Rambus Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Revenue Guidance for 2014; Reports Impairment Charges
January 27, 2014 at 04:05 pm EST
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Rambus Inc. reported unaudited consolidated financial results for the fourth quarter and year ended December 31, 2013. Revenue for the fourth quarter of 2013 was $73.4 million compared to $57.44 million reported a year ago. 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. Net loss was $9.8 million as compared to net loss of $16.1 million in the fourth quarter of 2012. Diluted net loss per share was $0.09 as compared to diluted net loss per share of $0.14 in the fourth quarter of 2012. Non-GAAP net income was $16.5 million as compared to non-GAAP net income of $8.3 million in the fourth quarter of 2012. Non-GAAP diluted net income per share was $0.14 as compared to $0.07 in the fourth quarter of 2012. The company reported operating income of $6.21 million and loss before income taxes of $3.60 million compared to operating loss of $4.03 million and loss before income taxes of $11.23 million reported a year ago. On non-GAAP basis, the company reported operating income of $29.66 million and income before income taxes of $25.77 million compared to operating income of $16.4 million and income before income taxes of $13.03 million reported a year ago.
Revenue for the year ended December 31, 2013 was $271.5 million, up 16% over $234.05 million for 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. Net loss 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 was $0.30 as compared to diluted net loss per share of $1.21 for the year ended December 31, 2012. Non-GAAP net income was $54.4 million as compared to $19.9 million in the same period of 2012. Non-GAAP diluted net income per share was $0.47 as compared to $0.17 for the same period of 2012. The company reported operating income of $22.46 million and loss before income taxes of $12.02 million compared to operating loss of $90.43 million and loss before income taxes of $117.88 million reported a year ago. On non-GAAP basis, the company reported operating income of $98.81 million and income before income taxes of $85.03 million compared to operating income of $43.82 million and income before income taxes of $31.06 million reported a year ago. During the year, The company generated $51 million in cash from operations, the majority of which was in the second half, positioning extremely well for cash and ratio in 2014.
For 2014, the company expects customer licensing income and revenue to be between $295 million and $305 million. Customer licensing income and revenue are not without risk and include expectations that the company will sign new customers for patent as well as solutions licensing. The company also expects to keep its non-GAAP operating expenses relatively flat, year over year. The company expects the cash from operations to increase by almost 50% year-over-year to about $75 million to $85 million next year or in 2014.
For the quarter, the company reported impairment of goodwill and long-lived assets of its LDT business of $9.68 million.
Rambus Inc. is a provider of chips, silicon intellectual property (IP) and innovations that address the fundamental challenges of accelerating data and enabling critical performance improvements for data center and other growing markets. It offers a balanced and diverse portfolio of solutions across chips, silicon IP and patent licensing. Its Rambus Double Data Rate (DDR) memory interface chips for server memory modules enable increased bandwidth and expanded capacity in enterprise and cloud servers. Its portfolio includes DDR5 and DDR4 memory interface chipsets. Its DDR5 chipset solution includes the Registering Clock Driver (RCD), Serial Presence Detect Hubs (SPD Hub) and Temperature Sensors (TS). Rambus Silicon IP includes interface and security IP solutions that move and protect data in advanced data center, government and automotive applications. It sells memory interface chips directly and indirectly to memory module manufacturers and original equipment manufacturers (OEMs).
Rambus Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Revenue Guidance for 2014; Reports Impairment Charges