Rambus Reports Third Quarter Earnings

The convertible notes are carried at face value less the debt discount associated with the adoption of the FASB staff position for the periods presented. As such, the carrying value of the convertible notes as of December 31, 2008 has been retrospectively adjusted to reflect the impact of the adoption of the FASB staff position.

The conference call discussing third 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# 5928140.

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)

 

September 30,
2009

 

 

December 31,
2008

 

ASSETS
 
Current assets:
Cash and cash equivalents $ 367,291 $ 116,241
Marketable securities 131,192 229,612
Accounts receivable 754 1,503
Prepaids and other current assets 7,276 8,486
Deferred taxes   892   88
Total current assets 507,405 355,930
Restricted cash 648 632
Deferred taxes, long-term 1,069 1,857
Intangible assets, net 6,585 7,244
Property and equipment, net 15,941 22,290
Goodwill 4,454 4,454
Other assets   7,653   4,963
Total assets $ 543,755 $ 397,370
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Current liabilities:
Accounts payable $ 11,162 $ 6,374
Accrued salaries and benefits 8,458 9,859
Accrued litigation expenses 6,220 14,265
Other accrued liabilities 5,982 3,816
Convertible notes 133,312
Deferred revenue   395   1,787
Total current liabilities 165,529 36,101
Long-term liabilities:
Convertible notes 109,333 125,474
Other long-term liabilities   2,297   2,854
Total long-term liabilities   111,630   128,328
Total stockholders’ equity   266,596   232,941
Total liabilities and stockholders’ equity $ 543,755 $ 397,370

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

   

 

Three Months Ended
September 30,

Nine Months Ended
September 30,

  2009       2008     2009       2008  
 
Revenue:
Royalties $ 26,898 $ 25,793 $ 77,826 $ 91,174
Contract revenue   976     3,635     4,365     13,707  
Total revenue   27,874     29,428     82,191     104,881  
Costs and expenses:
Cost of contract revenue (1) 1,858 4,611 5,479 18,411
Research and development (1) 16,727 17,511 50,277 59,048
Marketing, general and administrative (1) 29,882 31,288 99,601 88,377
Restructuring costs (1) 4,024 4,024
Impairment of asset 2,158 2,158
Costs (recovery) of restatement and related legal activities   68     392     (14,000 )   3,564  
Total costs and expenses   48,535     59,984     141,357     175,582  
Operating loss (20,661 ) (30,556 ) (59,166 ) (70,701 )
Interest and other income, net 891 2,704 3,504 10,207
Interest expense   (7,641 )   (3,002 )   (13,128 )   (8,834 )
Interest and other income (expense), net   (6,750 )   (298 )   (9,624 )   1,373  
Loss before income taxes (27,411 ) (30,854 ) (68,790 ) (69,328 )
Provision for income taxes   85     92     103     114,287  
Net loss $ (27,496 ) $ (30,946 ) $ (68,893 ) $ (183,615 )
Net loss per share:
Basic $ (0.26 ) $ (0.29 ) $ (0.66 ) $ (1.75 )
Diluted $ (0.26 ) $ (0.29 ) $ (0.66 ) $ (1.75 )
Weighted average shares used in per share calculation
Basic   105,182     104,897     104,761     104,795  
Diluted   105,182     104,897     104,761     104,795  
 
(1) Total stock-based compensation expense for the three and nine month periods ended

September 30, 2009 and September 30, 2008 are presented as follows:

 
Three Months Ended

September 30,

Nine Months Ended

September 30,

  2009     2008     2009     2008  
Cost of contract revenue $ 283 $ 1,321 $ 906 $ 4,604
Research and development $ 2,332 $ 3,326 $ 7,286 $ 10,997
Marketing, general and administrative $ 5,134 $ 4,371 $ 15,826 $ 12,899
Restructuring costs $ $ 547 $ $ 547




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