period................. $ 16,745 $ 642 $ 16,745
========== ========== ==========
</TABLE>
See accompanying notes.
<PAGE>
PixTech, Inc.
(a development stage company)
Condensed Consolidated Statement of Stockholders' Equity
(in thousands, except share amounts)
<TABLE>
<CAPTION>
Convertible Preferred stock
-----------------------------------------------------------------------------------
Series A Series B Series C Series D
Shares Shares Shares
Shares issued Amount issued Amount issued Amount issued Amount
------------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance at June 18, 1992
Issuance of Series A convertible preferred
stock, net of issuance costs - $9 in
June....................................... 211,681 $130
Issuance of Series B convertible preferred
stock in June.............................. 57,522 $ 38
Issuance of Common stock in June...........
Issuance of Series A convertible preferred
stock in August............................ 29,451 32
Issuance of Series A convertible preferred
stock in September......................... 292,455 544
Issuance of Series B convertible preferred
stock in September......................... 65,483 121
Translation adjustment.....................
Net Loss from June 18, 1992 (time of
inception) through December 31, 1992...... ------------- --------- --------- ---------
534,587 706 123,005 159
Balance at December 31, 1992
Issuance of Series A convertible preferred
stock in January........................... 145,600 181
Issuance of Common Stock in January
Issuance of Series A convertible preferred
stock in March............................. 876,816 1,481
Issuance of Series B convertible preferred
stock in March............................. 240,442 430
Issuance of Series C convertible preferred
stock, net of issuance costs - $71 in
December................................... 1,999,011 $5,686
Issuance of Series D convertible preferred
stock, net of issuance costs - $15 in
December................................... 430,206 $1,224
Translation adjustment
Net income - Year ended December 31, 1993..
------------- --------- --------- --------- --------- -------- --------- ---------
Balance at December 31, 1983 1,557,003 2,368 969,447 589 1,999,011 5,686 430,206 1,224
Issuance of Common stock under stock option
plan in April..............................
Purchase of 28,761 shares of Common stock-
Treasury stock in April....................
Issuance of Series C convertible preferred
stock, net of issuance cost $37 in April... 472,918 1,324
Issuance of Series C convertible preferred
shares, net of issuance costs - $45 in
June...................................... 572,917 1,605
Translation adjustment....................
Net loss - Year ended December 31, 1994...
------------- --------- --------- --------- --------- --------- --------- ---------
Balance at December 31, 1994 1,557,003 2,368 363,447 589 3,044,846 8,615 430,208 1,224
Reissuance of 28,761 shares of Common
stock held in treasury in January
(unaudited)
Issuance of Common stock under stock
option plan (unaudited)
Common stock issued in initital public
offering, net of issuance costs - $1,090
(unauditing)
------------- --------- --------- --------- --------- --------- --------- ---------
Conversion of preferred stock............. (1,557,003) (2,368) (363,447) (589)(3,044,846) (8,615) (430,208) (1,224)
Translation adjustment (unaudited)
Net loss - Twelve months ended
December 31, 1995 (unaudited).............
------------- --------- --------- --------- --------- --------- --------- ---------
Balance at Decenber 31, 1995
Issuance of Common stock under stock option
plan (unaudited)..........................
Issuance of warrants in cnnection with
acquisition of the assets of PanoCorp
(unaudited)...............................
Transaction adjustment (unaudited)
Net loss - Three months ended March
31, 1996 (unaudited)......................
------------- --------- --------- --------- --------- --------- --------- ---------
Balance at March 31, 1996
============= ========= ========= ========= ========= ========= ========= ==========
</TABLE>
<PAGE>
PixTech, Inc.
