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Components | January 31, 2012

Rambus with net loss in 2011

Rambus reports fourth quarter and full year financial results.
Revenue for the fourth quarter of 2011 (GAAP Financial Results) was USD 83.4 million, down 17% sequentially from the third quarter of 2011 primarily due to recognition of various one-time royalty revenues during the third quarter of 2011 from licensing agreements with Freescale and a major smartphone and tablet manufacturer.

As compared to the fourth quarter of 2010, revenue was down 8% primarily due to a one-time recognition of royalty revenue during the fourth quarter of 2010 from a licensing agreement with Elpida. Revenue for the year ended December 31, 2011 was USD 312.4 million, down 3% over the same period of last year, primarily due to the one-time recognition of royalty revenue from the settlement agreement signed with Samsung in 2010 which was partially offset by the revenue recognized from licensing agreements with NVIDIA, Broadcom, Freescale and a major smartphone and tablet manufacturer in 2011.

Total operating costs and expenses for the fourth quarter of 2011 were USD 101.5 million, which included general litigation expenses of USD 16.8 million, USD 6.5 million of stock-based compensation expenses, USD 13.5 million for previous stock-based compensation restatement and related legal expenses, and retention bonuses and amortization expenses related to the acquisition of Cryptography Research Inc., or CRI, of USD 13.1 million.

This is compared to total operating costs and expenses for the third quarter of 2011 of USD 89.5 million, which included general litigation expenses of USD 23.5 million, USD7.2 million of stock-based compensation expenses, USD 0.8 million for previous stock-based compensation restatement and related legal expenses, and deal costs, retention bonuses and amortization expenses related to the acquisition of CRI of USD 12.7 million.

Total operating costs and expenses in the fourth quarter of 2010 were USD 48.0 million, which included general litigation expenses of USD 5.8 million, USD 7.3 million of stock-based compensation expenses, USD 0.8 million for previous stock-based compensation restatement and related legal expenses, and gain from the Samsung settlement of USD 10.3 million.

Total operating costs and expenses for the year ended December 31, 2011 were USD 313.9 million, which included a USD 6.2 million gain related to the Samsung settlement, USD 28.0 million of stock-based compensation expenses, USD 16.2 million for previous stock-based compensation restatement and related legal expenses, and deal costs, retention bonuses and amortization expenses related to the acquisition of CRI of USD 34.2 million.

This is compared to total operating costs and expenses of USD 96.5 million for the same period of 2010, which included a USD 126.8 million gain related to the Samsung settlement, USD 30.5 million of stock-based compensation expenses and USD 4.2 million for previous stock-based compensation restatement and related legal expenses. General litigation expenses for the year ended December 31, 2011 were USD 61.0 million as compared to USD 22.7 million for the same period in 2010.

Net loss for the fourth quarter of 2011 was USD 28.7 million as compared to net income of USD 0.5 million in the third quarter of 2011 and net income of USD 33.1 million in the fourth quarter of 2010. Diluted net loss per share for the fourth quarter of 2011 was USD 0.26 as compared to net income per share of USD 0.00 in the third quarter of 2011 and net income per share of USD 0.29 in the fourth quarter of 2010.

Net loss for the year ended December 31, 2011 was USD 43.1 million as compared to net income of USD 150.9 million for the same period of 2010. Diluted net loss per share for the year ended December 31, 2011 was USD 0.39 as compared to net income per share of USD 1.30 for the same period of 2010.

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