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Rambus Reports Results For The Second Fiscal Quarter RDRAM ramp continues, but royalties from SDRAM-compatible ICs decline Q2 earnings announcement call live on website (www.rambus.com) at 2:00 p.m. PDT. Conference call replay number 800-633-8284, reservation no. 18483798; replay also available on website. Replay available for one week, beginning at 4:00 p.m. PDT. LOS ALTOS, CA - April 12, 2001 - Rambus Inc. (Nasdaq: RMBS) today reported financial results for its second fiscal quarter ended March 31, 2001. Revenues for the quarter were $31.2 million, up 99% over the same period last year and down 10% from the previous quarter. Included in second fiscal quarter results was $23.6 million in royalties, nearly seven times the amount reported in the same period last year and down 12% from the previous quarter. The quarter`s results included the initial royalties from Matsushita for use of Rambus patents in logic devices which control SDRAMs and DDR SDRAMs. Contract revenue for the second fiscal quarter of 2001 was $7.6 million, down slightly from $7.9 million in the previous quarter. Included in the second quarter results was approximately $2.1 million of deferred revenue recognized due to the cancellation of the contract of a licensee who is reducing activities in the merchant DRAM market, compared to $1.5 million of such revenue recognized in the previous quarter. Excluding acquisition-related costs and, in the previous year, one-time employee compensation expenses, pro forma operating income for the second fiscal quarter was $11.1 million (35% of revenues), compared to $4.9 million (31% of revenues) in the same period last year and $19.9 million (57% of revenues) in the previous quarter. Operating expenses in the second quarter include $7.3 million in costs associated with the Company`s litigation activities compared to $660,000 of such costs in the same period last year and $4.3 million in the previous quarter. Litigation expense increased sharply at the end of the quarter due to late production by Infineon of documents in the Richmond case, leading to the necessity of additional depositions. Excluding acquisition-related costs and, in the previous year, one-time employee compensation expenses, second quarter pro forma net income was $8.2 million ($0.08 per diluted share), more than double the amount reported in the same period last year and down 38% from $13.2 million ($0.12 per diluted share) reported in the previous quarter. All per-share numbers have been adjusted for a four-for-one stock split effective June 14, 2000. "Our second fiscal quarter results show the effect of both declining SDRAM prices and costs associated with the continuing vigorous legal defense of our intellectual property," said Geoff Tate, CEO of Rambus Inc. "The good news is that royalties on RDRAM-compatible ICs increased sequentially during the quarter and we anticipate that this growth will continue. Prices have continued down on RDRAMs, but we anticipate that increases in unit volume will more than offset the price declines. We are very pleased with the success of RDRAMs in the marketplace, as the continuing ramps of the Sony PlayStation2, Intel Pentium 4 and digital TVs are leading RDRAMs to an increasing share of the DRAM market. "Royalties on SDRAM-compatible ICs declined in the second fiscal quarter due mainly to a reduction in average selling prices (ASPs). We expect this trend to continue and in fact to accelerate in the next quarter because SDRAM ASPs declined in the latest quarter by an estimated 50% sequentially. Since the majority of our royalties are still from SDRAM-compatible ICs, we anticipate an overall decline in our total revenues from current licensees next quarter by 20% sequentially, plus or minus several points. Of course the signing of additional licensees could improve this outlook. "Due to delays in our litigation in Europe against Hyundai and Micron, and in the US against Infineon, expenses associated with this litigation exceeded our expectations. While it would be tempting to focus attention on income before litigation expense, we need to point out that royalty revenue from the eight companies who have licensed our patents for use in SDRAM-compatible ICs still far exceeds the cost of litigation against the three companies who have chosen to go to court rather than to conduct good-faith negotiations. We expect some decisions in this