(a development stage company)
Condensed Consolidated Statement of Stockholders' Equity
(in thousands, except share amounts)
<TABLE>
<CAPTION>
Common Stock
------------------------
Deficit
accumulated
Additional Cumulative during
Paid-in translation Development Treasury
Shares issued Amount Capital adjustment stage stock TOTAL
------------- ------- ---------- ----------- ----------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance at June 18, 1992
Issuance of Series A convertible preferred
stock, net of issuance costs--$9 in
June.......................................... 130
Issuance of Series B convertible preferred
stock in June................................. 38
Issuance of Common stock in June.............. 115,045 $ 1 $ 75 76
Issuance of Series A convertible preferred
stock in August............................... 32
Issuance of Series A convertible preferred
stock in September............................ 544
Issuance of Series B convertible preferred
stock in September............................ 121
Translation adjustment........................ $ 1 1
Net Loss from June 18, 1992 (date of
inception) through December 31,
1992.......................................... (506) (506)
------------- ------- ---------- ----------- ----------- -------- -------
Balance at December 31, 1992.................... 115,045 1 75 1 (506) 436
Issuance of Series A convertible preferred
stock in January.............................. 181
Issuance of Common stock in
January....................................... 17,256 0 21 21
Issuance of Series A convertible preferred
stock in March................................ 1,481
Issuance of Series B convertible preferred
stock in March................................ 430
Issuance of Series C convertible preferred
stock, net of issuance costs--$71 in
December...................................... 5,686
Issuance of Series D convertible preferred
stock, net of issuance costs--$15 in
December...................................... 1,224
Translation adjustment........................ (50) (50)
Net income--Year ended December 31,
1993.......................................... (120) (120)
------------- ------- ---------- ----------- ----------- -------- -------
Balance at December 31, 1993.................... 132,301 1 96 (49) (626) 9,289
Issuance of Common stock under stock option
plan in April................................. 77,356 1 28 29
Purchase of 28,761 shares of Common stock--
Treasury stock in
April......................................... (11) (11)
Issuance of Series C convertible preferred
stock, net of issuance costs $37 in
April......................................... 1,324
Issuance of Series C convertible preferred
shares, net of issuance costs--$45 in
June.......................................... 1,605
Translation adjustment........................ 230 230
Net loss--Year ended December 31,
1994.......................................... (2,979) (2,979)
------------- ------- ---------- ----------- ----------- -------- -------
Balance at December 31, 1994.................... 209,657 2 123 181 (3,605) (11) 9,487
Reissuance of 28,761 shares of Common
stock held in treasury in January
(unaudited)................................... 3 11 14
Issuance of Common stock under stock option
plan (unaudited).............................. 6,902 0 3 3
Common stock issued in initial public offering
net of issuance costs--$1,090 (unaudited)..... 2,500,000 25 20,973 20,998
Conversion of preferred stock................. 5,395,504 54 12,742
Translation adjustment (unaudited)............ 334 334
Net loss--Twelve months ended December
31, 1995 (unaudited).......................... (6,305) (6,305)
------------- ------- ---------- ----------- ----------- -------- -------
Balance at December 31st, 1995.................. 8,112,063 $81 $33,844 $515 $(9,910) $24,530
Issuance of Common stock under stock option
plan (unaudited).............................. 24,083 0 9 9
Issuance of warrants in connection with
acquisition of the assets of PanoCorp
(unaudited)................................... 230 230
Translation adjustment (unaudited)............ (448) (448)
Net loss--Three months ended March 31,
1996 (unaudited).............................. (1,291) (1,291)
------------- ------- ---------- ----------- ----------- -------- -------
Balance at March 31st, 1996..................... 8,136,146 $82 $34,083 $67 $(11,201) $23,030
============= ======= ========== =========== =========== ======== =======
</TABLE>
<PAGE>
PixTech, Inc.
(a development stage company)
Notes to Condensed Consolidated Financial Statements
(all amounts in thousands except share amounts)
(unaudited)
Note A -- Basis of presentation
The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results of the three-month period ending March 31, 1996
are not necessarily indicative of the results that may be expected for the year
ending December 31, 1996. For further information, refer to the consolidated
financial statements and footnotes thereto for the year ending December 31, 1995
(the "1995 Financial Statement"), included in the Company's Annual Report on
10-K Form for the year ended December 31, 1995.
Note B -- Inventories
Inventory consists of raw material and spare parts.
Note C -- Purchase of PanoCorp assets
On February 20, 1996, the Company acquired substantially all the assets of
PanoCorp, Inc., a research and development company located in Fremont,
California, in a transaction accounted for as a purchase. The assets of
PanoCorp, Inc., including principally fixed assets valued at $120, were
purchased for $250 in cash plus 150,000 warrants to purchase shares of the
Company's common stock at an exercise price of $11.67.
The fair value of the 150,000 warrants was computed using the price of stock,
the exercise price of warrant, the expected dividend yield of stock, the
expected volatility of stock, the expected life of the warrant and the risk-free
interest rate using the Black-Scholes model. Pursuant to the APB Statement 16,
the value of such warrants was estimated at $230 and the global transaction
generated a goodwill of $360. This goodwill will be depreciated over 5 years.
