Rambus Reports Second Quarter Financial Results

Business and Financial Highlights:

  • Signed license agreements with SK Hynix and STMicroelectronics; settled all legal claims
  • Expanded family of LED-based bulbs with advanced color temperature change technology
  • Quarterly revenue of $57.9 million; non-GAAP customer licensing income of $61.3 million
  • Quarterly GAAP diluted loss per share of $0.06; non-GAAP diluted income per share of $0.06

SUNNYVALE, Calif. — (BUSINESS WIRE) — July 18, 2013 — Rambus Inc. (NASDAQ: RMBS), the innovative technology solutions company that brings invention to market, today reported financial results for the second quarter ended June 30, 2013.

GAAP Financial Results:

Revenue for the second quarter of 2013 was $57.9 million, down 13% on a sequential basis from the first quarter of 2013 primarily due to recognition of one-time royalty revenue during the first quarter of 2013 from LSI Corporation. This was, however, partially offset by royalty revenue received from STMicroelectronics, subsequent to the settlement, in the second quarter of 2013. As compared to the second quarter of 2012, revenue was up 3% primarily due to the royalty revenue received in the second quarter of 2013 from STMicroelectronics.

Revenue for the six months ended June 30, 2013 was $124.8 million, which was up 5% over the prior year period, primarily due to recognition of one-time royalty revenue during the first quarter of 2013 from LSI Corporation.

Total operating costs and expenses for the second quarter of 2013 were $52.2 million, 20% lower than the previous quarter, mostly due to the one-time reversal of accrued SK Hynix related litigation costs and the absence of restructuring charges. Second quarter operating costs and expenses of $52.2 million included negative $6.2 million of general litigation expenses (primarily due to the reversal of the accrued litigation costs referred to above), $3.6 million of stock-based compensation expenses, $7.0 million of amortization expenses and $3.4 million of retention bonuses from past business acquisitions. This is compared to total operating costs and expenses for the first quarter of 2013 of $65.4 million, which included $2.0 million of general litigation expenses, $4.9 million of stock-based compensation expenses, $2.2 million of restructuring charges, $7.0 million of amortization expenses and $4.0 million of retention bonuses from past business acquisitions. As compared to a year ago, total operating costs and expenses for the second quarter of 2012 were $78.0 million, which included $4.5 million of general litigation expenses, $6.2 million of stock-based compensation expenses, $7.9 million of amortization expenses and $7.7 million of acquisition-related transaction costs and retention bonuses from past business acquisitions.

Total operating costs and expenses for the six months ended June 30, 2013 were $117.6 million, which included $8.5 million of stock-based compensation expenses, $14.0 million of amortization expenses and $7.4 million of retention bonuses from past business acquisitions. This is compared to total operating costs and expenses for the six months ended June 30, 2012 of $158.4 million, which included $12.9 million of stock-based compensation expenses, $15.6 million of amortization expenses and $17.1 million of acquisition-related transaction costs and retention bonuses from past business acquisitions. General litigation expenses for the six months ended June 30, 2013 were negative $4.2 million, a decrease of $12.8 million from the same period in 2012. The change in total operating costs and expenses was primarily attributable to lower general litigation expenses, lower acquisition-related transaction costs and retention bonuses from past business acquisitions, lower headcount-related costs due to the restructuring efforts in the second half of 2012 and lower consulting costs, partially offset by restructuring charges in the first half of 2013.

Net loss for the second quarter of 2013 was $6.4 million as compared to net loss of $10.4 million in the first quarter of 2013 and net loss of $32.2 million in the second quarter of 2012. Diluted net loss per share for the second quarter of 2013 was $0.06 as compared to diluted net loss per share of $0.09 in the first quarter of 2013 and diluted net loss per share of $0.29 in the second quarter of 2012.

Net loss for the six months ended June 30, 2013 was $16.8 million as compared to a net loss of $60.1 million for the same period of 2012. Diluted net loss per share for the six months ended June 30, 2013 was $0.15 as compared to a diluted net loss per share of $0.54 for the same period of 2012.

Non-GAAP Financial Results (1):

Customer licensing income in the second quarter of 2013 was $61.3 million, down 15% sequentially from the first quarter of 2013 primarily due to recognition of one-time royalty revenue during the first quarter of 2013 from LSI Corporation, and up 7% from the second quarter of 2012, primarily due to royalty revenue from STMicroelectronics in the second quarter of 2013.

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