18.10.2013 03:47:58
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Rambus Q3 Loss Narrows On Higher Revenue, Lower Expenses
(RTTNews) - Chip interface technology developer Rambus Inc. (RMBS) on Thursday reported a loss for the third quarter that narrowed from last year on strong revenue growth and lower operating expenses, including restructuring and impairment charges.
The Sunnyvale, California-based company's third-quarter net loss narrowed to $5.73 million or $0.05 per share from $58.10 million or $0.52 per share in the same period last year.
Adjusted net income for the quarter was $17.93 million or $0.15 per share, compared to $9.03 million or $0.08 per share in the year-ago period. On average, three analysts polled by Thomson Reuters expected the company to report a loss of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter grew 27 percent to $73.29 million from $57.53 million in the year-ago period. Two analysts had a consensus revenue estimate of $70.50 million.
The increase in revenues were primarily due to royalty revenue recognized in the quarter from SK Hynix. Customer licensing income in the quarter increased 19 percent to $74.32 million.
Revenues from royalties rose 24 percent to $71.01 million, while contract and other revenue surged to $2.28 million.
Total operating costs and expenses declined 39 percent from the prior-year period to $64.23 million. The latest quarter's results include impairment of goodwill of $8.1 million and a restructuring charge of $1.2 million. This compares to impairment charges of $35.47 million and restructuring charges of $6.62 million in the same period last year.
Operating income for the quarter was $9.07 million, compared to operating loss of $47.10 million in the previous-year quarter.
RMBS closed Thursday's regular session at $9.60, up $0.06 or 0.63 percent on a volume of 1.05 million shares. However, in after-hours, the stock declined $0.20 or 2.08 percent to $9.40.
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