Rambus Reports Fourth Quarter and Fiscal Year 2013 Financial Results

Business and Financial Highlights:

  • Signed comprehensive ten-year agreement with Samsung Electronics and seven-year license agreement with Micron Technology
  • Generated annual revenue of $271.5 million and annual non-GAAP customer licensing income of $281.6 million; quarterly revenue of $73.4 million and quarterly non-GAAP customer licensing income of $73.9 million
  • Fourth quarter GAAP diluted net loss per share of $0.09; fourth quarter non-GAAP diluted net income per share of $0.14
  • Annual GAAP diluted net loss per share of $0.30; annual non-GAAP diluted net income per share of $0.47

SUNNYVALE, Calif. — (BUSINESS WIRE) — January 27, 2014 — Rambus Inc. (NASDAQ: RMBS), the innovative technology solutions company that brings invention to market, today reported financial results for the fourth quarter and year ended December 31, 2013.

GAAP Financial Results:

Revenue for the fourth quarter of 2013 was $73.4 million, nearly flat on a sequential basis from the third quarter of 2013. As compared to the fourth quarter of 2012, revenue was up 28% primarily due to the new license agreements signed with SK Hynix, Micron Technology, ST Microelectronics and LSI Corporation during 2013.

Revenue for the year ended December 31, 2013 was $271.5 million, up 16% over the same period of last year, primarily due to new license agreements signed with SK Hynix, Micron Technology, ST Microelectronics and LSI Corporation during 2013.

Total operating costs and expenses for the fourth quarter of 2013 were $67.2 million, 5% higher than the previous quarter. The Company recently revised its business strategy, and as a result, has recorded an impairment charge of $9.7 million primarily related to the long-lived assets of its LDT business and a restructuring charge of $2.2 million in the fourth quarter of 2013. In addition to these impairment and restructuring charges, fourth quarter operating costs and expenses of $67.2 million also included $0.8 million of general litigation expenses, $3.1 million of stock-based compensation expenses, $7.5 million of amortization expenses and $1.5 million of retention bonuses from acquisitions. This is compared to total operating costs and expenses for the third quarter of 2013 of $64.2 million which included $0.7 million of general litigation expenses, $3.4 million of stock-based compensation expenses, $8.1 million of impairment of goodwill, $1.1 million of restructuring charges, $7.4 million of amortization expenses and $1.5 million of retention bonuses from acquisitions. Total operating costs and expenses for the fourth quarter of 2012 were $61.5 million, which included $2.1 million of general litigation expenses, $4.5 million of stock-based compensation expenses, $0.7 million of restructuring charges, $6.8 million of amortization expenses and $4.2 million of retention bonuses from acquisitions. The change in total operating costs and expenses in the fourth quarter of 2013 as compared to the fourth quarter of 2012 was primarily due to higher cost of sales related to lighting products, restructuring charges and impairment of long-lived assets. This was partially offset by lower retention bonuses from acquisitions, lower stock-based compensation, lower prototyping costs and lower general litigation expenses in the fourth quarter of 2013.

Total operating costs and expenses for the year ended December 31, 2013 were $249.0 million, which included a credit of $2.6 million of general litigation expenses (primarily due to the reversal of accrued related litigation costs of $9.0 million related to the settlement of litigation with SK Hynix and Micron Technology), $15.0 million of stock-based compensation expenses, $17.8 million of impairment of goodwill and long-lived assets, $5.5 million of restructuring charges, $28.9 million of amortization expenses and $10.4 million of retention bonuses from acquisitions. This is compared to total operating costs and expenses for the year ended December 31, 2012 of $324.5 million, which included $13.2 million of general litigation expenses, $22.5 million of stock-based compensation expenses, $35.5 million of impairment of goodwill and long-lived assets, $7.3 million of restructuring charges, $30.3 million of amortization expenses and $25.7 million of retention bonuses from acquisitions. The change in total operating costs and expenses was primarily due to lower impairment of goodwill and long-lived assets, lower retention bonuses and amortization expenses from acquisitions, lower headcount related costs, lower general litigation expenses and lower stock-based compensation. This was partially offset by a higher bonus accrual and cost of sales related to lighting products.

Net loss for the fourth quarter of 2013 was $9.8 million as compared to net loss of $5.7 million in the third quarter of 2013 and net loss of $16.1 million in the fourth quarter of 2012. Diluted net loss per share for the fourth quarter of 2013 was $0.09 as compared to diluted net loss per share of $0.05 in the third quarter of 2013 and diluted net loss per share of $0.14 in the fourth quarter of 2012.

Net loss for the year ended December 31, 2013 was $33.7 million as compared to net loss of $134.3 million for the year ended December 31, 2012. Diluted net loss per share for the year ended December 31, 2013 was $0.30 as compared to diluted net loss per share of $1.21 for the year ended December 31, 2012.

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