Rambus Reports December Quarter Earnings of 6 Cents Per Share
Monday January 13, 4:07 pm ET
Company Achieves Third Straight Quarter of Sequential Revenue Growth
LOS ALTOS, Calif.--(BUSINESS WIRE)--Jan. 13, 2003--Rambus Inc. (Nasdaq:RMBS - News), a leading provider of chip-to-chip interface products and services, today reported financial results for its first fiscal quarter ended December 31, 2002.
Earnings per share for the December quarter were 6 cents, compared to 6 cents in the same period last year and 6 cents in the previous quarter. Net income for the December quarter was $5.5 million (22% of revenues), compared to $6.2 million in the same period last year and $5.9 million in the previous quarter. Revenue for the quarter was $25.7 million, up 3% over the same period last year and up 5% from the previous quarter.
"This quarter we achieved revenue growth and consistent earnings per share while continuing to increase research and development investments," said Geoff Tate, CEO of Rambus Inc. "Even in this tough economic climate we are actively hiring with the intention to grow our engineering staff by over 25% this year."
December quarter results include $24.3 million in royalties, up 12% over the same period last year and up 5% from the previous quarter. Royalties were up sequentially for SDRAM and DDR memories and memory controllers as well as for RDRAM memory and memory controllers.
Total costs and expenses in the December quarter increased $1.9 million from last quarter mostly as a result of an increase in litigation costs. Costs associated with litigation were $4.5 million in the December quarter versus $2.8 million in the prior quarter. Litigation costs were roughly equal to the same quarter last year. Overall, total costs and expenses were $18.9 million versus $17 million last quarter and $17.3 million in the comparable period last year.
Fiscal Q1 earnings announcement call live on website (
www.rambus.com) at 1:30 p.m. PST. Conference call replay number 800-642-1687 (ID: 7474728); replay also available on website. Replay available for one week, beginning at 5:00 p.m. PST.