Electronics IP Industry – Q1 2012

GAAP Financial Results:

Revenue for the first quarter of 2012 was $62.863 million, down 25% sequentially from the fourth quarter of 2011. This quarter-over-quarter decline was primarily due to recognition of one-time royalty revenue during the fourth quarter of 2011 from a licensing agreement with Broadcom and lower royalties reported by certain licensees, due to seasonality. This decline was partially offset by a new patent license agreement signed with MediaTek in the first quarter of 2012. As compared to the first quarter of 2011, revenue was up 0.54% primarily due to the complete allocation of Samsung's quarterly license payment to revenue since the second quarter of 2011 and revenue recognized from various new patent license agreements signed in the past year. The increased revenue is also due to revenue from patent license agreements resulting from the acquisition of Cryptography Research Inc. ("CRI"), partially offset by lower royalties reported by certain licensees, and expiration of a patent license agreement in the second quarter of 2011.

Total operating costs and expenses for the first quarter of 2012 were $80.4 million, which included general litigation expenses of $4.1 million, $6.7 million of stock-based compensation expenses and $14.9 million related to deal costs, retention bonuses and amortization expenses for business acquisitions which occurred during the past twelve months. This is compared to total operating costs and expenses for the fourth quarter of 2011 of $101.5 million, which included general litigation expenses of $16.8 million, $6.5 million of stock-based compensation expenses, $13.5 million for previous stock-based compensation restatement and related legal expenses, and $13.1 million related to retention bonuses and amortization expenses from the acquisition of CRI. Total operating costs and expenses in the first quarter of 2011 were $54.2 million, which included general litigation expenses of $9.2 million, $7.3 million of stock-based compensation expenses, $1.2 million for previous stock-based compensation restatement and related legal expenses, and a $6.2 million credit for gain from the Samsung settlement.

Net loss for the first quarter of 2012 was $27.890 million as compared to net loss of $28.7 million in the fourth quarter of 2011 and net loss of $4.230 million in the first quarter of 2011. Diluted net loss per share for the first quarter of 2012 was $0.25 as compared to net loss per share of $0.26 in the fourth quarter of 2011 and net loss per share of $0.04 in the first quarter of 2011.

Other Financial Highlights:

Cash, cash equivalents, and marketable securities as of March 31, 2012 were $232.5 million, a decrease of approximately $57.0 million from December 31, 2011. During the first quarter of 2012, the Company used $31.1 million to acquire privately-held Unity Semiconductor and an additional $11.6 million on other acquisitions.

During the first quarter of 2012, the Company recorded an income tax provision of approximately $3.9 million. As the Company continues to maintain a full valuation allowance against its U.S. deferred tax assets, the Company's tax provision consists of primarily withholding taxes and current state and foreign taxes.

Rambus self description

Rambus is one of the world's premier technology licensing companies. As a company of inventors, Rambus focuses on the development of technologies that enrich the end-user experience of electronic systems. Additional information is available at www.rambus.com.

News from Rambus:

 

Hi Russ,

Just wanted to keep you in the loop about latest Rambus news. On May 7 the company announced that it has signed an agreement with Cooper Lighting, a leading provider of world-class lighting fixtures and controls.

Rambus will be licensing out its Rambus Lighting solutions for Cooper LED-based lighting fixtures to be used in commercial, industrial, and utility markets. Cooper Lighting will also be showcasing over 100 of its innovative products at LIGHTFAIR INTERNATIONAL this week in Las Vegas, NV.

Best,

Teresa Pham

The Hoffman Agency

Cooper Lighting and Rambus Sign License Agreement to Provide Innovative, LED-Based Lighting Solutions

 Agreement covers Rambus’ patented innovations for edge-lit lighting solutions

On May 7, 2012 Cooper Lighting and Rambus Inc. announced they have signed a licensing agreement for the use of Rambus' patented lighting innovations. Cooper will focus on creating LED-based lighting fixtures for commercial, industrial and utility markets.

"As a leading provider of innovative, high-quality lighting fixtures and controls, one of our objectives is to quickly launch leading-edge products that help accelerate the adoption of quality LED lighting solutions around the world,” said Mark Eubanks, president, Cooper Lighting. “We are committed to consistently providing superior products that extend beyond our customers’ needs and this agreement with Rambus allows us to exceed their expectations."

"As one of the most innovative lighting fixture companies in the world, Cooper Lighting is an excellent partner for Rambus,” said Jeff Parker, president of the Lighting and Display Technology business at Rambus. “Working together, we can create an exciting new generation of advanced LED-based lighting products with unique form factors that are cost-competitive and energy efficient.”

Cooper Lighting showcased over 100 innovative Lighting and Controls products at LIGHTFAIR INTERNATIONAL (May 9 – 11, in Las Vegas, Nev., booth #2524).

Cooper Lighting has made a significant investment in people, resources and technology to ensure the company provides first-class solutions to its customers’ lighting challenges. In 2009, the company opened a world-class 60,000 square-foot LED Innovation Center to design, test and manufacture reliable LED products. The company offers a range of indoor and outdoor LED lighting products and controls, all of which are specifically designed to maximize energy and cost savings.

++  

 

 

Bar Graph Source: Google Finance

 

                                                                                                                   

The Electronics IP G5 Results for Calendar Q1 2012

We have just completed our first look at the individual performances of each member of the Group of Five (a.k.a. the G5) Electronics IP players for Q1 2012.

Promised  thereafter was a summary of the by-now-familiar Tables of Revenues and Profits of the entire IP G5, this time of course for Q1 2012 (and the four quarters leading up to Q1 2012).

First to Table 1 and the G5 IP Revenue Sum for Q1 2012:

 

 

It is typical for most software vendors to have weak Q1’s revenue-wise, especially following typically-robust Q4’s of the previous year. Indeed, last year the total Q1 2011 revenue if the IP G5 ($286.67 million – See Table 1 above) was some 7.48% below Q4 2010’s total. However, this time Q1 2012’s total IP G5 revenue fell more than 9% below that of Q4 2011. Indeed, even ARM and CEVA reported revenues in Q1 2012 less than their Q4 counterparts, joining the other three this time round, such that all five of the IP G5 suffered revenue shortfalls compared to their respective Q4 2011 totals. Thus the column third from the right in Table 1 above, is all red.  But a quick tally of the sum of the sums in the first four columns above reveals a total some 19% greater than its counterpart a year ago, indicating that the IP industry is still very very healthy, at least from a revenue perspective. ARM’s strength here is critical to this judgment, but while much smaller, CEVA is demonstrating similar maturity. Even Rambus is good for one or two terrific revenue quarters each year.

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