so here it is. Not bad I say!
biz.yahoo.com
Ramtron Reports Third-Quarter 2008 Financial Results
Thursday October 30, 4:05 pm ET
Record revenue of $17.4 million up 30% from third-quarter 2007
COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--Ramtron International Corporation (Nasdaq: RMTR - News), a leading developer and supplier of nonvolatile ferroelectric random access memory (F-RAM) and integrated semiconductor products, today reported total revenue of $17.4 million for the third quarter of 2008, 30% higher than the $13.4 million reported for the same quarter of 2007. Third quarter product revenue was $17.1 million, 31% higher than product revenue of $13.0 million reported for the same quarter last year.
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Third-quarter net income was $1.4 million, or $0.05 per share, compared with net income of $1.1 million, or $0.05 per share, for the same quarter a year earlier. Third-quarter 2008 results include non-cash, stock-based compensation expense of $242,000, and an income tax provision of $719,000, of which $699,000 was non-cash. Without these items, third-quarter 2008 net income would have been $2.4 million, or $0.09 per share. For comparative purposes, third-quarter 2007 net income excluding the same items would have been $1.8 million, or $0.07 per share. Product gross margin for the third quarter of 2008 was 54%, compared with 53% for the third quarter of 2007.
At the end of 2007, Ramtron recorded a $7.6 million deferred tax asset on its balance sheet that represented the estimated amount of tax loss carry forward the company expected to offset with future taxable income. This asset will be reduced by the amount of a non-cash tax provision that will be recorded on the company’s income statement on a quarterly basis.
“Fueled by strong printer related product revenue and growing sales of our serial and parallel F-RAM products, Ramtron delivered an exceptionally strong quarter,” said Ramtron CEO Bill Staunton. “Products introduced since 2006 continued to be the main growth drivers, contributing 31% of the quarter’s revenue. High-density 2- and 4-megabit product sales also contributed to our results by more than doubling over the second quarter of 2008.
“As high-density sales gained traction, we launched our F-RAM V-Family during the third quarter, which will further extend our high density F-RAM revenue opportunity. More V-Family F-RAM products are due in November as we begin an aggressive marketing effort to drive sampling and design-in activity,” Staunton added.
Third-Quarter Product Highlights:
Integrated product revenue grew 132% to $5.1 million, or 30% of F-RAM product revenue, during the third quarter of 2008, compared with $2.2 million, or 17% of F-RAM revenue, for the third quarter of 2007.
Ramtron announced the FM25V10, a 1-megabit device in a family of new F-RAM products that offer high-speed read/write performance, low voltage operation, and optional device features.
Sales of Ramtron’s high-density F-RAM products, which include 2- and 4-megabit devices, more than doubled from the second quarter of 2008 to $408,000 or 2.4% of revenue.
Ramtron announced the use of F-RAM in energy optimizers and professional gaming machines
“Since the beginning of the fourth quarter, the business environment has become more conservative, marked by a heightened level of caution being exercised by some customers and distributors and some softening in orders,” Staunton added. “As a result, we now anticipate that our 2008 growth will be at the lower end our original annual revenue growth target range of 24% to 28% over 2007.
“Ramtron anticipates strong growth again next year, but we realize that replicating our 2008 growth rate will be challenging in the current environment,” Staunton continued. “Despite this, we believe our new products and diverse end markets will allow us to grow faster than the overall semiconductor industry. As we continue to execute our business strategy, our strong cash position, minimal debt, and positive cash flow place Ramtron in a solid position to continue investing in the product development and marketing initiatives that will drive future growth.” |