litigation during the next quarter. Expenses in our fiscal second quarter were also impacted by higher rent and other operating costs in our new building. Overall we expect our current level of costs and expenses to be maintained in the next quarter. "Despite the sequential decline in revenues and net income, Rambus remains solidly profitable and cash-flow positive. Our cash balances during the second fiscal quarter increased to $151 million from $144 million last quarter. And we remain highly confident of ultimate victory in the various litigations in defense of our intellectual property." Rambus Inc. develops and licenses high-bandwidth chip connection technologies to enhance the performance of computers, consumer electronics and communications products. Providers of Rambus-based integrated circuits include the world`s leading DRAM, ASIC and PC controller manufacturers. This release contains forward-looking statements regarding financial results for future periods. Actual results could differ materially. Among the factors which could cause results to differ materially is the possibility that the Pentium 4 and PlayStation2 ramps will be slower than expected, that shipment of Rambus ICs and other licensed products by Rambus licensees will be below forecast, that DRAM prices decline further, that prices of RDRAMs will remain high compared to SDRAMs, that no additional licenses for SDRAM-compatible ICs will be signed, and that litigation costs will exceed the Company`s plans. - FOUR FINANCIAL TABLES FOLLOW - RAMBUS INC. PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended --------------------------------------- March 31, Dec. 31, March 31, 2001 2000 2000 ------------ ---------- ----------- Revenues: Contract revenues $ 7,581 $ 7,869 $ 12,191 Royalties 23,665 26,848 3,503 Total revenues 31,246 34,717 15,694 Costs and expenses: Cost of contract revenues 3,057 2,220 3,018 Research and development 4,537 3,367 2,670 Marketing, general & administrative 5,295 4,968 4,404 Litigation expense 7,290 4,279 660 Total costs and expenses 20,179 14,834 10,752 Operating income 11,067 19,883 4,942 Other income 2,557 2,071 1,167 Pro forma income before income taxes 13,624 21,954 6,109 Provision for income taxes 5,449 8,782 2,138 Pro forma net income $ 8,175 $ 13,172 $ 3,971 Pro forma net income per share - basic $ 0.08 $ 0.13 $ 0.04 Pro forma net income per share - diluted $ 0.08 $ 0.12 $ 0.04 Shares used in per share calculation: Basic 99,087 98,551 95,557 Diluted 107,588 108,560 108,060 Six Months Ended ------------------------------ March 31, March 31, 2001 2000 ----------- ------------ Revenues: Contract revenues $ 15,450 $ 21,510 Royalties 50,513 6,133 Total revenues 65,963 27,643 Costs and expenses: Cost of contract revenues 5,277 6,519 Research and development 7,904 4,781 Marketing, general & administrative 10,263 7,803 Litigation expense 11,569 660 Total costs and expenses 35,013 19,763 Operating income 30,950 7,880 Other income 4,628 2,164 Pro forma income before income taxes 35,578 10,044 Provision for income taxes 14,231 3,515 Pro forma net income $ 21,347 $ 6,529 Pro forma net income per share - basic $ 0.22 $ 0.07 Pro forma net income per share - diluted $ 0.20 $ 0.06 Shares used in per share calculation: Basic 98,816 95,296 Diluted 108,084 105,564 Notes: 1. Shares and per-share data adjusted for 4:1 stock split effective June 14, 2000. 2. Pro forma income shown above excludes the effect of amortization of goodwill and other acquisition-related intangibles of $221K in the three months ended 3/31/01, $221K in the three months ended 12/31/00, $230K in the three months ended 3/31/00; $442K in the six months ended 3/31/01 and $373K in the six months ended 3/31/00; and one-time employee compensation expenses of $171,085K in the three months and six months ended 3/31/00. 3. This pro forma information is not prepared in accordance with generally accepted accounting principles. 