Revenue of $41.7 million, loss per share of $0.06 cents
Los Altos, California, United States - 10/31/2007 Rambus Inc. (Nasdaq:RMBS), one of the world's premier technology licensing companies specializing in high-speed memory architectures, today reported financial results for the third quarter of 2007.
Revenues for the third quarter were $41.7 million, down 12.3% sequentially and down 9.2% over the third quarter of last year.
"We have come through a very challenging time for the Company with the restatement and the consequences of the stock options backdating investigation," said Harold Hughes, president and chief executive officer at Rambus. "We look forward to being able to focus our attention on technology development and licensing activities."
Total costs and expenses for the third quarter of 2007 were $58.2 million, which included $4.2 million of restatement and related legal expenses and $8.7 million of stock-based compensation as compared to total costs and expenses of $57.7 million for the second quarter of 2007, which included $7.5 million of restatement and related legal expenses and $10.3 million of stock-based compensation. The increased level of litigation activity during the current quarter caused non-restatement related litigation expenses to rise approximately $5.0 million over the previous quarter.
Total costs and expenses for the third quarter of 2006 were $71.7 million, which included $23.8 million of restatement and related legal expenses and $10.5 million of stock-based compensation.
Net loss for the third quarter of 2007 was $6.5 million as compared to a net loss of $2.7 million in the previous quarter and a net loss of $22.6 million in the third quarter last year. Diluted loss per share for the third quarter was $0.06 as compared to a loss of $0.03 for the previous quarter and a loss per share of $0.22 for the third quarter of 2006.
Cash, cash equivalents and marketable securities as of the end of the quarter were $445 million, up approximately $3.5 million from the second quarter of 2007 and up $24 million from the third quarter of 2006.
The conference call discussing third quarter results will be available live via the Rambus website (http://investor.rambus.com) at 2:00 p.m. Pacific Time today. The call will be webcast and can be accessed through the Rambus website. A replay will be available following the call on Rambus' Investor Relations website or for one week at the following numbers: (888) 203-1112 (domestic) or (719) 457-0820 (international) with ID# 4789665.
About Rambus Inc.
Rambus is one of the world's premier technology licensing companies specializing in the invention and design of high-speed memory architectures. Since its founding in 1990, the Company's patented innovations, breakthrough technologies and renowned integration expertise have helped industry-leading chip and system companies bring superior products to market. Rambus' technology and products solve customers' most complex chip and system-level interface challenges enabling unprecedented performance in computing, communications and consumer electronics applications. Rambus licenses both its world-class patent portfolio as well as its family of leadership and industry-standard interface products. Headquartered in Los Altos, California, Rambus has regional offices in North Carolina, India, Germany, Japan, Korea and Taiwan. Additional information is available at www.rambus.com