The purchase agreement also calls for the issuance of additional warrants to the
shareholders of PanoCorp, Inc., contingent upon the achievement by the Company
of specified technical milestones over the next 3 years.
<PAGE>
MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Results of operations
Cooperation and License revenues. The Company recognized cooperation and license
revenues under the FED Alliance agreements of $1.9 million in the three-month
period ending March 31, 1996, while no such revenue was recognized in the three-
month period ending March 31, 1995. These revenues represent the achievement by
the Company of contractual technical milestones with FED Alliance members.
On March 21, 1996, the Company was informed by Texas Instruments of its
intention to suspend its development of FEDs for laptop computers. While this
may result in a loss of anticipated long term royalty revenues, the Company
believes such suspension will not have a material effect on the Company's
current financial position.
The Company's expectation regarding the future impact of the announcement by
Texas Instruments is a forward-looking statement. The impact of such
announcement on the Company depends in part upon the response of the financial
markets to such announcement and the effects of such announcement on the
Company's negotiations with potential new members of the FED Alliance.
Product sales. The Company recognised product sales of $183 in the three-month
period ending March 31, 1996 and $102 in the three-month period ending
March 31, 1995. In 1996, product sales represented the shipment of different
types of cathodes to members of the FED Alliance, with a goal of supporting such
FED Alliance members' own development programs. In addition, the Company shipped
limited quantities of displays during the first quarter of 1996.
Other revenues. Other revenues amounted to $934 in the three-month period ending
March 31, 1996 as compared of $204 during the three-month period ending
March 31, 1995. Of these revenues, $800 are related to a grant from the French
Ministry of Industry to support manufacturing of Field Emission Displays. In
January 1996 all conditions relating to this amount were met by the Company.
Research and Development Expenses - The Company expensed $3.5 million for other
research and development costs during the three-month period ending
March 31 1996, an increase of 21% over R&D expenses incurred in the three-month
period ending March 31, 1995, which amounted to $2.9 million. These expenses
included contract consulting fees, salaries and associated operating expenses
for in-house research and development activities and the cost of staffing and
operating the Company's pilot manufacturing facility. The increase reflects the
continued development of the Company's FED technology and manufacturing
processes.
General and Administrative Expenses. General and Administrative expenses
increased by 54% from $448 in three-month period ending March 31, 1995 to $688
in the three-month period ending March 31, 1996, reflecting the increase in the
number of full time employees.
Currency Fluctuation, Net. Foreign exchange gain amounted to $26 during the
three-month period ending March 31, 1996, as compared of $675 for the three-
month period ending March 31, 1995. The significant amount recorded in the first
quarter of 1995 was due to the unusual fluctuation of French franc parity versus
US dollar. The Company follows conservative cash management policies, especially
concerning foreign exchange exposure.
<PAGE>
Income tax. Income tax benefits represent tax credits for research and
development activities conducted in France and the benefits of net operating
loss carryforwards, net of valuation allowance. Research and development tax
credits will be paid in cash to the Company if the Company is not able to credit
them against future income tax liabilities within three fiscal years. The
Company did not recognize any income tax benefit during the three-month period
ending March 31, 1996 as compared to $200 for the three-month ending
March 31 1995. The Company does not expect to record additional tax credits for
research and development activities in the future as the benefit is based on
increases in eligible research and development expenses in a given year over the
two previous fiscal years.
Outlook: Issues and risks
The Company is focused on the continued development of the FED technology, the
strengthening and expansion of the FED Alliance, the improvement of
manufacturing yields, and the reliability testing of new products which should
lead to the shipment of commercial products in the near future. In evaluating
this outlook, the following risks and issues, among others, which are common
with development stage companies, should be considered.
Revenues from FED Alliance members. The Company primarily recognizes its
revenues when it has achieved certain technical milestones which are
contractually defined with FED Alliance members. Failure to achieve a specific
technical milestone in a given quarter could result in significant unexpected
fluctuations in revenues.
In addition, future FED Alliance milestone revenues are subject to expansion of
the Alliance as the Company has now achieved most of the technical milestones
which were originally defined with Raytheon Company, Motorola Inc. and Futaba
Corporation. There can be no assurance that the Company will be successful in
entering into any new FED Alliance agreements with other companies that have
proprietary display-related technology and failure to expand the FED Alliance
could adversely affect the Company.
Products and manufacturing processes under development. The Company's products
and its manufacturing are in the development stage and delays in the development
of its products and processes could occur.
