August 09, 2000 16:14
Ramtron Reports Second-Quarter 2000 Results
COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--Aug. 9, 2000--U.S. semiconductor maker Ramtron International Corporation (Nasdaq: RMTR) reported results today for the second quarter ended June 30, 2000. Second-quarter net loss applicable to common stock was $2.2 million, or a loss of $0.13 per share, compared with a net loss of $2.0 million, or a loss of $0.17 per share, a year ago. Revenues for the second quarter of 2000 were $6.2 million, compared with $5.3 million for the same period in 1999.
Second-quarter FRAM(R) product sales were $1.0 million, compared with $0.9 million a year ago. The company recorded $1.8 million in research and development-related revenue during the quarter, compared with $1.5 million a year earlier. EDRAM(R) product sales for the second quarter were $3.5 million, compared with $2.9 million for the year-ago quarter.
"Our overall revenues for the quarter were up from Q2 last year," said L. David Sikes, Ramtron's chairman and chief executive officer. "More encouraging is the fact that our product sales increased by 91% to $4.4 million from $2.3 million the previous quarter. In addition, one of the highlights of our second quarter was the announcement of a program to develop an advanced enhanced DRAM for one of the world's leading computer manufacturers. This program provides for the funding of product development, an end-customer who anticipates usage of some $40 million of the product over four years and the ability to sell the product into the open market."
Earlier this week, Ramtron announced the completion of a $65-million volume purchase agreement (VPA) with Ampy Automation Digilog Limited of Peterborough, United Kingdom. The 256K FRAM serial product will be used in an advanced electric meter design that will become available in 2001. This VPA augments the increased sales to Ampy of Ramtron's 4K and 16K FRAM products.
"Ampy has been a customer of Ramtron since 1995," said Don Carrigan, vice president of sales and marketing for Ramtron. "We are delighted with the expansion of this business, as the application showcases the features of FRAM that we believe will make it a mainstream, high-performance non-volatile memory. Our lower density products have been used in various metering applications during the past few years, and this earlier success lays the groundwork for customer acceptance of our higher density parts."
Yesterday, Ramtron subsidiaries, Enhanced Memory Systems, Inc., and Mushkin Inc., announced the availability of the next generation of the Enhanced high-speed SDRAM (HSDRAM) DIMM modules. The new modules operate at CAS2 latency and enable high-end gaming customers to boost the memory bus speed of the Intel 815E chipset to 150 MHz and beyond, resulting in a superior gaming experience.
"Our new modules accelerate the performance of current PC100 and PC133 SDRAM motherboards used in high-performance PC systems," said Craig Rhodine, vice president and general manager for Enhanced Memory Systems. "Enhanced Memory Systems continues to offer the fastest and lowest-latency DIMM modules for over-clocked PC systems."
"We have accomplished a series of significant milestones during the first half of this year," Sikes added. "We expect to continue our sales growth through the introduction of new products that will provide customers with the ability to enhance the performance of their own products by leveraging the feature sets of our FRAM and EDRAM technologies."
About Ramtron
Ramtron International Corporation is dedicated to the design, development and sale of ferroelectric RAM "FRAM" memory products. The Company also develops and markets ultra-high-performance ESDRAM and HSDRAM products through its subsidiary, Enhanced Memory Systems, Inc. Both companies are headquartered in Colorado Springs, Colorado.
Except for historical information, the preceding statements are forward-looking statements that involve risks and uncertainties. Investors are cautioned that such statements are only predictions and the actual events or results may differ materially. These forward-looking statements speak only as of this date. The Company undertakes no obligation to publicly release the results of any revisions to the forward-looking statements made today to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events.
For more information about Ramtron and its products, contact: Communications Department, Ramtron International Corporation, 1850 Ramtron Drive, Colorado Springs, Colorado, USA, 80921. Telephone is 800-545-FRAM (3726); FAX is 719-481-9294; e-mail address is info@ramtron.com. Homepage is ramtron.com.
Note to Editors: "FRAM" and "EDRAM" are registered trademarks of Ramtron International Corporation.
RAMTRON INTERNATIONAL CORPORATION
SECOND QUARTER AND YEAR-TO-DATE 2000 FINANCIAL HIGHLIGHTS
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2000
(Amounts in thousands, except per-share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30 June 30
2000 1999 2000 1999
-------- -------- -------- --------
Revenue:
Product sales $ 4,446 $ 3,811 $ 6,716 $ 8,044
License fees -- -- 2,000 500
Royalties 13 -- 13 --
Customer-sponsored
research and
development 1,750 1,516 3,051 2,322
-------- -------- -------- --------
6,209 5,327 11,780 10,866
-------- -------- -------- --------
Costs and expenses:
Cost of product sales 2,677 2,112 3,943 4,529
Research
and development 3,041 2,948 6,359 5,551
Sales, general
and administrative
(excluding non-cash
compensation expense) 2,404 2,467 4,843 4,909
Amortization
of stock-based
compensation
(non-cash) 204 -- 1,770 --
-------- -------- -------- --------
8,326 7,527 16,915 14,989
-------- -------- -------- --------
Operating loss (2,117) (2,200) (5,135) (4,123)
Other expense (43) (147) (34) (184)
-------- -------- -------- --------
Net loss $ (2,160) $ (2,347) $ (5,169) $ (4,307)
======== ======== ======== ========
Loss per common share:
Net loss $ (2,160) $ (2,347) $ (5,169) $ (4,307)
Imputed dividends,
accretion of
discount and settlement
on convertible preferred
stock, net (30) 331 (61) (189)
-------- -------- -------- --------
Net loss applicable
to common shares $ (2,190) $ (2,016) $ (5,230) $ (4,496)
======== ======== ======== ========
Net loss per common
share - basic
and diluted $ (0.13) $ (0.17) $ (0.33) $ (0.37)
======== ======== ======== ========
Weighted average
shares outstanding 16,301 12,193 15,683 12,140
======== ======== ======== ========
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except par-value amounts)
(Unaudited)
June 30, Dec. 31,
2000 1999
---------- ----------
Assets
Cash $ 7,796 $10,601
Accounts receivable, net 4,448 1,703
Inventories 5,074 4,174
Other assets 248 184
Property, plant and
equipment, net 5,716 6,064
Intangible assets, net 17,432 6,654
------- -------
$40,714 $29,380
======= =======
Liabilities and stockholders' equity
Liabilities $10,870 $15,143
Stockholders' equity 29,844 14,237
------- -------
$40,714 $29,380
======= =======
CONTACT: Demer IR Counsel, Inc.
Jeffrey Lee, 925/938-2678 Ext. 241
jlee@demer-ir.com |
