Ramtron Reports Second-quarter 2002 Results
COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--July 25, 2002--U.S. semiconductor maker Ramtron International Corporation (Nasdaq:RMTR) today reported results for the second quarter ended June 30, 2002. Revenue for the second quarter was $12.6 million, compared with $3.4 million for the same quarter a year ago. Second quarter net loss was $761,000, or a loss of $0.03 per share, compared with a net loss of $6.2 million, or a loss of $0.28 per share, last year.
FRAM business revenues for the second quarter were $7.7 million, compared with $956,000 for the second quarter of 2001. Enhanced DRAM business revenues, including revenues from the company's Mushkin subsidiary, were $4.9 million, compared with $2.4 million for the same quarter last year.
"Ramtron's ferroelectric random access memory (FRAM) business has achieved another profitable and record revenue quarter," said Bill Staunton, Ramtron's CEO. "As expected, our Ampy/Enel program reached full production during the quarter, hitting more than one million units in June. We are also pleased to report that our non-Ampy/Enel FRAM product revenue grew 52% over the first quarter, with total shipments of more than two million units sold into additional metering, automotive and low-power market segments.
"During the second quarter, our Enhanced Memory Systems subsidiary began delivering samples of its new 72Mb NoBL and DDR ESRAM products to customers," Staunton added. "Our goal is to leverage our price/performance advantage in the network communications and high-end server markets to start growing sales on the Enhanced Memory side of our business. Bringing new products to market in Enhanced's business, combined with our increasing FRAM revenues, sets the stage for growth going forward."
Q2 2002 Highlights:
-- Ramtron's quality systems received ISO9001:2000 certification. ISO9001:2000 is an internationally recognized quality management standard that demonstrates to major customers that Ramtron's products are built to the standards expected of major suppliers.
-- Six of the largest utility meter manufacturers in China selected the company's FRAM memory for use in a variety of single- and triple-phase multi-rate digital power meters. This slate of manufacturers has chosen Ramtron's nonvolatile FRAM memory for its high-reliability features, including superior write endurance, fast read/write speed and low power operation.
-- Ramtron has commenced delivering samples and pre-production quantities of Enhanced Memory Systems' 72Mb No Bus Latency (NoBL) Burst Enhanced SRAM (ESRAM) to customers. The new 72Mb NoBL ESRAM, which uses Enhanced's proprietary one-transistor Enhanced SRAM (ESRAM) architecture, is the highest-density SRAM replacement product available.
Q3 2002 Business Outlook:
The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially. Ramtron disclaims any obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
-- Revenue for the third quarter ending September 30, 2002 is currently anticipated to increase to between $13 million and $15 million.
-- Cost of goods sold is anticipated to be 67% to 72% of product revenues. Total costs and expenses for the third quarter are expected to be between $5.5 million and $6.5 million. Costs and expenses fluctuate over time, primarily due to product revenue volume and intermittent non-recurring engineering charges for the development of new products.
"We believe that we can achieve break-even during the third quarter, with increased FRAM revenue and continued control of our operating expenses," Staunton continued. "We have been operating to plan since the beginning of the year, and we are very pleased to have break-even in sight."
Conference Call
Ramtron management's teleconference will be Webcast live and a replay will be available for seven days.
How to Participate
Ramtron Second-Quarter Results Teleconference
July 25, 2002 at 2:00 p.m. PT / 5:00 p.m. ET
Go to the Investors page of the Ramtron site at www.ramtron.com and click on the webcast icon. From this site, you can listen to the teleconference, assuming that your computer system is configured properly. A telephonic replay will also be available for seven days after the live call at 719/457-0820, code #716532.
