Rambus Inc. has reported financial results for the fourth quarter and year ended December 31, 2012. Total revenue, down 25% compared to previous year.
Business and Financial Highlights
Quarterly revenue of USD 57.4 million; non-GAAP customer licensing income of USD 61.6 million
Annual revenue of USD 234.1 million; non-GAAP customer licensing income of USD 246.7 million
GAAP Financial Results:
Revenue for the fourth quarter of 2012 was USD 57.4 million, nearly flat on a sequential basis from the third quarter of 2012 primarily due to recognition of one-time royalty revenue during the third quarter of 2012 from a patent license agreement with Fujitsu, offset by higher royalties reported by other customers.
As compared to the fourth quarter of 2011, revenue was down 31% primarily due to recognition of one-time royalty revenue during the fourth quarter of 2011 from a patent license agreement with Broadcom and lower royalties reported by other customers.
Revenue for the year ended December 31, 2012 was USD 234.1 million, down 25% over the same period of last year, primarily due to recognition of one-time royalty revenue from licensing agreements with Broadcom, Freescale and a major smartphone manufacturer in 2011 and lower royalties reported by customers, offset by new patent license agreements signed with MediaTek and Fujitsu during 2012.
Total operating costs and expenses for the fourth quarter of 2012 were USD 61.5 million, which included USD 2.1 million of general litigation expenses, USD 4.5 million of stock-based compensation expenses, USD 0.7 million of restructuring charges, USD 6.8 million of amortization expenses and USD 4.2 million of retention bonuses from past business acquisitions. This is compared to total operating costs and expenses for the third quarter of 2012 of USD 104.6 million. The change in total operating costs and expenses in the fourth quarter of 2012 was primarily attributable to the impairment of goodwill and long-lived assets and a restructuring charge in the third quarter of 2012. Total operating costs and expenses for the fourth quarter of 2011 were USD 101.5 million.
Total operating costs and expenses for the year ended December 31, 2012 were USD 324.5 million. This is compared to total operating costs and expenses of USD 313.9 million for the year ended December 31, 2011.
Net loss for the fourth quarter of 2012 was USD 16.1 million as compared to net loss of USD 58.1 million in the third quarter of 2012 and net loss of USD 28.7 million in the fourth quarter of 2011.
Net loss for the year ended December 31, 2012 was USD 134.3 million as compared to net loss of USD 43.1 million for the year ended December 31, 2011.
