MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Oct. 14, 1999--Rambus
Inc. (Nasdaq: RMBS) today reported financial results for the three and
twelve month periods ended September 30, 1999.
Revenues for the fourth quarter were $12.3 million compared to
$9.7 million in the same period last year and $10.6 million in the
previous quarter. Revenues for the full fiscal year 1999 were $43.4
million compared to $37.9 million in fiscal 1998.
Operating income for the fourth quarter was $3.4 million compared
to $1.8 million in the same period last year and $2.1 million in the
previous quarter. For the full year ended September 30, 1999,
operating income was $9.5 million compared to $8.0 million last year.
Fourth quarter diluted earnings per share were $0.10 compared to $0.07
in the same period last year and $0.08 in the previous quarter.
Diluted earnings per share for the full fiscal year 1999 were $0.35
compared to $0.28 for fiscal 1998. The Company's results for the
fourth quarter include approximately $3.3 million of previously
deferred revenue recognized due to a change in management's estimate
of certain contract revenue recognition periods.
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)
Three Months Ended Year Ended
Sept. 30, June 30, Sept. 30, Sept. 30, Sept. 30,
1999 1999 1998 1999 1998
(unaudited)(unaudited)(unaudited)
Revenues:
Contract revenues $10,630 $ 8,830 $ 7,394 $35,353 $28,727
Royalties 1,675 1,802 2,269 8,017 9,137
Total revenues 12,305 10,632 9,663 43,370 37,864
Costs and expenses:
Cost of contract
revenues 3,701 3,944 2,549 12,232 8,988
Research and
development 1,425 1,111 2,497 8,123 9,649
Marketing, general
& administrative 3,733 3,520 2,802 13,516 11,260
Total costs and
expenses 8,859 8,575 7,848 33,871 29,897
Operating income 3,446 2,057 1,815 9,499 7,967
Other income 770 900 1,117 4,339 3,361
Income before
income taxes 4,216 2,957 2,932 13,838 11,328
Provision for
income taxes 1,563 956 1,186 5,120 4,540
Net income $ 2,653 $ 2,001 $ 1,746 $ 8,718 $ 6,788
Net income
per share $ 0.11 $ 0.09 $ 0.08 $ 0.37 $ 0.30
Net income per
share -- assuming
dilution $ 0.10 $ 0.08 $ 0.07 $ 0.35 $ 0.28
Shares used in
per share
calculation:
Basic 23,606 23,478 22,902 23,332 22,704
Assuming
dilution 25,291 25,038 24,536 25,052 24,376
RAMBUS INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, June 30, September 30,
1999 1999 1998
(unaudited)
ASSETS
Current assets:
Cash and cash
equivalents $ 14,982 $ 9,861 $ 25,798
Marketable securities 72,158 73,402 53,913
Restricted cash 2,500 -- --
Accounts receivable 1,499 1,875 1,913
Prepaids and other
current assets 9,839 8,290 10,169
Total current assets 100,978 93,428 91,793
Property and
equipment, net 4,232 4,535 3,989
Marketable securities,
less current portion 5,658 10,230 8,357
Investments 100 200 1,251
Other assets 4,805 5,068 5,597
Total assets $115,773 $113,461 $110,987
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and other
current liabilities $ 4,425 $ 2,902 $ 3,428
Current portion of capital
lease obligations -- -- 130
Current portion of deferred
revenue 32,279 25,621 28,617
Total current liabilities 36,704 28,523 32,175
Deferred revenue, less
current portion 17,505 30,358 37,020
Total liabilities 54,209 58,881 69,195
Stockholders' equity:
Common stock 24 23 23
Additional paid-in capital 78,574 74,251 67,617
Accumulated deficit (17,005) (19,658) (25,723)
Accumulated comprehensive
loss (29) (36) (125)
Total stockholders' equity 61,564 54,580 41,792
Total liabilities and
stockholders' equity $ 115,773 $ 113,461 $ 110,987
CONTACT:
Rambus Inc.
Gary G. Harmon, 650/944-8000 (VP, Finance & CFO)
Denise Allen, 650/944-7900
KEYWORD: CALIFORNIA
BW0398 OCT 14,1999
13:17 PACIFIC
16:17 EASTERN |
