Revenue of $39.7 million, loss per share of $0.12 cents for the first quarter
Los Altos, California, United States -Paril 24, 2008 -- 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 first quarter of 2008.
Revenues for the first quarter were $39.7 million, down 2.0% sequentially from the fourth quarter and down 20.8% over the first quarter of last year.
"While we delivered revenue at the high end of our guidance, we're nevertheless unsatisfied with the year-over-year result," said Harold Hughes, president and chief executive officer at Rambus. "Our challenge now is to translate our recent legal victories into renewed licensing momentum for our patented innovations and leadership products."
Total costs and expenses for the first quarter of 2008 were $63.0 million, which included $10.5 million of stock-based compensation expenses and $0.9 million of restatement and related legal expenses. This compares to total costs and expenses of $72.6 million for the fourth quarter of 2007, which included $16.4 million of stock-based compensation expenses, $0.8 million of restatement and related legal expenses and $3.0 million of severance expenses. General litigation expenses for the quarter were $13.2 million, a decrease of $2.9 million from the fourth quarter of 2007. As compared to the first quarter of last year, total costs and expenses increased from $61.6 million, which included $9.4 million of stock-based compensation expenses and $7.0 million of restatement and related legal expenses. General litigation expenses in the first quarter of 2008 increased $8.3 million from the first quarter of 2007.
Net loss for the first quarter of 2008 was $12.6 million as compared to a net loss of $14.6 million in the fourth quarter of 2007 and a net loss of $3.9 million in the first quarter of 2007. Net loss per share for the first quarter of 2008 was $0.12 as compared to a net loss per share of $0.14 in the fourth quarter of 2007 and a net loss per share of $0.04 for the first quarter of 2007.
Cash, cash equivalents and marketable securities as of March 31, 2008 were $382.0 million, down approximately $58.9 million from December 31, 2007. During the first quarter of 2008, the Company repurchased approximately 1.4 million shares of common stock at an aggregate expense of $24.9 million. In addition, the Company transferred approximately $18.3 million to an escrow account pursuant to the settlement agreement in the consolidated class action lawsuit regarding stock options allegations.
The conference call discussing first 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# 3632485.
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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.