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Home > Press Releases > Corporate > Financial > Rambus Reports Fourth Quarter and Year End Results

Rambus Reports Fourth Quarter and Year End Results

Revenue of $40.5 million, loss per share of $0.14 for the fourth quarter and revenue of $179.9 million, loss per share of $0.27 for the year

LOS ALTOS, CALIFORNIA, UNITED STATES – 02/04/2008 – 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 fourth quarter and year ended 2007.

Revenues for the fourth quarter were $40.5 million, down 2.8% sequentially and down 22.9% over the fourth quarter of last year. Revenues for the year were $179.9 million, down 7.9% over the last year.

“We faced a number of extraordinary challenges in 2007, many of which had an impact on our revenue results,” said Harold Hughes, president and chief executive officer at Rambus. “Nevertheless, we enter the new year with some good momentum as illustrated by our first HDTV win for the XDR memory architecture at Toshiba, as well as Qimonda’s news that it is now shipping samples of XDR DRAM, expanding the supply base for the world’s fastest memory.”

Total costs and expenses for the fourth quarter of 2007 were $72.6 million, 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 as compared to total costs and expenses of $58.2 million for the third quarter of 2007, which included $8.7 million of stock-based compensation expenses, $4.2 million of restatement and related legal expenses and $0.3 million of severance expenses. General litigation expenses for the quarter were $16.1 million, an increase of $4.4 million from the third quarter of 2007. Total costs and expenses for the fourth quarter of 2006 were $53.2 million, which included $9.7 million of stock-based compensation and $5.7 million of restatement and related legal expenses. General litigation expenses in the fourth quarter of 2006 were $5.2 million.

Total costs and expenses for fiscal year 2007 were $250.1 million, which included $44.8 million of stock-based compensation expenses, $19.5 million of restatement and related legal expenses, $6.7 million of IRS 409A related expenses and $3.3 million of severance expenses as compared to total costs and expenses of $235.4 million for fiscal year 2006, which included $40.5 million of stock-based compensation and $31.4 million of restatement and related legal expenses. General litigation expenses for the year were $39.5 million, an increase of $10.6 million from the previous year, excluding a bonus paid to a law firm in fiscal year 2006.

Net loss for the fourth quarter of 2007 was $14.6 million as compared to a net loss of $6.5 million in the previous quarter and a net income of $2.1 million in the fourth quarter of 2006. Net loss per share for the fourth quarter was $0.14 as compared to a net loss per share of $0.06 for the previous quarter and a net income per share of $0.02 for the fourth quarter of 2006.

Net loss for fiscal year 2007 was $27.7 million as compared to a net loss of $13.8 million in fiscal year 2006. Net loss per share for fiscal 2007 was $0.27 as compared to a net loss per share of $0.13 for fiscal year 2006.

Cash, cash equivalents and marketable securities as of December 31, 2007 were $440.9 million, down approximately $4.1 million from September 30, 2007 and up approximately $4.5 million from December 31, 2006.

The conference call discussing fourth quarter and year end 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# 7774674.

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. Additional information is available at www.rambus.com.

Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
December 31, 2007 September 31, 2006
Assets
Current assets:
Cash and cash equivalents $ 119,391 $ 73,304
Marketable securities 321,491 351,055
Accounts receivable 442 846
Unbilled receivables 1,478 1,748
Deferred and prepaid taxes 12,584 11,388
Prepaid expenses and other current assets 7,693 4,403
Total current assets 463,079 442,744
Restricted cash 2,286 2,287
Deferred taxes, long-term 121,810 98,193
Intangible assets, net 13,441 18,697
Property, plant and equipment, net 24,587 26, 019
Goodwill 4,454 3,315
Other non-current assets 3,624 1,380
Marketable securities, long-term – 11,982
Total assets $633,281 $604,617
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 11,283 $ 10,429
Accrued payroll and related benefits 9,985 12,788
Accrued litigation expenses 26,234 23,143
Other accrued liabilities 5,894 6,075
Deferred revenue 2,756 6,003
Convertible notes – 160,000
Total current liabilities 56,152 218,438
Long-term liabilities:
Convertible notes 160,000 –
Deferred revenue, less current portion – 1,554
Other long-term liabilities 4,111 2,337
Total long-term liabilities 164,111 3,891
Total stockholders’ equity 413,018 382,288
Total liabilities and stockholders’ equity $633,281 $604,617
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31,
2007
December 31,
2006
December 31,
2007
December 31,
2006
Revenue:
Contract revenue $4,489 $8,577 $25,634 $26,408
Royalty revenue 36,043 44,013 154,306 168,916
Total revenues 40,532 52,590 179,940 195,324
Costs and expenses:
Cost of contract revenues * 8,246 7,382 27,124 30,392
Research and development * 22,538 17,424 82,877 68,977
Marketing, general and administrative * 40,940 22,692 120,597 104,561
Costs of restatement and related legal activities 826 5,746 19,457 31,436
Total costs and expenses 72,550 53,244 250,055 235,366
Operating loss (32,018) (654) (70,115) (40,042)
Interest and other income, net 5,263 2,344 21,759 14,337
Income (loss) before income taxes (26,755) 1,690 (48,356) (25,705)
Benefit from income taxes 12,197 379 20,692 11,889
Net income (loss) $(14,558) $2,069 $(27,664) $(13,816)
Net income (loss) per share:
Basic $(0.14) $0.02 $(0.27) $(0.13)
Diluted $(0.14) $0.02 $(0.27) $(0.13)
Weighted-Average Shares used in computing per share amounts:
Basic 104,754 103,806 104,056 103,048
Diluted 104,754 108,209 104,056 103,048
* Total stock-based compensation expense for the three and twelve month periods ended December 31, 2007 and December 31, 2006 are presented as follows:
Three Months Ended Twelve Months Ended
December 31,
2007
December 31,
2006
December 31,
2007
December 31,
2006
Cost of contract revenues $1,841 $1,805 $5,910 $8,155
Research and development $6,378 $3,460 $16,199 $14,902
Marketing, general and administrative $8,189 $4,421 $22,701 $17,466

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