Rambus Reports Results for the Third Fiscal Quarter
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--July 14, 1998--Rambus
Inc. (NASDAQ:RMBS) today reported financial results for the three and
nine month periods ended June 30, 1998.
Third quarter revenues of $9.2 million were up 35% over the same
period last year, but down 5% compared to the previous quarter.
Revenues for the first nine months of fiscal 1998 were $28.2 million,
an increase of 55% over the same period in fiscal 1997.
Operating income for the third quarter was $1.8 million, compared
to $505,000 in the same period last year and $2.2 million in the
previous quarter. For the nine-month period ended June 30, 1998,
operating income increased to $6.2 million compared to $1.0 million
last year. Third quarter diluted earnings per share were $0.07
compared to $0.02 in the same period last year and $0.07 in the
previous quarter. Diluted earnings per share for the first nine months
of fiscal 1998 were $0.21 compared to $0.04 for the same period in
fiscal 1997.
Third quarter operating results were in line with the Company's
previous statements which focused on the expectation of a seasonal
decline in the shipment of Rambus ICs for use in Nintendo 64 video
games.
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,
1998 1998 1997 1998 1997
Revenues:
Contract revenues $ 7,535 $ 7,122 $ 5,375 $ 21,333 $13,842
Royalties 1,625 2,529 1,399 6,868 4,357
Total revenues 9,160 9,651 6,774 28,201 18,199
Costs and expenses:
Cost of contract
revenues 2,490 2,308 1,494 6,439 3,890
Research and
development 2,183 2,163 2,512 7,152 6,880
Marketing, general
& administrative 2,687 2,948 2,263 8,458 6,408
Total costs and
expenses 7,360 7,419 6,269 22,049 17,178
Operating income 1,800 2,232 505 6,152 1,021
Other income 1,018 755 374 2,244 499
Income before
income taxes 2,818 2,987 879 8,396 1,520
Provision for
income taxes 1,123 1,195 352 3,354 605
Net income $ 1,695 $ 1,792 $ 527 $ 5,042 $ 915
Net income per share $ 0.07 $ 0.08 $ 0.03 $ 0.22 $ 0.05
Net income per share
-- assuming dilution $ 0.07 $ 0.07 $ 0.02 $ 0.21 $ 0.04
Shares used in
per share calculation:
Basic 22,797 22,654 20,632 22,639 18,632
Assuming dilution 24,360 24,316 22,403 24,329 20,589
RAMBUS INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, March 31, Sept. 30,
1998 1998 1997
(unaudited)(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 27,561 $ 9,039 $ 20,641
Marketable securities 56,060 61,588 51,184
Accounts receivable 5,575 11,380 925
Prepaids and other current assets 8,310 8,283 8,007
--------- --------- --------
Total current assets 97,506 90,290 80,757
Property and equipment, net 4,254 4,587 4,338
Investments 1,323 1,344 986
Other assets 6,350 6,413 1,797
--------- --------- --------
Total assets $109,433 $102,634 $87,878
======== ======== =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and
other current liabilities $ 2,761 $ 3,160 $ 6,166
Current portion of capital
lease obligations 195 266 382
Current portion of deferred revenue 26,375 24,689 24,473
Total current liabilities 29,331 28,115 31,021
Capital lease obligations,
less current portion -- 29 130
Deferred revenue, less
current portion 41,986 39,473 30,066
Total liabilities 71,317 67,617 61,217
Stockholders' equity:
Common stock 23 23 22
Additional paid-in capital 66,381 64,949 59,865
Stockholders' notes receivable (680) (680) (680)
Accumulated deficit (27,469) (29,164) (32,511)
Cumulative translation adjustment (139) (111) (35)
Total stockholders' equity 38,116 35,017 26,661
Total liabilities and
stockholders' equity $109,433 $102,634 $87,878
CONTACT:
Rambus Inc.
Gary G. Harmon, 650/944-8000
Denise Allen, 650/944-7900
KEYWORD: CALIFORNIA
JUL 14,1998
BW0352 JUL 14,1998 |
