MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--July 14, 1999--Rambus Inc. RMBS today reported financial results for the three and nine month periods ended June 30, 1999.
Third quarter revenues of $10.6 million were up 16% over the same period last year and up 8% over the previous quarter. Revenues for the first nine months of fiscal 1999 were $31.1 million, an increase of 10% over the same period in fiscal 1998. The Company's revenues for the third quarter include approximately $500,000 of deferred revenue recognized on a contract terminated by Rambus due to the nonperformance of a licensee.
Operating income for the third quarter was $2.1 million compared to $1.8 million in the same period last year and $1.6 million in the previous quarter. For the nine-month period, operating income was $6.1 million compared to $6.2 million last year. Third quarter diluted earnings per share were $0.08 compared to $0.07 in the same period last year and $0.08 in the previous quarter. Diluted earnings per share for the first nine months of fiscal 1999 were $0.24 compared to $0.21 for the same period in fiscal 1998.
During the third fiscal quarter VLSI Technology, Inc. and PixelFusion, Ltd. announced Rambus licenses. In addition, by the end of the quarter six Rambus DRAM licensees had validated twelve different 72M, 128M and 144M RDRAMs, all but one for operation at the full 800MHz specification, and a total of seven memory module suppliers had validated 28 different RIMM configurations ranging from 64MB to 288MB capacity. Also during the quarter, Micron Technology announced shipment of its first samples of 128M and 144M RDRAMs.
Rambus Inc. designs, develops, licenses and markets high-speed chip-to-chip interface technology to enhance the performance and cost-effectiveness of consumer electronics, computer systems and other electronic systems. The Company licenses semiconductor companies to manufacture and sell memory and logic ICs incorporating Rambus interface technology and markets its solution to systems companies to encourage them to design Rambus interface technology into their products.
RAMBUS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
June 30, March 31, June 30, June 30, June 30,
1999 1999 1998 1999 1998
Revenues:
Contract revenues $ 8,830 $ 7,945 $ 7,535 $ 24,723 $ 21,333
Royalties 1,802 1,914 1,625 6,342 6,868
Total revenues 10,632 9,859 9,160 31,065 28,201
Costs and expenses:
Cost of contract
revenues 3,944 2,485 2,490 8,531 6,439
Research and development 1,111 2,498 2,183 6,698 7,152
Marketing, general &
administrative 3,520 3,293 2,687 9,783 8,458
Total costs and expenses 8,575 8,276 7,360 25,012 22,049
Operating income 2,057 1,583 1,800 6,053 6,152
Other income 900 1,657 1,018 3,569 2,244
Income before income
taxes 2,957 3,240 2,818 9,622 8,396
Provision for income
taxes 956 1,231 1,123 3,557 3,354
Net income $ 2,001 $ 2,009 $ 1,695 $ 6,065 $ 5,042
Net income per share $ 0.09 $ 0.09 $ 0.07 $ 0.26 $ 0.22
Net income per
share-assuming
dilution $ 0.08 $ 0.08 $ 0.07 $ 0.24 $ 0.21
Shares used in per
share calculation:
Basic 23,478 23,209 22,797 23,240 22,639
Assuming dilution 25,038 24,980 24,360 24,969 24,329
RAMBUS INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, March 31, Sept. 30,
1999 1999 1998
(unaudited) (unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 9,861 $ 17,855 $ 25,798
Marketable securities 73,402 65,584 53,913
Accounts receivable 1,875 2,004 1,913
Prepaids and other current assets 8,290 8,711 10,169
Total current assets 93,428 94,154 91,793
Property and equipment, net 4,535 4,650 3,989
Marketable securities,
less current portion 10,230 11,358 8,357
Investments 200 200 1,251
Other assets 5,068 5,643 5,597
Total assets $ 113,461 $ 116,005 $ 110,987
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and
other current liabilities $ 2,902 $ 4,426 $ 3,428
Current portion of capital
lease obligations -- 29 130
Current portion of deferred
revenue 25,621 26,031 28,617
Total current liabilities 28,523 30,486 32,175
Deferred revenue, less
current portion 30,358 35,138 37,020
Total liabilities 58,881 65,624 69,195
Stockholders' equity:
Common stock 23 23 23
Additional paid-in capital 74,251 72,035 67,617
Accumulated deficit (19,658) (21,659) (25,723)
Cumulative translation
adjustment (36) (18) (125)
Total stockholders' equity 54,580 50,381 41,792
Total liabilities and
stockholders' equity $ 113,461 $ 116,005 $ 110,987 |