4. A reconciliation from pro forma net income to the reported results is shown on the next table. RAMBUS INC. RECONCILIATION OF PRO FORMA NET INCOME TO REPORTED RESULTS (in thousands, except per share amounts) (unaudited) Three Months Ended --------------------------------------- March 31, Dec. 31, March 31, 2001 2000 2000 ------------ ---------- ----------- Pro forma net income $ 8,175 $ 13,172 $ 3,971 Acquisition-related expenses (221) (221) (230) Employee compensation expense -- -- (171,085) Tax benefit 88 89 503 Net income (loss) $ 8,042 $ 13,040 $ (166,841) Pro forma net income per share - basic $ 0.08 $ 0.13 $ 0.04 Acquisition-related expenses (0.00) (0.00) (0.00) Employee compensation expense -- -- (1.79) Net income (loss) per share - basic $ 0.08 $ 0.13 $ (1.75) Pro forma net income per share - diluted $ 0.08 $ 0.12 $ 0.04 Acquisition-related expenses (0.01) (0.00) (0.00) Employee compensation expense -- -- (1.58) Difference in share count(a) -- -- (0.21) Net income (loss) per share - diluted $ 0.07 $ 0.12 $ (1.75) Six Months Ended ------------------------------ March 31, March 31, 2001 2000 ----------- ------------ Pro forma net income $ 21,347 $ 6,529 Acquisition-related expenses (442) (373) Employee compensation expense -- (171,085) Tax benefit 177 553 Net income (loss) $ 21,082 $ (164,376) Pro forma net income per share - basic $ 0.22 $ 0.07 Acquisition-related expenses (0.01) (0.00) Employee compensation expense -- (1.79) Net income (loss) per share - basic $ 0.21 $ (1.72) Pro forma net income per share - diluted $ 0.20 $ 0.06 Acquisition-related expenses (0.00) (0.00) Employee compensation expense -- (1.61) Difference in share count(a) -- (0.17) Net income (loss) per share - diluted $ 0.20 $ (1.72) (a) Difference in share count results from the inclusion of equivalent shares representing outstanding stock options and warrants in periods with profits and exclusion of such equivalent shares in periods with losses. Note: Per-share data adjusted for 4:1 stock split effective June 14, 2000. RAMBUS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended Six Months Ended March 31, Dec. 31, March 31, March 31, March 31, 2001 2000 2000 2001 2000 Revenues: Contract revenues $ 7,581 $ 7,869 $ 12,191 $ 15,450 $ 21,510 Royalties 23,665 26,848 3,503 50,513 6,133 Total revenues 31,246 34,717 15,694 65,963 27,643 Costs and expenses: Cost of contract revenues 3,057 2,220 3,018 5,277 6,549 Research and development 4,758 3,588 2,900 8,346 5,124 Marketing, general & administrative 12,585 9,247 5,064 21,832 8,463 Employee compensation expense — — 171,085 — 171,085 Total costs and expenses 20,400 15,055 182,067 35,455 191,221 Operating income (loss) 10,846 19,662 (166,373) 30,508 (163,578) Other income 2,557 2,071 1,167 4,628 2,164 Income (loss) before income taxes 13,403 21,733 (165,206) 35,136 (161,414) Provision for income taxes 5,361 8,693 1,635 14,054 2,962 Net income (loss) $ 8,042 $13,040 $(166,841) $21,082 $(164,376) Net income (loss) per share – basic $ 0.08 $ 0.13 $ (1.75) $ 0.21 $ (1.72) Net income (loss) per share – diluted $ 0.07 $ 0.12 $ (1.75) $ 0.20 $ (1.72) Shares used in per share calculation: Basic 99,087 98,551 95,557 98,816 95,296 Diluted 107,588 108,560 95,557 108,084 95,296 Note: Shares and per-share data adjusted for 4:1 stock split effective June 14, 2000. RAMBUS INC. CONSOLIDATED BALANCE SHEETS (in thousands) March 31, Dec. 31, Sept. 30, 2001 2000 2000 (unaudited)(unaudited) ASSETS Current assets: Cash and cash equivalents $ 92,243 $ 71,212 $ 63,093 Marketable securities 45,873 55,507 59,127 Accounts receivable 512 1,788 68 Prepaid and deferred taxes 24,862 21,220 17,661 Prepaids and other current assets 2,403 2,977 2,988 Total current assets 165,893 152,704 142,937 Property and equipment, net 16,087 12,161 6,724 Marketable securities, less current portion 8,483 14,599 7,548 Restricted cash 4,462 2,773 2,500 Deferred taxes, long-term 50,051 55,404 55,404 Other assets 8,735 4,071 4,518 Total assets $253,711 $241,712 $219,631 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and other current liabilities $ 9,506 $ 10,312 $ 9,032 Current portion of deferred revenue 17,477 21,719 24,155 Total current liabilities 26,983 32,031 33,187 Deferred revenue, less current portion 27,800 24,498 24,122 Total liabilities 54,783 56,529 57,309 Stockholders’ equity: Common stock 99 98 97 Additional paid-in capital 301,105 295,596 285,885 Deferred stock-based compensation (515) (543) (571) Accumulated deficit (102,050) (110,092) (123,132) Accumulated other comprehensive gain (loss) 289 124 43 Total stockholders’ equity 198,928 185,183 162,322 Total liabilities and stockholders’ equity $253,711 $241,712 $219,631 |
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| aus der Diskussion: | Rambus 1 cent unter Erwartung wer meldet heute noch ? |
| Autor (Datum des Eintrages): | MartinHoldefer (12.07.01 22:33:19) |
| Beitrag: | 7 von 23 (ID:3954192) |
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