Cautionary Statements
Except for historical information, the preceding statements contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are inherently difficult to predict and involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, expectations of the business environment in which Ramtron operates; predictions of future profitability; projections of future performance; demand for our products and the products of our principal FRAM customers; the level and timing of orders that we receive and that we can ship in a quarter; levels of inventories at our distributors and other customers; inventory mix and timing of customer orders; the success of our ongoing cost-reduction efforts; our timely introduction of new technologies and products; market acceptance of our new products and those of our customers; our ability to ramp new products into volume production; and factors not directly related to the company, such as competitive pressures on pricing, market conditions in general, competition, technological progression, product obsolescence, and the changing needs of potential customers and the semiconductor industry in general, and current political conditions and negative trends in the global economy. Ramtron intends to continue its policy of not updating forward-looking statements other than in publicly available documents.
For a detailed discussion of these and other risk factors, please refer to Ramtron's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Ramtron's subsequent filings. You can obtain copies of Ramtron's Forms 10-K, 10-Q, 8-K and any other documents for free at the SEC's website (www.sec.gov) or from commercial document retrieval services.
The financial information in this press release and the attached financials are unaudited and have been prepared from the books and records of the company with the omission of certain information and disclosures normally included in financial statements. Please refer to Ramtron's filings on Forms 10-K and 10-Q and other filings with the Securities and Exchange Commission for complete information.
About Ramtron
Ramtron International Corporation, headquartered in Colorado Springs, Colorado, is dedicated to the design, development and sale of ferroelectric RAM or FRAM memory products. The company also develops and markets high-performance memory products through its subsidiaries, Enhanced Memory Systems, Inc. and Mushkin Enhanced Memory.
RAMTRON INTERNATIONAL CORPORATION
SECOND-QUARTER AND YEAR-TO-DATE 2002 FINANCIAL HIGHLIGHTS
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2002 and 2001
(Amounts in thousands, except per-share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2002 2001 2002 2001
--------- --------- --------- ---------
Revenue:
Product sales $ 9,972 $ 2,479 $ 20,336 $ 5,649
License fees 1,408 -- 2,817 --
Royalties 50 174 119 233
Customer-sponsored
research and development 1,215 698 1,997 924
--------- --------- --------- ---------
12,645 3,351 25,269 6,806
--------- --------- --------- ---------
Costs and expenses:
Cost of product sales 6,550 1,866 14,399 4,126
Research and
development 2,803 3,416 5,404 7,400
Customer-sponsored
research and development 611 697 1,073 924
Sales, general and
administrative 3,100 3,394 5,895 7,006
--------- --------- --------- ---------
13,064 9,373 26,771 19,456
--------- --------- --------- ---------
Operating loss (419) (6,022) (1,502) (12,650)
Other (301) (177) (330) (73)
--------- --------- --------- ---------
Net loss $ (720) $ (6,199) $ (1,832) $(12,723)
========= ========= ========= =========
Loss per common share:
Net loss $ (720) $ (6,199) $ (1,832) $(12,723)
Dividends and accretion
of discount on redeemable
preferred stock (41) (32) (82) (64)
--------- --------- --------- ---------
Net loss applicable to
common shares $ (761) $ (6,231) $ (1,914) $(12,787)
========= ========= ========= =========
Net loss per common share
- basic and diluted $ (0.03) $ (0.28) $ (0.09) $ (0.63)
========= ========= ========= =========
Weighted average common
shares outstanding 22,082 21,972 22,082 20,261
========= ========= ========= =========
RAMTRON INTERNATIONAL CORPORATION
SECOND-QUARTER AND YEAR-TO-DATE 2002 FINANCIAL HIGHLIGHTS
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
June 30, December 31,
2002 2001
------- -------
ASSETS
Cash and cash equivalents $ 7,361 $ 3,259
Accounts receivable, net 7,552 5,224
Inventories 7,718 7,475
Property, plant and equipment, net 4,891 4,941
Intangible assets, net 14,253 14,676
Other assets 1,001 244
------- -------
$42,776 $35,819
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $11,786 $12,090
Deferred revenue 4,306 3,612
Long-term liabilities 5,461 --
Redeemable preferred stock 1,160 1,078
Stockholders' equity 20,063 19,039
------- -------
$42,776 $35,819
======= =======
CONTACT:
Ramtron
Lee Brown, 719/481-7213
lbrown@ramtron.com
SOURCE: Ramtron |
