The conference call discussing second quarter 2009 results will be webcast live via the Rambus Investor Relations website ( http://investor.rambus.com) at 2:00 p.m. Pacific Time today. A replay will be available following the call on Rambus’ Investor Relations website and for one week at the following numbers: (888) 203-1112 (domestic) or (719) 457-0820 (international) with ID# 9541599.
About Rambus Inc.
Rambus is one of the world’s premier technology licensing companies specializing in the invention and design of high-speed memory architectures. Additional information is available at www.rambus.com.
RMBSFN
| Condensed Consolidated Balance Sheets | ||||||
| (In thousands) | ||||||
| (Unaudited) | ||||||
|
June 30, |
December 31, | |||||
| 2009 | 2008 | |||||
|
ASSETS |
||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 317,986 | $ | 116,241 | ||
| Marketable securities | 162,400 | 229,612 | ||||
| Accounts receivable | 1,550 | 1,503 | ||||
| Prepaids and other current assets | 8,534 | 8,486 | ||||
| Deferred taxes | 919 | 88 | ||||
| Total current assets | 491,389 | 355,930 | ||||
| Restricted cash | 632 | 632 | ||||
| Deferred taxes, long-term | 957 | 1,857 | ||||
| Intangible assets, net | 7,268 | 7,244 | ||||
| Property and equipment, net | 18,378 | 22,290 | ||||
| Goodwill | 4,454 | 4,454 | ||||
| Other non-current assets | 5,745 | 4,963 | ||||
| Total assets | $ | 528,823 | $ | 397,370 | ||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 10,932 | $ | 6,374 | ||
| Accrued payroll and related benefits | 7,358 | 9,859 | ||||
| Accrued litigation expenses | 8,592 | 14,265 | ||||
| Other accrued liabilities | 3,469 | 3,816 | ||||
| Convertible notes | 130,646 | - | ||||
| Deferred revenue | 396 | 1,787 | ||||
| Total current liabilities | 161,393 | 36,101 | ||||
| Long-term liabilities: | ||||||
| Convertible notes | 92,450 | 125,474 | ||||
| Other long-term liabilities | 2,386 | 2,854 | ||||
| Total long-term liabilities | 94,836 | 128,328 | ||||
| Total stockholders' equity: | 272,594 | 232,941 | ||||
| Total liabilities and stockholders' equity | $ | 528,823 | $ | 397,370 | ||
| Condensed Consolidated Statements of Operations | ||||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| Revenue: | ||||||||||||||||
| Royalty revenue | $ | 24,759 | $ | 32,288 | $ | 50,928 | $ | 65,381 | ||||||||
| Contract revenue | 2,224 | 3,427 | 3,389 | 10,072 | ||||||||||||
| Total revenue | 26,983 | 35,715 | 54,317 | 75,453 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of contract revenue (1) | 1,438 | 6,567 | 3,621 | 13,800 | ||||||||||||
| Research and development (1) | 15,713 | 20,035 | 33,550 | 41,537 | ||||||||||||
| Marketing, general and administrative (1) | 32,563 | 23,768 | 69,719 | 57,089 | ||||||||||||
| Costs (recovery) of restatement and related legal activities | (429 | ) | 2,260 | (14,068 | ) | 3,172 | ||||||||||
| Total costs and expenses | 49,285 | 52,630 | 92,822 | 115,598 | ||||||||||||
| Operating loss | (22,302 | ) | (16,915 | ) | (38,505 | ) | (40,145 | ) | ||||||||
| Interest income and other income (expense), net | 1,173 | 2,908 | 2,613 | 7,503 | ||||||||||||
| Interest expense | (2,817 | ) | (2,944 | ) | (5,487 | ) | (5,832 | ) | ||||||||
| Interest and other income (expense), net | (1,644 | ) | (36 | ) | (2,874 | ) | 1,671 | |||||||||
| Loss before income taxes | (23,946 | ) | (16,951 | ) | (41,379 | ) | (38,474 | ) | ||||||||
| Provision for income taxes | 25 | 121,364 | 18 | 114,195 | ||||||||||||
| Net loss | $ | (23,971 | ) | $ | (138,315 | ) | $ | (41,397 | ) | $ | (152,669 | ) | ||||
| Net loss per share: | ||||||||||||||||
| Basic | $ | (0.23 | ) | $ | (1.32 | ) | $ | (0.40 | ) | $ | (1.46 | ) | ||||
| Diluted | $ | (0.23 | ) | $ | (1.32 | ) | $ | (0.40 | ) | $ | (1.46 | ) | ||||
| Weighted-Average Shares used in computing per share amounts: | ||||||||||||||||
| Basic | 104,675 | 104,804 | 104,536 | 104,743 | ||||||||||||
| Diluted | 104,675 | 104,804 | 104,536 | 104,743 | ||||||||||||
|
(1) Total stock-based compensation expense for the three and six month periods ended June 30, 2009 and June 30, 2008 are presented as follows: |
||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| Cost of contract revenue | $ | 233 | $ | 1,365 | $ | 623 | $ | 3,283 | ||||||||
| Research and development | 2,214 | 3,767 | 4,954 | 7,671 | ||||||||||||
| Marketing, general and administrative | 5,403 | 3,821 | 10,692 | 8,528 | ||||||||||||
