LOS ALTOS, CALIFORNIA, UNITED STATES – 09/14/2007 – Rambus Inc. (NASDAQ:RMBS), one of the world’s premier technology licensing companies specializing in high-speed memory architectures, today announced that it has filed with the Securities and Exchange Commission (SEC) its quarterly reports on Form 10-Q for the quarters ended June 30, 2006 and September 30, 2006, and its annual report on Form 10-K for the year ended December 31, 2006. The Company expects to file its quarterly reports on Form 10-Q for the quarters ended March 31, 2007 and June 30, 2007 as soon as practicable. Once it files the 2007 quarterly reports, the Company expects that it will be current in its SEC filings and expects to regain compliance with NASDAQ’s continued listing requirements.
“The completion of these filings is an important step forward,” said Harold Hughes, president and chief executive officer at Rambus. “We are committed to the best governance practices and providing the markets with full transparency of our accounting practices and controls.”
As previously announced, the Company’s filings were delayed as a result of the independent investigation relating to the Company’s historical stock option granting practices and related accounting. Upon completion of that investigation, the Company recorded a $169.4 million non-cash, pre-tax charge from 1997 through 2005.
As reported in the annual report on Form 10-K, the Company’s net loss for 2006 totaled $13.8 million. Loss before income taxes for this period was $25.7 million, which included $40.5 million of stock based compensation, $13.4 million in expenses related to the stock option investigation and $18.0 million of accruals for the proposed settlement of the class action suit related to the Company’s historical stock option granting practices.
This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 relating to the Company’s financial restatements, the timing of the filing of its financial reports, and compliance with NASDAQ’s listing requirements. Such forward-looking statements are based on current expectations, estimates and projections, management’s beliefs, and certain assumptions made by the Company’s management, and there can be no assurance concerning the timing of financial restatements and filing of its financial reports or the Company’s adequacy for continued listing on NASDAQ. Actual results may differ materially. Our business generally is subject to a number of risks which are described in our SEC filings including our Forms 10-K and 10-Q. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.