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Home > Press Releases > Corporate > Financial > Rambus Reports Third Quarter Earnings

Rambus Reports Third Quarter Earnings

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.

Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
September 30, 2007  December 31, 2006
Assets
Current assets:
Cash and cash equivalents $ 269,258 $ 73,304
Marketable securities 175,733 351,055
Accounts receivable 2,167 846
Unbilled receivables 1,014 1,748
Deferred and prepaid taxes 11,703 11,388
Prepaids and other current assets 5,757 4,403
Total current assets 465,632 442,744
Marketable securities, long-term – 11,982
Restricted cash 2,231 2,287
Deferred taxes, long-term 110,648 98,193
Intangible assets, net 14,764 18,697
Property and equipment, net 24,140 26,019
Goodwill 4,454 3,315
Other assets 3,084 1,380
Total assets $ 624,953 $ 604,617
Liabilities
Current liabilities:
Accounts payable $ 14,258 $ 10,429
Accrued salaries and benefits 9,564 12,788
Accrued litigation expenses 25,311 23,143
Other accrued liabilities 7,604 5,878
Convertible notes – 160,000
Deferred revenue 5,510 6,003
Income taxes payable 433 197
Total current liabilities 62,680 218,438
Convertible notes 160,000 –
Deferred revenue, less current portion 19 1,554
Long-term income taxes payable 3,136 –
Other long-term liabilities 1,276 2,337
Total liabilities 227,111 222,329
Stockholders’ Equity
Convertible preferred stock, $.001 par value:
Authorized: 5,000,000 shares
Issued and outstanding: no shares at September 30, 2007 and December 31, 2006
Common stock, $.001 par value:
Authorized: 5,000,000 shares
Issued and outstanding: 103,820,383 shares at September 30, 2007 and December 31, 2006 104 104
Additional paid-in capital 577,856 550,210
Accumulated deficit (180,170) (167,396)
Accumulated other comprehensive income (loss) 52 (630)
Total stockholders’ equity 397,842 382,288
Total liabilities and stockholders’ equity $ 624,953 $ 604,617
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2007 2006 2007 2006
Revenue:
Contract revenues $ 6,388 $ 4,422 $ 21,145 $ 17,381
Royalties 35,327 41,523 118,263 124,903
Total revenues 41,715 45,945 139,408 142,734
Costs and expenses:
Cost of contract revenues* 5,781 6,121 18,878 23,010
Research and development* 18,312 17,695 60,339 51,553
Marketing, general and administrative* 29,914 24,114 79,657 81,869
Costs of restatement and related legal activities 4,169 23,796 18,631 25,690
Total costs and expenses 58,176 71,726 177,505 182,122
Operating loss (16,461) (25,781) (38,097) (39,388)
Interest and other income, net 5,645 4,472 16,496 11,993
Loss before income taxes (10,816) (21,309) (21,601) (27,395)
Provision for (benefit from) income taxes (4,318) (1,337) (8,495) (11,510)
Net loss $ (6,498) $ (22,646) $ (13,106) $ (15,885)
Net loss per share:
Basic $ (0.06) $ (0.22) $ (0.13) $ (0.15)
Diluted $ (0.06) $ (0.22) $ (0.13) $ (0.15)
Weighted average shares used in per share calculations:
Basic 103,820 103,792 103,820 102,792
Diluted 103,820 103,792 103,820 102,792
*Includes stock-based compensation:
Cost of contract revenues $ 1,333 $ 1,844 $ 4,069 $ 6,350
Research and development $ 3,190 $ 4,269 $ 9,821 $ 11,442
Marketing, general and administrative $ 4,138 $ 4,366 $ 14,512 $ 13,045

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