Ramtron International Corporation (Nasdaq: RMTR), a leading developer and supplier of low power nonvolatile ferroelectric random access memory (F-RAM) and integrated semiconductor products, today reported its financial results for the third quarter of 2011.
2011 Third-Quarter Financial Highlights
- Total revenue grew 31% sequentially to $22.0 million, compared to $16.8 million in the second quarter of 2011
- Sequential revenue growth was driven by increased product shipments to customers as the company executed its capacity expansion plan
- Net income was $1.2 million, or $0.04 per share, compared with a net loss of $683,000, or ($0.02) per share, for the second quarter of 2011
- Product gross margin increased to 51%, compared to a margin of 47% in the second quarter of 2011
- Product gross margin expanded due to a combination of a more favorable mix of products, higher yields, and lower test costs
2011 Third-Quarter Corporate and Product Highlights
- Completed an offering of 5.5 million shares of common stock resulting in net proceeds of approximately $9.8 million. As a result, the weighted average common shares outstanding increased from approximately 28 million shares for the second quarter of 2011, to 32.1 million shares for the third quarter of 2011.
- Appointed Pete Zimmer as vice president of sales. Mr. Zimmer brings 29 years of semiconductor sales management, engineering, marketing and quality assurance experience to his position at Ramtron.
- Announced pre-qualification sampling of a 64-Kilobit F-RAM product built on the company’s new manufacturing line in Burlington, VT
“Our supply chain team executed exceptionally well during the quarter, which allowed us to work through a significant portion of our backlog and further improve our customer deliveries,” said Eric Balzer, Ramtron’s chief executive officer. “As a result of our recent progress, we remain on track to completely resolve our supply constraints during the fourth quarter.
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