Cost of products. The Company currently produces only limited quantities of FED
prototypes at its pilot manufacturing production line in Montpellier. Until the
Company has shipped products in quantities, it may not be meaningful to
determine a cost of product sold. Product cost will depend on the level of
yields achieved.
Foreign exchange. A large percentage of the Company's net assets and of the
Company's costs is expressed in French Francs. Fluctuations of the parity of the
US dollar versus French Franc may cause significant foreign exchange gains or
losses.
Financial Condition
Cash generated by operations was $380 for the three-month period ended
March 31 1996, as compared to cash used in operations of $2.3 million for the
three-month period ended March 31, 1995. This difference essentially results
from significant collections of 1995 receivables from FED Alliance members,
partly offset by decreases in accounts payable. In addition, the loss for the
three-month period ended March 31, 1996, which amounted to $1.3 million included
non-cash depreciation in the amount of $690 for the same period.
The Company has used $7.8 million in cash funding its operations from inception
through March 31, 1996 and has incurred $11.1 million in capital expenditures.
To date, the Company has funded its operations and capital expenditures
primarily from the proceeds of equity financing aggregating $33.9 million and
from proceeds aggregating $8.9 million from borrowings and sale-leaseback
transactions.
<PAGE>
Capital expenditures were $713 during the three-month period ended
March 31 1996 as compared to $911 during the same period of 1995. In 1996,
capital expenditures included the purchase of production equipment for the
Company's pilot production line. In addition, the Company acquired on
February 20, 1996, the assets of PanoCorp Inc., as described in Note C of the
condensed consolidated financial statements. The cash flows relating to this
acquisition amounted to $130 for intangible assets and $120 for equipment.
The three-month period ended March 31, 1996 generated negative cash flows of
$816 as compared to $4.1 million for the three-month period ended
March 31 1995. Cash flows provided by operating activity were insufficient to
cover cash requirements of investing activities.
Cash available at the end of March 1996 amounted to $16.7 million as compared to
$642 at the end of March 1996. This increase is primarily due to the sale of
common stock in July 1995 in connection with the Company's initial public
offering, which generated net proceeds of $21.0 million. The Company expects
that cash available at March 31, 1996 will be sufficient to meet its cash
requirements for at least 12 months.
The Company's expectations regarding the sufficiency of its sources of cash over
a future period is a forward-looking statement. The rate of expenditures by the
Company will be affected by numerous matters including the rate of development
of the Company's products and manufacturing capabilities as well as market
demand for such products.
In the future, the Company will require substantial funds to conduct research,
development and testing, to develop and expand commercial-scale manufacturing
systems and to market any resulting products. Changes in technology or a growth
of sales beyond currently anticipated levels will also require further
investments. There can be no assurance that funds for these purposes, whether
from equity or debt financing, or other sources, will be available when needed
or on terms acceptable to the Company.
<PAGE>
PIXTECH, INC.
March 31, 1996
PART II. Other Information
ITEM 1 Legal Proceedings:
Not applicable.
ITEM 2 Changes in Securities:
Not applicable.
ITEM 3 Defaults upon Senior Securities:
Not applicable.
ITEM 4 Submission of matters to a vote of security holders:
None.
ITEM 5 Other information:
None.
ITEM 6 Exhibits and reports on Form 8-K:
(a) Exhibits - None
(b) Reports on Form 8-K - None
<PAGE>
PIXTECH, INC.
March 31, 1996
SIGNATURE
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.
PIXTECH, INC.
DATE: May 15, 1996 BY: /s/ Yves Morel
---------------------------
Yves Morel
Duly Authorized Officer and
Director of Finance and
Administration
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 10-Q AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 16,745
<SECURITIES> 0
<RECEIVABLES> 3,674
<ALLOWANCES> 0
<INVENTORY> 449
<CURRENT-ASSETS> 23,229
<PP&E> 12,026
<DEPRECIATION> 0
<TOTAL-ASSETS> 41,405
<CURRENT-LIABILITIES> 9,431
<BONDS> 0
0
0
<COMMON> 81
<OTHER-SE> 34,150
<TOTAL-LIABILITY-AND-EQUITY> 41,405
<SALES> 183
<TOTAL-REVENUES> 3,007
<CGS> 0
<TOTAL-COSTS> 4,421
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (97)
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,291)
<EPS-PRIMARY> (0.16)
<EPS-DILUTED> 0
</TABLE>
